<SEC-DOCUMENT>0001174947-18-000463.txt : 20180326
<SEC-HEADER>0001174947-18-000463.hdr.sgml : 20180326
<ACCEPTANCE-DATETIME>20180326121037
ACCESSION NUMBER:		0001174947-18-000463
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20180321
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180326
DATE AS OF CHANGE:		20180326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIMMONS FIRST NATIONAL CORP
		CENTRAL INDEX KEY:			0000090498
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				710407808
		STATE OF INCORPORATION:			AR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06253
		FILM NUMBER:		18712112

	BUSINESS ADDRESS:	
		STREET 1:		501 MAIN STREET
		STREET 2:		C/O SIMMONS FIRST NATIONAL CORP
		CITY:			PINE BLUFF
		STATE:			AR
		ZIP:			71601
		BUSINESS PHONE:		8705411000

	MAIL ADDRESS:	
		STREET 1:		501 MAIN STREET
		STREET 2:		C/O SIMMONS FIRST NATIONAL CORP
		CITY:			PINE BLUFF
		STATE:			AR
		ZIP:			71601
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c489276_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>
                                                                                                                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>FORM 8-K</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event Reported):
March 21, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Simmons
First National Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-size: 10pt"><B>Arkansas</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-size: 10pt"><B>000-06253</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-size: 10pt"><B>71-0407808</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>501 Main Street, Pine Bluff, Arkansas</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices) (Zip Code)</FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(870)&nbsp;541-1000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
        area code</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 8.01</B></TD><TD STYLE="text-align: justify"><B>Other Events</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 21, 2018,
Simmons First National Corporation (the &ldquo;Company&rdquo;) entered into an Underwriting Agreement (the &ldquo;Underwriting
Agreement&rdquo;) with Sandler O&rsquo;Neill &amp; Partners, L.P., as representative of the underwriters named therein, for the
issuance and sale by the Company of $330,000,000 aggregate principal amount of its 5.00% Fixed-to-Floating Rate Subordinated Notes
due 2028 (the &ldquo;Notes&rdquo;), at a public offering price equal to 100% of the aggregate principal amount of the Notes. Upon
the closing of the offering, which is expected to occur on March 26, 2018, the Company will realize, after deducting underwriting
discounts and estimated expenses, net proceeds of approximately $326.2 million. The offering of the Notes was registered under
the Securities Act of 1933, as amended, on a Registration Statement on Form S-3 (File No. 333-223764).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes will
be issued pursuant to the Subordinated Indenture, dated as of March 26, 2018 (the &ldquo;Subordinated Indenture&rdquo;),
between the Company and Wilmington Trust, National Association, as trustee (the &ldquo;Trustee&rdquo;), as supplemented by
the First Supplemental Indenture relating to the Notes, dated as of March 26, 2018, between the Company and the Trustee
(the &ldquo;First Supplemental Indenture&rdquo;). The Indenture, as amended and supplemented by the First Supplemental
Indenture, governs the terms of the Notes and provides that the Notes are unsecured, subordinated debt obligations of the
Company. There is no sinking fund for the Notes. The Notes will be senior to the Company's outstanding subordinated
debentures. The Notes will be subordinated in right of payment to the payment of the Company&rsquo;s other existing and
future senior indebtedness, including all of its general creditors, and they will be structurally subordinated to all of the
Company&rsquo;s subsidiaries&rsquo; existing and future indebtedness and other obligations. The Notes are obligations of the
Company only and are not obligations of, and are not guaranteed by, any of the Company&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes will mature
on April 1, 2028. From and including the date of issuance to, but excluding April 1, 2023, the Notes will bear interest at an initial
fixed rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1,
2018. From and including April 1, 2023 to, but excluding the maturity date or the date of earlier redemption, the interest rate
will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 215 basis points, payable
quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on July 1, 2023. In the event that the
three-month LIBOR rate is less than zero, the three-month LIBOR will be deemed to be zero. The Company may, beginning with the
interest payment date of April 1, 2023 and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to
but excluding the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing descriptions
are qualified in their entirety by reference to the Underwriting Agreement, the Subordinated Indenture, the First Supplemental
Indenture and the Notes attached hereto as Exhibits 1.1, 4.1, 4.2 and 4.3, respectively, which exhibits are incorporated herein
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    1.1:</FONT></A></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Underwriting
    Agreement, dated as of March 21, 2016, by and among Simmons First National Corporation and Sandler O&rsquo;Neill &amp; Partners,
    L.P., as representative of the underwriters named therein.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    4.1:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Subordinated Indenture,
    dated as of March 26, 2018, by and between Simmons First National Corporation and Wilmington Trust, National Association,
    as Trustee.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    4.2:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">First Supplemental Indenture,
    dated as of March 26, 2018, by and between Simmons First National Corporation and Wilmington Trust, National Association,
    as Trustee.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    4.3:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of 5.00% Fixed-to-Floating
    Rate Subordinated Note due 2028 (included in Exhibit 4.2).</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    5.1:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Patrick A.
    Burrow, Esq.</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    5.2:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Covington
    &amp; Burling LLP</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    23.1:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Patrick A.
    Burrow, Esq. (included in Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><A HREF="c489276_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit
    23.2:</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="c489276_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Covington
    &amp; Burling LLP (included in Exhibit 5.2)</FONT></A></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B>Signature</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SIMMONS
    FIRST NATIONAL CORPORATION</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Robert A. Fehlman</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Robert A. Fehlman</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;SEVP &amp; CFO</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>c489276_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 4.5in"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$330,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Simmons First National Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.00%&nbsp;Fixed-to-Floating&nbsp;Subordinated
Notes due April 1, 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>UNDERWRITING AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 21, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sandler O&rsquo;Neill&nbsp;&amp; Partners, L.P.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.6pt">as Representative of the Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.6pt">named in Schedule I hereto,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1251 Avenue of the Americas, 6th Floor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Simmons First National Corporation, a financial
holding company organized under the laws of the State of Arkansas (the &ldquo;<B>Company</B>&rdquo;), proposes, subject to the
terms and conditions stated herein, to issue and sell to the underwriters named in Schedule I hereto (each, an &ldquo;<B>Underwriter</B>&rdquo;
and, collectively, the &ldquo;<B>Underwriters</B>&rdquo;), for whom Sandler O&rsquo;Neill&nbsp;&amp; Partners, L.P. is acting as
representative (the &ldquo;<B>Representative</B>&rdquo;), $330,000,000 aggregate principal amount of its 5.00%&nbsp;Fixed-to-Floating&nbsp;Subordinated
Notes due April 1, 2028 (each a &ldquo;<B>Note</B>&rdquo; and collectively, the &ldquo;<B>Notes</B>&rdquo;).&nbsp;The Notes will
be issued pursuant to an Indenture, to be dated as of March 26, 2018, as supplemented by a first supplemental indenture to be dated
as of March 26, 2018 (collectively, the &ldquo;<B>Indenture</B>&rdquo;), between the Company and Wilmington Trust, National Association,
as trustee (the &ldquo;<B>Trustee</B>&rdquo;). This Underwriting Agreement is referred to herein as this &ldquo;<B>Agreement</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and warrants to each of the several Underwriters, as of the date hereof, as of the Closing Date (each such date,
a &ldquo;<B>Representation Date</B>&rdquo;), and as of the Time of Sale (as defined below), and agrees with each of the several
Underwriters, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has prepared and filed with the United States Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
an automatically effective shelf registration statement on Form&nbsp;S-3 (Registration No.&nbsp;333-223764), including each preliminary
prospectus or prospectus included therein, which registration statement became automatically effective under the Securities Act
of 1933, as amended (the &ldquo;<B>1933 Act</B>&rdquo;), at the time it was filed with the commission in accordance with Rule 462(e)
of the rules and regulations of the Commission under the 1933 Act (the &ldquo;<B>1933 Act Regulations</B>&rdquo;) and the Indenture
has been duly qualified under the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder
(collectively, the &ldquo;<B>TIA</B>&rdquo;), and the Company has filed such post-effective amendments thereto as may be required
prior to the execution of this Agreement and each such post-effective amendment is effective under the 1933 Act. Such registration
statement covers the registration of the Notes under the 1933 Act. Promptly after execution and delivery of this Agreement, the
Company will prepare and file a final prospectus supplement in accordance with the provisions of Rule 430B (&ldquo;<B>Rule 430B</B>&rdquo;)
of 1933 Act Regulations and paragraph&nbsp;(b) of Rule&nbsp;424 (&ldquo;<B>Rule 424(b)</B>&rdquo;) of the 1933 Act Regulations.
Any information included in such final prospectus supplement that was omitted from such registration statement at the time it was
originally declared effective but that is deemed to be part of and included in such registration statement pursuant to Rule 430B
is referred to as &ldquo;<B>Rule 430B Information</B>.&rdquo; Each prospectus, together with the related prospectus supplement,
used in connection with the offering of the Notes that omitted the Rule 430B Information or that was captioned &ldquo;Subject to
Completion&rdquo; (or a similar caption) is herein called, together with the documents incorporated and deemed to be incorporated
by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act, a &ldquo;<B>preliminary prospectus</B>&rdquo; and all
references herein to any &ldquo;preliminary prospectus&rdquo; shall be deemed to mean and include, without limitation, the Statutory
Prospectus (as hereinafter defined) and each preliminary prospectus included in the registration statement referred to above. Such
registration statement, at any given time, including the amendments thereto at such time, the exhibits and any schedules thereto
at such time, the documents incorporated and deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under
the 1933 Act at such time, and the documents and information (including, without limitation, any Rule 430B Information) otherwise
deemed to be a part thereof or included therein by 1933 Act Regulations at such time, is herein called the &ldquo;<B>Registration
Statement</B>.&rdquo; The Company&rsquo;s base prospectus dated March that was included in the Registration Statement at the time
of its effectiveness March 19, 2018 (the &ldquo;<B>Base Prospectus</B>&rdquo;) and the prospectus supplement dated March March
19, 2018, relating to the offering of the Notes, in the form first furnished to the Underwriters by the Company for use in connection
with the offering of the Notes (whether to meet the requests of purchasers pursuant to Rule 173 under the 1933 Act Regulations
or otherwise), including the documents incorporated and deemed to be incorporated by reference therein pursuant to Item 12 of Form
S-3 under the 1933 Act at such time, are hereinafter called, collectively, the &ldquo;<B>Prospectus</B>.&rdquo; For purposes of
this Agreement, all references to the Registration Statement, any preliminary prospectus, the Statutory Prospectus, the Prospectus,
any Issuer-Represented Free Writing Prospectus (as hereinafter defined) or any amendment or supplement to any of the foregoing
shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval
(&ldquo;<B>EDGAR</B>&rdquo;) system. The Company meets the requirements for use of Form S-3 under the 1933 Act. The Company qualifies
as a &ldquo;well-known seasoned issuer&rdquo; under Rule 405 of the 1933 Act Regulations and meets the requirements under the 1933
Act specified in the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;) Conduct Rule 5110(b)(7)(C)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All references in this Agreement to financial
statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo;
(or other references of like import) in the Registration Statement, any preliminary prospectus, the Statutory Prospectus or the
Prospectus shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated
or deemed to be incorporated by reference in, or otherwise deemed by the 1933 Act Regulations (including, without limitation, pursuant
to Rule 430B(f) of the 1933 Act Regulations) to be a part of or included in, the Registration Statement, such preliminary prospectus,
the Statutory Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements
to the Registration Statement, any preliminary prospectus, the Statutory Prospectus or the Prospectus shall be deemed to mean and
include the filing of any document under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>1934 Act</B>&rdquo;), which
is incorporated or deemed to be incorporated by reference in the Registration Statement, such preliminary prospectus, the Statutory
Prospectus or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of the original filing of the Registration Statement, at the earliest time thereafter that the Company or another offering
participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the 1933 Act Regulations) of the Notes, at the time
when sales of the Notes were first made (the &ldquo;<B>Time of Sale</B>&rdquo;), and at each Representation Date, the Company was
not, is not and will not be an &ldquo;ineligible issuer&rdquo; as defined in Rule 405 under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">The
Registration Statement has been filed with the Commission not earlier than three years prior to the date hereof; and no notice
of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule
401(g)(2) under the Securities Act has been received by the Company. </FONT>No stop order suspending the effectiveness of the Registration
Statement has been issued under the 1933 Act and no proceedings for that purpose have been instituted or are pending or, to the
knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional information
with respect to the Registration Statement (or any document incorporated or deemed to be incorporated therein by reference pursuant
to the 1934 Act) has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the respective times that the Registration Statement and any amendments thereto became effective, and at each Representation Date,
the Registration Statement and any amendments thereto complied, comply and will comply in all material respects with the requirements
of the 1933 Act, the 1933 Act Regulations and the TIA, and did not, do not and will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, that the Company makes no representation and warranty with respect to that part of the Registration Statement that constitute
the Statements of Eligibility and Qualification (Form T-1) of the Trustee under the TIA, which were filed as Exhibits 25.1 and
25.2 to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the time the Prospectus or any amendment
or supplement thereto was issued and at each Representation Date, neither the Prospectus nor any amendment or supplement thereto
included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each preliminary prospectus (including,
without limitation, the Statutory Prospectus) filed as part of the Registration Statement as originally filed or as part of any
amendment thereto, or filed pursuant to Rule 424(b) under the 1933 Act, complied when so filed (or, in the case of any preliminary
prospectus or part thereof that was not filed as part of the Registration Statement or any amendment thereto or pursuant to Rule
424(b), complied as of its date), and each Prospectus and any amendments or supplements thereto filed pursuant to Rule 424(b) under
the 1933 Act complied when so filed (or, in the case of any Prospectus or amendment or supplement thereto that was not filed pursuant
to Rule 424(b), complied as of its date), in all material respects with the 1933 Act and the 1933 Act Regulations and each preliminary
prospectus (including, without limitation, the Statutory Prospectus) and the Prospectus and any amendments or supplements thereto
delivered to Underwriters for use in connection with the offering of the Notes (whether to meet requests of purchasers pursuant
to Rule 173 under the 1933 Act Regulations or otherwise) was identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation&nbsp;S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Time of Sale and as of the Applicable Time, neither (x)&nbsp;all Issuer-Represented General Use Free Writing Prospectuses
(as defined below) issued at or prior to the Time of Sale or the Applicable Time, as applicable, the Final Term Sheet and the Statutory
Prospectus, all considered together (collectively, the &ldquo;<B>General Disclosure Package</B>&rdquo;), nor (y)&nbsp;any individual
Issuer-Represented Limited-Use Free Writing Prospectus (as defined below), when considered together with the General Disclosure
Package, included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used in this Section&nbsp;1(e) and elsewhere
in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Applicable Time</B>&rdquo; means&nbsp;4:00
p.m. (New York City time) on March 21, 2018, or such other date or time as agreed by the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Final Term Sheet</B>&rdquo; means
the final term sheet set forth on Schedule III hereto, reflecting the final terms of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Issuer-Represented Free Writing
Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the 1933 Act Regulations
(&ldquo;<B>Rule 433</B>&rdquo;), relating to the Notes (including, without limitation, any such issuer free writing prospectus
that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show that is a written communication&rdquo;
within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission or (iii)&nbsp;is exempt from filing
pursuant to Rule 433(d)(5)(i) because it contains a description of the Notes or of the offering that does not reflect the final
terms), in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form
retained in the Company&rsquo;s records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Issuer-Represented General Use
Free Writing Prospectus</B>&rdquo; means any Issuer-Represented Free Writing Prospectus that is intended for general distribution
to prospective investors, as evidenced by its being specified in Schedule II hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Issuer-Represented&nbsp;Limited-Use&nbsp;Free
Writing Prospectus</B>&rdquo; means any Issuer-Represented Free Writing Prospectus that is not an Issuer-Represented General Use
Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Statutory Prospectus</B>&rdquo;
means, at any time, the Base Prospectus and the preliminary prospectus supplement dated March 19, 2018, relating to the offering
of the Notes, in the form first furnished to the Underwriters by the Company for use in connection with the offering of the Notes,
including the documents incorporated and deemed to be incorporated by reference therein pursuant to Item 12 of Form&nbsp;S-3&nbsp;under
the 1933 Act at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Issuer-Represented Free Writing Prospectus,
as of its issue date and at all subsequent times through the completion of the public offering and sale of the Notes, did not,
does not and will not include any information that materially conflicted, conflicts or will conflict with the information contained
in the Registration Statement, the Statutory Prospectus or the Prospectus, in each case including the documents incorporated and
deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The representations and warranties in this
Section&nbsp;1(e) shall not apply to statements in or omissions from the Registration Statement, the Statutory Prospectus, the
Prospectus or any Issuer-Represented Free Writing Prospectus made in reliance upon and in conformity with written information furnished
to the Company by the Underwriters through the Representative expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not prepared, made, used, authorized, approved or distributed and will not, and will not cause its agents or representatives
to, prepare, make, use, authorize, approve or distribute any written communication that constitutes an offer to sell or a solicitation
of an offer to buy the Notes, or otherwise is prepared to market the Notes, other than the Registration Statement, the General
Disclosure Package, the Prospectus or any Issuer-Represented Free Writing Prospectus reviewed and consented to by the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Statutory Prospectus or the
Prospectus, at the respective time they were or hereafter are filed with the Commission, complied, comply and will comply in all
material respects with the requirements of the 1934 Act and the rules and regulations of the Commission thereunder (the &ldquo;<B>1934
Act Regulations</B>&rdquo;), and did not, do not and will not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. There are no material contracts or other documents required to be described in such
incorporated documents or the Registration Statement, the General Disclosure Package or the Prospectus or to be filed as exhibits
to such incorporated documents or the Registration Statement, the General Disclosure Package or the Prospectus which have not been
described or filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements set forth in the Statutory Prospectus and the Prospectus under the captions &ldquo;Risk Factors&rdquo;, &ldquo;Description
of Capital Stock&rdquo;, &ldquo;Description of Debt Securities&rdquo; and &ldquo;Description of Notes&rdquo;, insofar as they purport
to constitute a summary of the terms of the Notes or certain provisions of the Company&rsquo;s charter and bylaws or Arkansas law,
and under the caption &ldquo;Supervision and Regulation&rdquo; in the Company&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;for
the year ended December&nbsp;31, 2017, insofar as they purport to describe the provisions of the laws, rules, regulations and documents
referred to therein, are accurate and complete in all material respects. Each Transaction Document (as defined below) conforms
in all material respects to the description thereof contained in the Registration Statement, General Disclosure Package, the Statutory
Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a registered financial holding company under the Bank Holding Company Act of 1956, as amended, and is a corporation
duly organized, validly existing and in good standing under the laws of the State of Arkansas and the Company is qualified to do
business as a foreign corporation in each jurisdiction in which qualification is required, except where failure to so qualify would
not have a Material Adverse Effect (as defined below). Each of the Company&rsquo;s subsidiaries that is a &ldquo;significant subsidiary&rdquo;
as defined in Rule&nbsp;1-02&nbsp;of&nbsp;Regulation&nbsp;S-X&nbsp;is listed on Exhibit 21 to the Company&rsquo;s most recent Annual
Report on Form 10-K filed with the Commission. Each subsidiary is a direct or indirect wholly owned subsidiary of the Company.
Each subsidiary of the Company is duly incorporated, validly existing and in good standing under the laws of its jurisdiction of
incorporation, has corporate or limited liability company power and authority to own, lease and operate its properties and conduct
its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and is qualified to
do business as a foreign corporation in each jurisdiction in which qualification is required, except where the failure to so qualify
would not have a material Adverse Effect (as defined below). The activities of the Company&rsquo;s subsidiaries are permitted of
subsidiaries of a financial holding company under applicable law and the rules and regulations of the Federal Reserve Board (the
&ldquo;FRB&rdquo;) set forth in Title 12 of the Code of Federal Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise stated in the Registration Statement, the General Disclosure Package and the Prospectus, since the date of the most
recently dated audited consolidated balance sheet contained in the Financial Statements, (i) there have been no transactions entered
into by the Company or the subsidiaries, other than those in the ordinary course of business, which are material with respect to
the Company and the subsidiaries considered as one enterprise and (ii) there has not been any material decrease in the capital
stock or any material increase in any short-term or long-term indebtedness of the Company or the subsidiaries, or any payment of
or declaration to pay any dividends or any other distribution with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons
Bank has been duly chartered and is validly existing as a state-chartered commercial bank under the laws of the State of Arkansas,
with power and authority (as a state chartered commercial bank) to own its properties and conduct its business as described in
each of the Registration Statement, General Disclosure Package and the Prospectus. Bank SNB (together with Simmons Bank, the &ldquo;<B>Banks</B>&rdquo;)
has been duly chartered and is validly existing as a state-chartered commercial bank under the laws of the State of Oklahoma, with
power and authority (as a state chartered commercial bank) to own its properties and conduct its business as described in each
of the Registration Statement, General Disclosure Package and the Prospectus. The Company and each of the Company&rsquo;s subsidiaries
are in compliance with all laws administered by&nbsp;the Federal Deposit Insurance Corporation (the &ldquo;<B>FDIC</B>&rdquo;),
the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal Reserve</B>&rdquo;) and any other federal or state
bank regulatory authorities with jurisdiction over the Company and its subsidiaries, except for failures to be so in compliance
that would not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has an authorized capitalization as set forth in each of the General Disclosure Package, the Statutory Prospectus and the
Prospectus under the heading &ldquo;Capitalization&rdquo;. With respect to each of the Company&rsquo;s subsidiaries, all the issued
and outstanding shares of such subsidiary&rsquo;s capital stock have been duly authorized and validly issued, are fully paid and
nonassessable, are owned directly by the Company or one of its Subsidiaries free and clear of any liens, claims or encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered as provided in the
Indenture and paid for in the manner set forth in this Agreement, will constitute valid and legally binding obligations of the
Company enforceable against the Company in accordance with their terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other laws of general application relating to or affecting the enforcement of creditors&rsquo;
rights and the application of equitable principles relating to the availability of remedies, and subject to 12 U.S.C.&nbsp;&sect;&nbsp;1818(b)(6)(D)
(or any successor statute) and similar bank regulatory powers and to the application of principles of public policy, and except
as rights to indemnity or contribution, including but not limited to, indemnification provisions set forth in Section&nbsp;8 of
this Agreement may be limited by federal or state securities law or the public policy underlying such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Indenture has been duly authorized by the Company and, when duly executed and delivered in accordance with its terms by each of
the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
laws of general application relating to or affecting the enforcement of creditors&rsquo; rights and the application of equitable
principles relating to the availability of remedies, and subject to 12 U.S.C. &sect; 1818(b)(6)(D) (or any successor statute) and
similar bank regulatory powers and to the application of principles of public policy, and except as rights to indemnity or contribution,
including but not limited to, indemnification provisions set forth in Section&nbsp;8 of this Agreement may be limited by federal
or state securities law or the public policy underlying such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes and the Indenture will conform in all material respects to the respective statements relating thereto contained in the Registration
Statement, the General Disclosure Package and the Prospectus and will be in substantially the respective forms filed or incorporated
by reference, as the case may be, as exhibits to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the requisite corporate power and authority to enter into this Agreement, the Notes and the Indenture (collectively,
the &ldquo;<B>Transaction Documents</B>&rdquo;) and to perform its obligations contemplated hereby and thereby.&nbsp;This Agreement
has been duly authorized, executed and delivered by the Company and all action required to be taken by the Company for the due
and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of the transactions
contemplated thereby has been, or, for the Transaction Documents other than this Agreement, will be prior to the Closing Date duly
and validly taken. This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application relating to or affecting the enforcement of creditors&rsquo; rights and the application of
equitable principles relating to the availability of remedies, and subject to 12 U.S.C.&nbsp;&sect;&nbsp;1818(b)(6)(D) (or any
successor statute) and similar bank regulatory powers and to the application of principles of public policy, and except as rights
to indemnity or contribution, including but not limited to, indemnification provisions set forth in Section&nbsp;8 of this Agreement
may be limited by federal or state securities law or the public policy underlying such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
and all material swaps, caps, floors, futures, forward contracts, option agreements (other than stock options issued to the Company&rsquo;s
employees, directors, agents or consultants) and other derivative financial instruments, contracts or arrangements, whether entered
into for the account of the Company or one of the Company&rsquo;s subsidiaries or for the account of a customer of the Company
or one of the Company&rsquo;s subsidiaries, were entered into in the ordinary course of business and in accordance with applicable
laws, rules, regulations and policies of all applicable regulatory agencies and with counterparties believed by the Company to
be financially responsible at the time. The Company and each of the Company&rsquo;s subsidiaries have duly performed in all material
respects all of their obligations thereunder to the extent that such obligations to perform have accrued, and to the knowledge
of the Company there are no breaches, violations or defaults or allegations or assertions of such by any party thereunder which
would, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BKD,
LLP, who has certified and expressed their opinion with respect to the consolidated financial statements contained in the Company&rsquo;s
Annual Report on Form&nbsp;10-K&nbsp;for the year ended December&nbsp;31, 2017, are registered independent public accountants as
required by the 1933 Act and the 1933 Act Regulations and by the rules of the Public Company Accounting Oversight Board and with
respect to the Company, BKD, LLP is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002.
BKD, LLP were, during the term of its engagement, an independent registered public accountant with respect to Southwest Bancorp,
Inc. (&ldquo;<B>OKSB</B>&rdquo;) and its subsidiaries, as required by the 1933 Act and the 1934 Act and the rules and regulations
thereunder and pursuant to the rules applicable to such accountants adopted by the Public Company Accounting Oversight Board. Payne
&amp; Smith, LLC, were, during the term of their engagement, an independent registered public accountant with respect to First
Texas BHC, Inc. (&ldquo;<B>First Texas</B>&rdquo;) and its subsidiaries, as required by the 1933 Act and the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement by the Company, the execution, delivery and performance of the Transaction
Documents other than this Agreement by the Company, the issuance and sale of the Notes by the Company, the compliance by the Company
with all of the provisions of the Transaction Documents and the consummation of the transactions contemplated by the Transaction
Documents (including, without limitation, the use of proceeds from the sale of the Notes as described in the Statutory Prospectus
and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;), (i) do not and will not violate or conflict with any provision
of the amended and restated certificate of incorporation or bylaws of the Company or the organizational documents of any of the
Company&rsquo;s subsidiaries and (ii)&nbsp;except as would not result in a Material Adverse Effect and will not materially and
adversely affect the Company&rsquo;s ability to consummate the transactions contemplated by this Agreement, will not (x)&nbsp;result
in the creation of any lien, charge, security interest or encumbrance upon any assets of the Company or any subsidiary of the Company
pursuant to the terms or provisions of, and will not conflict with, result in the breach or violation of, or constitute, either
by itself or upon notice or the passage of time or both, a default under, or give rise to the accelerated due date of any payment
due under, any agreement, mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument to which any
of the Company or any of the Company&rsquo;s subsidiaries is a party or by which any of the Company or any of the Company&rsquo;s
subsidiaries or their respective properties may be bound or affected or (y)&nbsp;violate any statute or any authorization, judgment,
decree, order, rule or regulation of any court or any regulatory body, administrative agency or other governmental agency or body
applicable to the Company or any of the Company&rsquo;s subsidiaries or any of their respective properties.&nbsp;All consents,
approvals, licenses, qualifications, authorizations or other orders of any court, regulatory body, administrative agency or other
governmental agency or body that are required for the execution and delivery of the Transaction Documents or the consummation of
the transactions contemplated by the Transaction Documents, including the issuance, sale, authentication and delivery of the Notes,
have been obtained, except such consents, approvals authorizations, registrations or qualifications as may be required under state
securities or Blue Sky laws in connection with the purchase and distribution of the Notes by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
&ldquo;nationally recognized statistical rating organization&rdquo; (as defined in Rule 436(g)(2) under the 1933 Act)&nbsp;(i)
has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) to retain any
rating assigned to the Company or any of the Subsidiaries or to any securities of the Company or any of the Subsidiaries or (ii)&nbsp;has
indicated to the Company that it is considering (A)&nbsp;the downgrading, suspension, or withdrawal of, or any review (or of any
potential or intended review) for a possible change in, any rating so assigned (including, without limitation, the placing of any
of the foregoing ratings on credit watch with negative or developing implications or under review with an uncertain direction)
or (B)&nbsp;any change in the outlook for any rating of the Company or any of the Subsidiaries or any securities of the Company
or any of the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person has the right to require the Company or any of its subsidiaries to register any securities for sale under the 1933 Act by
reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Notes to be sold by the
Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as would not reasonably be expected to have a Material Adverse Effect, the material contracts to which the Company or any of its
Subsidiaries is a party, have been duly and validly authorized, executed and delivered by the Company or its Subsidiaries, as the
case may be, and constitute the legal, valid and binding agreements of the Company or its Subsidiaries, enforceable by and against
it in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to enforcement of creditors&rsquo; rights generally, and general equitable principles
relating to the availability of remedies, and subject to 12 U.S.C. &sect; 1818(b)(6)(D) (or any successor statute) and similar
bank regulatory powers and to the application of principles of public&nbsp;policy, and except as rights to indemnify or contribution
may be limited by federal or state securities laws and the public policy underlying such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
deposit accounts of each of the Banks are insured up to the applicable limits by the Deposit Insurance Fund of the FDIC to the
fullest extent permitted by law and the rules and regulations of the FDIC, and no proceeding for the revocation or termination
of such deposit insurance has been instituted or is pending or, to the knowledge of the Company, is threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no legal or governmental actions, suits or proceedings pending or, to the Company&rsquo;s knowledge, threatened against the
Company or any of the Company&rsquo;s subsidiaries before or by any court, regulatory body or administrative agency or any other
governmental agency or body, domestic, or foreign, which actions, suits or proceedings, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect; and no labor disturbance by the employees of the Company exists or, to
the Company&rsquo;s knowledge, is imminent, that would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in each of the General Disclosure Package and the Prospectus, no subsidiary of the Company is currently prohibited,
directly or indirectly, under any order of the Federal Reserve (other than orders applicable to savings and loan holding companies
and their subsidiaries generally), under any applicable law, or under any agreement or other instrument to which it is a party
or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital
stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such
subsidiary&rsquo;s properties or assets to the Company or any other subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each subsidiary of the Company has valid title to all the properties and assets described as owned by it in the consolidated
financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus, free and clear
of all liens, mortgages, pledges, or encumbrances of any kind except (i)&nbsp;those, if any, reflected in such consolidated financial
statements, or (ii)&nbsp;those that would not reasonably be expected to have a Material Adverse Effect.&nbsp;Any real property
and buildings held under lease or sublease by the Company and each of its subsidiaries are held by them under valid, subsisting
and enforceable leases. Neither the Company nor any of the Company&rsquo;s subsidiaries has any notice of any material claim of
any sort that has been asserted by anyone adverse to the rights of the Company or any of the Company&rsquo;s subsidiaries under
any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any subsidiary thereof
to the continued possession of the leased or subleased premises under any such lease or sublease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries is a party to a letter
of intent, accepted term sheet or similar instrument or any binding agreement that contemplates an acquisition, disposition, transfer
or sale of the assets (as a going concern) or capital stock of the Company or of any subsidiary of the Company or business unit
or any similar business combination transaction which would be material to the Company and its subsidiaries taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in each of the
General Disclosure Package and the Prospectus, since December&nbsp;31, 2017, (i) the Company and its subsidiaries have conducted
their respective businesses in all material respects in the ordinary course, consistent with prior practice, (ii)&nbsp;except for
publicly disclosed ordinary dividends on the Common Stock, the Company has not made or declared any distribution in cash or in
kind to its shareholders, (iii)&nbsp;neither the Company nor any of its subsidiaries has issued any capital stock or securities
issuable into capital stock except for securities issued pursuant to the Company&rsquo;s existing shareholder-approved equity incentive
plans, (iv)&nbsp;neither the Company nor its subsidiaries has incurred any liabilities or obligations of any nature (absolute,
accrued, contingent or otherwise) which are not fully reflected or reserved against in the financial statements described in Section&nbsp;1(nn),
except for liabilities that have arisen since such date in the ordinary and usual course of business and consistent with past practice
and that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect
and (v)&nbsp;no event or events have occurred that, individually or in the aggregate, has had or would reasonably be expected to
have a Material Adverse Effect.&nbsp;As used in this paragraph, references to the General Disclosure Package and the Prospectus
exclude any amendments or supplements thereto subsequent to the date of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company owns, is licensed or
otherwise possesses all rights to use, all patents, patent rights, inventions,&nbsp;know-how&nbsp;(including trade secrets and
other unpatented or unpatentable or confidential information, systems, or procedures), trademarks, service marks, trade names,
copyrights and other intellectual property rights (collectively, the &ldquo;<B>Intellectual Property</B>&rdquo;) necessary for
the conduct of its business as described in each of the General Disclosure Package and the Prospectus, except as would not reasonably
be expected to have a Material Adverse Effect.&nbsp;No claims have been asserted against the Company by any person with respect
to the use of any such Intellectual Property or challenging or questioning the validity or effectiveness of any such Intellectual
Property except as would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries
is in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business, including,
without limitation, all applicable local, state and federal banking and Environmental Laws and Regulations (as defined below),
except where failure to be so in compliance would not be reasonably expected to have a Material Adverse Effect.&nbsp;Neither the
Company nor any of its Subsidiaries is (a)&nbsp;in violation of its charter or bylaws or other organizational documents, as applicable;
(b)&nbsp;is in default under, and no event has occurred which, with notice or lapse of time or both, would constitute such a default
or result in the creation or imposition of any lien, charge, or encumbrance upon any property or assets of the Company or any of
its Subsidiaries, pursuant to any agreement, mortgage, deed of trust, lease, franchise, license, indenture or permit, except as
would not reasonably be expected to have a Material Adverse Effect or (c)&nbsp;a party to or subject to or has received any order,
decree, agreement, memorandum of understanding or similar arrangement with, or a commitment letter, supervisory letter or similar
submission to, any governmental authority, in each case that is material to the Company or any subsidiary of the Company, and neither
the Company nor any subsidiary of the Company has been advised by any governmental authority that such governmental authority is
contemplating issuing or requesting (or is considering the appropriateness of issuing or requesting) any such order, decree, agreement,
memorandum of understanding, commitment letter, supervisory letter or similar submission, in each case, that would be reasonably
likely to be material to the Company or any of the Company&rsquo;s subsidiaries.&nbsp;Neither the Company nor any of the Company&rsquo;s
subsidiaries has received any communication from any governmental authority that it is not acting in material compliance with any
statute, regulation or ordinance.&nbsp;&ldquo;<B>Environmental Laws and Regulations</B>&rdquo; shall mean any federal, state, local
or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation
thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human
health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata)
or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or
mold (collectively, &ldquo;<B>Hazardous Materials</B>&rdquo;) or to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and its subsidiaries
(A) possesses all permits, licenses, approvals, consents and other authorizations (collectively, &ldquo;<B>Governmental Licenses</B>&rdquo;)
of any governmental authority, (B) has made all filings, applications and registrations with, any governmental authority necessary
to permit the Company or such subsidiary to conduct the business now operated by the Company or such subsidiary, and (C) is in
compliance with the terms and conditions of all such Governmental Licenses, except where the failure to so possess, file, apply,
register or comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All of
the Governmental Licenses currently held by the Company or any of its subsidiaries are valid and in full force and effect, except
where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and neither the Company
nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental
Licenses. Neither the Company nor any of its subsidiaries has failed to file with applicable regulatory authorities any statement,
report, information or form required by any applicable law, regulation or order, except where the failure to be so in compliance
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all such filings were in
material compliance with applicable laws when filed and no material deficiencies have been asserted by any regulatory commission,
agency or authority with respect to any such filings or submissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described in the Prospectus
, neither the Company nor any of its subsidiaries is subject or is party to, or has received any notice or advice that any of them
may become subject or party to any investigation with respect to, any corrective, suspension or&nbsp;cease-and-desist&nbsp;order,
agreement, consent agreement, memorandum of understanding or other regulatory enforcement action, proceeding or order with or by,
or is a party to any commitment letter or similar undertaking to, or is subject to any directive by, or has been a recipient of
any supervisory letter (including, without limitation, any notification from the Federal Reserve of a proposal to increase the
minimum capital requirements of the Company or any of its subsidiaries, pursuant to the Federal Reserve&rsquo;s authority under
12 U.S.C. 3907(a)(2)) from, or has adopted any board resolutions at the request of, any other agency that currently relates to
or restricts in any material respect the conduct of their business or that in any manner relates to their capital adequacy, credit
policies or management (each, a &ldquo;<B>Regulatory Agreement</B>&rdquo;), in each case that is material to the Company or any
of the Company&rsquo;s subsidiaries, nor has the Company or any of its subsidiaries been advised by any other agency that it is
considering issuing or requesting any such Regulatory Agreement in each case, that would be reasonably likely to be material to
the Company or any of its subsidiaries. Each of the Banks is an insured depository institution and has received a Community Reinvestment
Act rating of &ldquo;Satisfactory&rdquo; or better. There is no unresolved violation, criticism or exception by any other agency
with respect to any report or statement relating to any examinations of the Company or any of its subsidiaries which, in the reasonable
judgment of the Company, is expected to result in a Material Adverse Effect. The application of the proceeds received by the Company
from the issuance, sale and delivery of the Securities as described in the General Disclosure Package, and the Prospectus, will
not violate Regulation T, U or X of the Board of the Federal Reserve System or any other regulation of such Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its
subsidiaries has participated in any reportable transaction, as defined in Treasury Regulation&nbsp;Section&nbsp;1.6011-4(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries
has filed on a timely basis (giving effect to extensions) all required federal, state and foreign income and franchise tax returns
and has paid or accrued all taxes shown as due thereon to the extent that such taxes have become due and are not being contested
in good faith, and the Company does not have knowledge of any tax deficiency that has been or might be asserted or threatened against
it or any of its subsidiaries, in each case, that could be reasonably expected to have a Material Adverse Effect.&nbsp;All material
tax liabilities accrued through the date hereof have been adequately provided for on the books of the Company.&nbsp;There is no
tax lien, whether imposed by any federal, state or other taxing authority, outstanding against the assets of the Company or any
of its subsidiaries that would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor either of the Banks is required and, after giving effect to the offering and sale of the Notes and the application
of the proceeds thereof, will be required to register as an &ldquo;investment company,&rdquo; under the Investment Company Act
of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries
maintain insurance underwritten by insurers of recognized financial responsibility, of the types and in the amounts that the Company
reasonably believes is adequate for its business on a consolidated basis, including, but not limited to, insurance covering real
and personal property owned or leased by the Company or any of its subsidiaries against theft, damage, destruction, acts of vandalism
and all other risks customarily insured against, with such deductibles as are customary for companies in the same or similar business,
all of which insurance is in full force and effect. There are no claims by the Company or any of its subsidiaries under any such
policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause which
could have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received notice from any insurance carrier
that such insurance will be canceled or that coverage thereunder will be reduced or eliminated, and there are presently no material
claims pending under policies of such insurance and no notices have been given by the Company or any of its subsidiaries under
such policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any affiliate
of the Company has taken, nor will the Company or any affiliate take, nor has any person acting at the direction of the Company
or its affiliates taken, nor will take, directly or indirectly, any action which is designed to or which has constituted or which
would be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statistical and market-related
data contained or incorporated by reference in the Prospectus or the General Disclosure Package is based on or derived from sources
which the Company believes are reliable and accurate in all material respects. Each &ldquo;forward-looking statement&rdquo; (within
the meaning of Section&nbsp;27A of the 1933 Act or Section&nbsp;21E of the 1934 Act) contained or incorporated by reference in
the Prospectus or the General Disclosure Package has been made or reaffirmed with a reasonable basis and in good faith.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No transaction has occurred between
or among the Company or any of its subsidiaries, on the one hand, and its affiliates, officers or directors on the other hand,
that is required to have been described under applicable securities laws in its 1934 Act filings and is not so described in such
filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no transaction, arrangement
or other relationship between the Company or any of its subsidiaries and an unconsolidated or other&nbsp;off-balance&nbsp;sheet
entity that is required to be disclosed by the Company in its 1934 Act filings and is not so disclosed or that otherwise would
be reasonably expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements and related notes and supporting schedules of the Company and its subsidiaries incorporated by
reference into the Registration Statement, the General Disclosure Package and the Prospectus (the &ldquo;<B>Financial Statements</B>&rdquo;)
present fairly the financial position, results of operations, stockholders&rsquo; equity and cash flows of the Company and its
consolidated Subsidiaries, as of the respective dates and for the respective periods to which they apply and have been prepared
in accordance with generally accepted accounting principles of the United States, applied on a consistent basis throughout the
periods involved and the requirements of Regulation&nbsp;S-X.&nbsp; The respective consolidated financial statements and related
notes and supporting schedules of OKSB and First Texas and their respective consolidated subsidiaries included or incorporated
by reference in the Registration Statement, General Disclosure Package and Prospectus, present fairly the financial position, results
of operations, stockholders&rsquo; equity and cash flows of OKSB and First Texas and their respective subsidiaries, respectively,
as of the respective dates and for the respective periods to which they apply and have been prepared in accordance with generally
accepted accounting principles of the United States, applied on a consistent basis throughout the periods involved and the requirements
of Regulation&nbsp;S-X. The selected financial data and the summary financial information included in the Registration Statement,
the General Disclosure Package and the Prospectus present fairly in all material respects the information therein and have been
prepared on a basis consistent with that of the audited consolidated financial statements contained in the Registration Statement,
any preliminary prospectus and the Prospectus. The pro forma financial statements and the related notes thereto incorporated by
reference in the Registration Statement, General Disclosure Package and the Prospectus present fairly in all material respects
the information shown therein, have been prepared in accordance with Regulation S-X, comply as to form with the requirements of
Regulation S-X, the 1933 Act and the 1933 Act Regulations and have been properly compiled on the bases described therein, and give
effect to the assumptions used in the preparation thereof that are on a reasonable basis and in good faith and the adjustments
used therein are appropriate to give effect to the transactions and circumstances referred to therein. No other financial statements
or supporting schedules are required to be included in the Registration Statement, the General Disclosure Package and the Prospectus.
The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules and guidelines thereto. To the extent applicable, all disclosures contained in the Registration Statement, the General Disclosure
Package or the Prospectus regarding&nbsp;&ldquo;non-GAAP&nbsp;financial measures&rdquo; (as such term is defined by the Commission&rsquo;s
rules and regulations) comply in all material respects with Regulation G of the 1934 Act and Item 10(e) of Regulation&nbsp;S-K&nbsp;under
the 1934 Act, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is in compliance in
all material respects with the requirements of the Nasdaq Global Select Market (the &ldquo;<B>Nasdaq</B>&rdquo;) for continued
listing of the Common Stock thereon.&nbsp;The Company has taken no action designed to, or likely to have the effect of, terminating
the registration of the Common Stock under the 1934 Act or the listing of the Common Stock on the Nasdaq, nor has the Company received
any notification that the Commission or the Nasdaq is contemplating terminating such registration or listing.&nbsp;The transactions
contemplated by this Agreement will not contravene the rules and regulations of the Nasdaq.&nbsp;The Company will comply with all
requirements of the Nasdaq in all material respects with respect to the issuance of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains a system of
internal control over financial reporting (as defined in Rules&nbsp;13a-15(f)&nbsp;and&nbsp;15d-15(f)&nbsp;under the 1934 Act)
that has been designed by, or under the supervision of, its principal executive and financial officer, to provide reasonable assurance
that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.&nbsp;The Company has disclosure controls and procedures
(as defined in Rules&nbsp;13a-15(e)&nbsp;and&nbsp;15d-15(e)&nbsp;under the 1934 Act) that are designed to ensure that material
information relating to the Company is made known to the Company&rsquo;s principal executive officer and the Company&rsquo;s principal
financial officer or persons performing similar functions.&nbsp;The Company has not become aware of any fraud, whether or not material,
that involves management or other employees who have a significant role in the Company&rsquo;s internal control over financial
reporting.&nbsp;The Company is otherwise in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley
Act of 2002, as amended and the rules and regulations promulgated thereunder. .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement is not
the subject of a pending proceeding or examination under Section&nbsp;8(d) or 8(e) of the 1933 Act, and the Company is not the
subject of a pending proceeding under Section&nbsp;8A of the 1933 Act in connection with the offering of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company, nor any of
the Company&rsquo;s subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or other Person
acting on behalf of the Company or any of the Company&rsquo;s subsidiaries has, in the course of its actions for, or on behalf
of, the Company (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses
relating to political activity; (ii)&nbsp;made any direct or indirect unlawful payment to any foreign or domestic government official
or employee from corporate funds; (iii)&nbsp;violated or is in violation of any provision of the U.S. Foreign Corrupt Practices
Act of 1977, as amended (the &ldquo;<B>FCPA</B>&rdquo;) or any law, rule or regulation promulgated to implement the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, signed December&nbsp;17, 1997 (the &ldquo;<B>Convention</B>&rdquo;);
(iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic
government official or employee; (v)&nbsp;made any payment of funds to the Company or any of its Subsidiaries or received or retained
funds in violation of any law, rule or regulation, which payment, receipt or retention of funds is of a character required to be
disclosed in either the General Disclosure Package or the Prospectus, that is not described in each of the General Disclosure Package
and the Prospectus as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operations of the Company and
its Subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, Title 18 U.S. Code Sections
1956 and 1957, the Patriot Act and the money laundering statutes of all jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no material action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering
Laws is pending or, to the best knowledge of the Company, threatened. Each of the Company and its Subsidiaries has instituted and
maintains policies and procedures designed to ensure continued compliance with the Money Laundering Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any of the
Company&rsquo;s subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person
acting on behalf of either of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;). The Company will not directly
or indirectly use the proceeds of the offering of the Shares, or lend, contribute or otherwise make available such proceeds to
any of the Subsidiaries, joint venture partners or other persons, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No relationship, direct or indirect,
exists between or among the Company or any of its subsidiaries, on the one hand, and the affiliates, directors, officers, shareholders,
customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the 1933 Act, the 1933 Act
Regulations, the 1934 Act or the 1934 Act Regulations to be described in the Statutory Prospectus or the Prospectus or any documents
incorporated or deemed to be incorporated by reference therein and that is not so described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has not sold, issued
or distributed any shares of preferred stock or debt securities during the&nbsp;six-month&nbsp;period preceding the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as contemplated by this Agreement, there is no broker, finder or other party that is entitled to receive from the Company
or any of the Company&rsquo;s subsidiaries any brokerage or finder&rsquo;s fee or any other fee, commission or payment as a result
of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(yy)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is in compliance in
all material respects with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder (herein called &ldquo;<B>ERISA</B>&rdquo;); no &ldquo;reportable
event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which
the Company would have any material liability; the Company has not incurred and does not expect to incur any material liability
under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo;; or (ii)&nbsp;Sections
412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder
(the &ldquo;<B>Code</B>&rdquo;); and each &ldquo;<B>Pension Plan</B>&rdquo; for which the Company would have liability that is
intended to be qualified under Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred,
whether by action or by failure to act, which would cause the loss of such qualification, except where the failure to be so qualified
would not, singly or in the aggregate, result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(zz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither of the Banks nor any of
their respective subsidiaries is in violation of its articles of incorporation, bylaws or other organizational documents or in
default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture,
mortgage, deed of trust, loan agreement, note, lease or other agreement or instrument to which either of the Banks or any of their
respective subsidiaries is a party or by which any of them is bound or to which any of the property or assets of either of the
Banks or any of their respective subsidiaries is subject except for such violations and defaults that would not, individually or
in the aggregate, result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions herein set forth, the Company agrees to issue and sell to each of the Underwriters, and each of the
Underwriters agrees, severally and not jointly, to purchase from the Company, the respective principal amount of the Notes set
forth opposite each&nbsp;Underwriter&rsquo;s name in Schedule I hereto at a purchase price equal to 99.05% of the principal amount
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company understands that the Underwriters intend to make a public offering of the Notes as soon after the effectiveness of this
Agreement as in the judgment of the Representative is advisable.&nbsp;The Company acknowledges and agrees that the Underwriters
may offer and sell the Notes to or through any affiliate of an Underwriter and that any such affiliate may offer and sell the Notes
purchased by it to or through any Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that each Underwriter has authorized the Representative, for such Underwriter&rsquo;s account, to accept delivery
of, receipt for, and make payment of the purchase price for the Notes which such Underwriter has agreed to purchase.&nbsp;Sandler
O&rsquo;Neill&nbsp;&amp; Partners, L.P., individually and not as representative of the Underwriters, may (but shall not be obligated
to) make payment of the purchase price for the Notes to be purchased by any Underwriter whose funds have not been received by Sandler
O&rsquo;Neill&nbsp;&amp; Partners, L.P. by the Time of Delivery but such payment shall not relieve such&nbsp;Underwriter from its
obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the authorization by the Representative of the release of the Notes, the several Underwriters propose to offer the Notes for sale
upon the terms and conditions set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
for the Notes shall be made by wire transfer of immediately available funds to the account(s) specified by the Company to the Representative
against delivery to the nominee of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;), for the account of each Underwriter,
of one or more global notes representing the Notes (collectively, the &ldquo;<B>Global Notes</B>&rdquo;), with any transfer or
other taxes payable in connection with the sale of the Notes duly paid by the Company.&nbsp;The Company will cause a copy of the
Global Notes to be made available for inspection at least twenty-four hours prior to the Time of Delivery&nbsp;with respect thereto.&nbsp;The
time and date of such delivery and payment shall be&nbsp;10:00 a.m. New York City Time, on March 26, 2018 (the &ldquo;<B>Closing
Date</B>&rdquo;) or such other time and date as the Representative and the Company may agree upon in writing.&nbsp;Such time and
date for delivery of the Notes is herein called the &ldquo;<B>Time of Delivery</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to Section&nbsp;7 hereof, including
the cross receipt for the Notes and any additional documents requested by the Representative pursuant to Section&nbsp;7(m) hereof,
will be delivered at the offices of Alston &amp; Bird LLP, 1201 W. Peachtree Street NW, Atlanta, Georgia 30318 (the &ldquo;<B>Closing</B>&nbsp;<B>Location</B>&rdquo;),
or at such other place as shall be agreed upon by the Underwriters and the Company, including by electronic exchange of documents.&nbsp;A
meeting will be held at the Closing Location at&nbsp;10:00 a.m., New York City time, on the New York Business Day next preceding
the Time of Delivery, at which meeting the final executed copies of the documents to be delivered pursuant to the preceding sentence
will be available for review by the parties hereto.&nbsp;&ldquo;<B>New York Business Day</B>&rdquo; shall mean each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in New York are generally authorized or obligated
by law or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants with each of the Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
prepare the Prospectus in a form approved by the Representative and to file such Prospectus pursuant to Rule 424(b) under the 1933
Act (without reliance on Rule 424(b)(8)) not later than the Commission&rsquo;s close of business on the second business day following
the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430B under the 1933
Act; to make no further amendment or any supplement to the Registration Statement or Prospectus which shall be disapproved by the
Representative promptly after reasonable notice thereof; to advise the Representative, promptly after it receives notice thereof,
of the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Prospectus
or any amended Prospectus has been filed and to furnish the Representative with copies thereof; to advise the Representative, promptly
after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending
the use of any preliminary prospectus, Issuer-Represented Free Writing Prospectus or Prospectus, of the suspension of the qualification
of the Notes for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose,
or of any request by the Commission for the amending or supplementing of the Registration Statement, any preliminary prospectus,
any Issuer-Represented Free Writing Prospectus or Prospectus (in each case, including any document incorporated or deemed to be
incorporated by reference therein) or for additional information; and in the event of the issuance of any stop order or of any
order preventing or suspending the use of any preliminary prospectus, Issuer-Represented Free Writing Prospectus or Prospectus
or suspending any such qualification, promptly to use its best efforts to obtain the withdrawal of such order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time following issuance of an Issuer-Represented Free Writing Prospectus there occurred or occurs an event or development
as a result of which such Issuer-Represented Free Writing Prospectus conflicted or would conflict with the information contained
in the Registration Statement, the General Disclosure Package or the Prospectus or included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances prevailing at that subsequent time, not misleading, the Company will notify promptly the Representative
so that any use of such Issuer-Represented Free Writing Prospectus may cease until it is amended or supplemented and the Company
will promptly amend or supplement such Issuer-Represented Free Writing Prospectus to eliminate or correct such conflict, untrue
statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and agrees that, unless it obtains the prior written consent of the Representative, and each Underwriter represents
and agrees that, unless it obtains the prior written consent of each of the Company and the Representative, it has not made and
will not make any offer relating to the Notes that would constitute an &ldquo;issuer free writing prospectus,&rdquo; as defined
in Rule 433 under the 1933 Act, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule
405 under the 1933 Act, required to be filed with the Commission.&nbsp;Any such free writing prospectus consented to by the Company
and the Representative is hereinafter referred to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo;&nbsp;The Company
represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing
prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any
Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.&nbsp;The
Company consents to the use by the Underwriters of an Issuer-Represented Free Writing Prospectus that contains information describing
the preliminary terms of the Notes or is the Final Term Sheet, each of which is a Permitted Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
from time to time to take such action as the Representative may reasonably request to qualify the Notes for offering and sale under
the securities laws of such jurisdictions as the Representative may request and to comply with such laws so as to permit the continuance
of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Notes,
provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general
consent to service of process in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to time,
to furnish the Underwriters with copies of the Prospectus in New York City in such quantities as the Representative may from time
to time reasonably request, and, if the delivery of a prospectus is required at any time prior to the expiration of nine months
after the time of issue of the Prospectus in connection with the offering or sale of the Notes and if at such time any event shall
have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary during
such period to amend or supplement the Prospectus in order to comply with the 1933 Act or the 1933 Act Regulations, to notify the
Representative and upon its request to prepare and furnish without charge to the Underwriters and to any dealer in securities as
many copies as the Representative may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus
which will correct such statement or omission or effect such compliance, and in case any Underwriter is required to deliver a prospectus
in connection with sales of any of the Notes at any time nine months or more after the time of issue of the Prospectus, upon its
request, to prepare and deliver to such Underwriter as many copies as the Representative may request of an amended or supplemented
Prospectus complying with Section&nbsp;10(a)(3) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its securityholders
as soon as practicable, but not later than 45 days after the end of its fiscal quarter in which the first anniversary date of the
effective date of the Registration Statement occurs, an earnings statement (in form complying with the provisions of Rule 158 under
the 1933 Act Regulations for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph
of Section&nbsp;11(a) of the 1933 Act). During the period beginning on and including the date of this Agreement and continuing
through and including the date that is the New York Business Day following the Closing Date, the Company will not, and will not
permit any of the Company&rsquo;s subsidiaries to, without the prior written consent of the Representative, offer, sell, contract
to sell or otherwise dispose of any debt securities or nonconvertible preferred stock issued or guaranteed by the Company or any
of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
comply with the letter of representation of the Company to DTC relating to the approval of the Notes by DTC for &ldquo;book-entry&rdquo;
transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a period of three years from the date of this Agreement, to furnish or provide on EDGAR to the Representative copies of all reports
or other communications (financial or other) furnished to shareholders, and to deliver to the Representative as soon as they are
available, copies of any reports and financial statements furnished to or filed with the Commission.&nbsp;For purposes of this
paragraph, documents shall be deemed delivered if filed on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
use the net proceeds received by it from the sale of the Notes pursuant to this Agreement in substantially the manner specified
in each of the General Disclosure Package and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
comply, and to use its reasonable best efforts to cause the Company&rsquo;s directors and officers, in their capacities as such,
to comply, in all material respects, with all effective applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and
regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer-Represented Free Writing
Prospectus that is not filed with the Commission in accordance with Rule 433 under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not, during the period beginning from the date hereof and continuing until the Closing Date, offer, sell, contract
to sell or otherwise dispose of, except as provided hereunder, any debt securities issued or guaranteed by the Company or any subsidiary
of the Company without the prior written consent of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants and agrees with the Underwriters that the Company will pay or cause to be paid the following: (i)&nbsp;the fees,
disbursements and expenses of the Company&rsquo;s counsel and accountants in connection with the registration of the Notes under
the 1933 Act and all other expenses in connection with the preparation, printing and filing of the Registration Statement, any
preliminary prospectus, any Permitted Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the
mailing and delivering of copies thereof to the Underwriters and dealers; (ii)&nbsp;the cost of printing or producing any agreement
among Underwriters, this Agreement, closing documents (including any copying or compilations thereof) and any other documents in
connection with the offering, purchase, sale and delivery of the Notes; (iii)&nbsp;the cost of obtaining all securities and bank
regulatory approvals, including any required FINRA fees, including the filing fees incident thereto; (iv) the cost and charges
of any transfer agent or registrar; (v)&nbsp;the fees and expenses of the Trustee and any paying agent (including related fees
and disbursements of any counsel to such parties); (vi) all expenses incurred by the Company in connection with any &ldquo;road
show&rdquo; to potential investors;&nbsp;(vii) all fees and expenses incurred by the&nbsp;Underwriters in connection with their
services to be rendered hereunder including, without limitation, road show or investor presentation expenses, word processing charges,
the costs of printing or producing any investor presentation materials, messenger and duplicating service expenses, facsimile expenses
and other customary expenditures&nbsp;(including the fees and expenses of counsel to the Underwriters); (viii) any fees payable
in connection with the rating of the Securities; (ix) the fees and expenses incurred in connection with having the Securities eligible
for clearance, settlement and trading through the facilities of DTC, and (x)&nbsp;all other costs and expenses incident to the
performance of its obligations hereunder which are not otherwise specifically provided for in this Section provided that such expenses
related to (vii)&nbsp;shall not exceed $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">If
this Agreement is terminated by the Representative in accordance with the provisions of&nbsp;Section&nbsp;9&nbsp;hereof; the Company
shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel
for the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Underwriters hereunder, as to the Notes to be delivered at the Time of Delivery, shall be subject, in their
discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as
of the Time of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder
theretofore to be performed, and the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus containing the Rule 430B Information shall have been filed with the Commission pursuant to Rule 424(b) in the manner
and within the time period required by Rule 424(b) (without reliance on Rule 424(d)(8)) and in accordance with Section 5(a) hereof;
the Final Term Sheet and any other material required to be filed by the Company pursuant to Rule 433(d) under the 1933 Act shall
have been filed with the Commission within the applicable time periods prescribed in such filings by Rule 433; no stop order suspending
the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall
have been initiated or threatened by the Commission; and all requests for additional information on the part of the Commission
shall have been complied with to the reasonable satisfaction of the Representative; and FINRA shall have raised no objection to
the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alston
&amp; Bird LLP, counsel for the Underwriters, shall have furnished to the Representative such written opinion or opinions, dated
as of the Time of Delivery, with respect to matters as the Representative may reasonably request, and such counsel shall have received
such papers and information as they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covington
&amp; Burlington LLP, counsel for the Company, shall have furnished to the Representative such counsel&rsquo;s written opinion,
dated as of the Time of Delivery, in form and substance reasonably satisfactory to the Representative, to the effect set forth
in Annex I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Counsel of the Company, shall have furnished to the Representatives such written opinion, dated as of the Time of Delivery,
in a form and substance reasonably satisfactory to the Representative, the effect set forth in Annex II hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of execution of this Agreement, BKD LLP and Payne &amp; Smith, LLC shall have furnished to the Representative separate
letters, dated the date of this Agreement, in form and substance reasonably satisfactory to the Representative, and, at the Time
of Delivery, BKD LLP and Payne &amp; Smith, LLC shall have furnished to the Representative separate letters, dated as of the Time
of Delivery, in form and substance reasonably satisfactory to the Representative, to the effect that they reaffirm the statements
made in the letters furnished at the time of execution of this Agreement, except that the specified date referred to therein shall
be a date not more than three business days prior to the Time of Delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Neither the Company nor any of its Subsidiaries shall have sustained since the date of the latest audited financial statements
included in each of the General Disclosure Package and the Prospectus any loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth or contemplated in each of the General Disclosure Package and the Prospectus, and (ii)&nbsp;since
the respective dates as of which information is given in each of the General Disclosure Package and the Prospectus there shall
not have been any change in the capital stock or long-term debt of the Company or any of its Subsidiaries or any change, or any
development involving a prospective change, in or affecting the general affairs, management, financial position, shareholders&rsquo;
equity or results of operations of the Company and its Subsidiaries, otherwise than as set forth or contemplated in each of the
General Disclosure Package and the Prospectus, the effect of which, in any such case described in clause (i)&nbsp;or (ii), is in
the reasonable judgment of the Representative so material and adverse as to make it impracticable or inadvisable to proceed with
the public offering or the delivery of the Notes being delivered at the Time of Delivery on the terms and in the manner contemplated
in each of the General Disclosure Package and the Prospectus.&nbsp;As used in this paragraph, references to the General Disclosure
Package and the Prospectus exclude any amendments or supplements thereto subsequent to the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or after the date hereof (i)&nbsp;no downgrading shall have occurred in the rating accorded to the Company&rsquo;s debt securities
by any &ldquo;nationally recognized statistical rating organization,&rdquo; as that term is defined by the Commission for purposes
of Rule 436(g)(2) under the 1933 Act, and (ii)&nbsp;no such organization shall have publicly announced that it has under surveillance
or review, with possible negative implications, its rating of the Company&rsquo;s debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or after the date hereof, there shall not have occurred any of the events, circumstances or occurrences set forth in Section 11(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Time of Delivery, the Global Notes shall be eligible for clearance, settlement and trading in book-entry-only form through
the facilities of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have complied with the provisions of Section&nbsp;5(e) hereof with respect to the furnishing of prospectuses on the
New York Business Day next succeeding the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished or caused to be furnished to the Representative at the Time of Delivery certificates of officers of
the Company satisfactory to the Representative as to the accuracy of the representations and warranties of the Company herein at
and as of the Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at or
prior to such Time of Delivery, as to the matters set forth in subsections (a) and (f) of this Section and as to such other matters
as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received at the Delivery Time satisfactory evidence of the good standing of the Company in their respective
jurisdictions of organization, in each case in writing or any standard form of telecommunication from the appropriate governmental
authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished or caused to be furnished to Representative at the time of the execution of this Underwriting Agreement
and at the Closing Time, a certificate of the Chief Financial Officer of the Company, satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished to the Representative such further certificates and documents as the Representative may reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The
Company shall indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several,
to which they or any of them may become subject, under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus, the Registration Statement, the General Disclosure Package, the Prospectus or any individual
Issuer-Represented&nbsp;Limited-Use&nbsp;Free Writing Prospectus, when considered together with the General Disclosure Package,
or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading and will reimburse each such indemnified party for any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the
Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in any preliminary prospectus, the Registration
Statement, the General Disclosure Package, the Prospectus or any individual Issuer-Represented&nbsp;Limited-Use&nbsp;Free Writing
Prospectus, when considered together with the General Disclosure Package, or any such amendment or supplement in reliance upon
and in conformity with written information furnished to the Company by any Underwriter through the Representative expressly for
use therein (provided that the Company and the Underwriters hereby acknowledge and agree that the only information that the Underwriters
have furnished to the Company specifically for inclusion in any preliminary prospectus, the Registration Statement, the General
Disclosure Package, the Prospectus or any individual Issuer-Represented&nbsp;Limited-Use&nbsp;Free Writing Prospectus, or any amendment
or supplement thereto, are (i)&nbsp;the concession and reallowance figures, if any, appearing in the Prospectus in the section
entitled &ldquo;Underwriting,&rdquo; (ii) the last paragraph in the section entitled &ldquo;Underwriting&mdash;Discounts,&rdquo;
and (iii)&nbsp;the third sentence in the section entitled &ldquo;Underwriting&mdash;New Issuance of Notes&rdquo; (collectively,
the &ldquo;<B>Underwriters&rsquo; Information</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter, severally and not jointly, shall indemnify and hold harmless the Company against any losses, claims, damages or liabilities
to which the Company may become subject, under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus, the Registration Statement, the General Disclosure Package, the Prospectus, or any individual
Issuer-Represented&nbsp;Limited-Use&nbsp;Free Writing Prospectus, when considered together with the General Disclosure Package,
or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in such preliminary
prospectus, the Registration Statement, the General Disclosure Package, the Prospectus or such individual Issuer-Represented&nbsp;Limited-Use&nbsp;Free
Writing Prospectus, when considered together with the General Disclosure Package, or any such amendment or supplement, in reliance
upon and in conformity with the Underwriters&rsquo; Information; and will reimburse the Company for any legal or other expenses
reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are
incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by an indemnified party under subsection (a)&nbsp;or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify
the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve
it from any liability which it may have to any indemnified party otherwise than under such subsection.&nbsp;In case any such action
shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to
such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.&nbsp;No
indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent
to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim)
unless such settlement, compromise or judgment (i)&nbsp;includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a
failure to act, by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;8 is unavailable to or insufficient to hold harmless an indemnified party
under subsection (a)&nbsp;or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Notes.&nbsp;If,
however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified
party failed to give the notice required under subsection (c)&nbsp;above, then each indemnifying party shall contribute to such
amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations.&nbsp;The relative benefits received by the Company on the one hand and the Underwriters on the
other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received
by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth
in the table on the cover page of the Prospectus.&nbsp;The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or the Underwriters on the other and the parties&rsquo; relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.&nbsp;The Company and
the Underwriters agree that it would not be just and equitable if contributions pursuant to this subsection (d)&nbsp;were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to above in this subsection (d).&nbsp;The amount paid or payable
by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above
in this subsection (d)&nbsp;shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.&nbsp;Notwithstanding the provisions of this subsection
(d), no Underwriter shall be required to contribute any amount in excess of the amount which such Underwriter received in underwriting
discounts and commissions pursuant to this Agreement has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission.&nbsp;No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)
of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.&nbsp;The
Underwriters&rsquo; obligations in this subsection (d)&nbsp;to contribute are several in proportion to their respective underwriting
obligations and not joint. .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Company under this Section&nbsp;8 shall be in addition to any liability which the Company may otherwise have
and shall extend, upon the same terms and conditions, to each person, if any, who controls (within the meaning of the 1933 Act)
any Underwriter, or any of the respective partners, directors, officers and employees of any Underwriter or any such controlling
person; and the several obligations of the Underwriters under this Section&nbsp;8 shall be in addition to any liability which the
respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each director of the Company
(including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the
Company), each officer of the Company who signs the Registration Statement and to each person, if any, who controls the Company,
as the case may be, within the meaning of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
one or more of the Underwriters shall fail at the Closing Date to purchase the Notes which it or they are obligated to purchase
under this Agreement (the &ldquo;<B>Defaulted Securities</B>&rdquo;), the Representative shall have the right, within 24 hours
thereafter, to make arrangements for one or more of the&nbsp;non-defaulting&nbsp;Underwriters, or any other underwriters, to purchase
all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth;
if, however, the Representative shall not have completed such arrangements within such&nbsp;24-hour&nbsp;period, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the number of Defaulted Securities does not exceed 10% of the aggregate principal amount of Notes to be purchased on such date,
each of the&nbsp;non-defaulting&nbsp;Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof
in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all&nbsp;non-defaulting&nbsp;Underwriters,
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the number of Defaulted Securities exceeds 10% the aggregate principal amount of Notes to be purchased on such date, this Agreement
shall terminate without liability on the part of any&nbsp;non-defaulting&nbsp;Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No action taken pursuant to this Section
shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any such default which does
not result in a termination of this Agreement either (i)&nbsp;the Representative or (ii)&nbsp;the Company shall have the right
to postpone the Time of Delivery for a period not exceeding seven days in order to effect any required changes in the Registration
Statement, General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;Underwriter&rdquo;
includes any person substituted for an Underwriter under this Section&nbsp;9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
respective indemnities, agreements, representations, warranties and other statements of the Company and the several Underwriters,
as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full
force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter
or any controlling person of any Underwriter, or the Company, or any officer or director or controlling person of the Company,
and shall survive delivery of and payment for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative may terminate this Agreement, by notice to the Company, at any time prior to the Time of Delivery, if on or after
the date hereof there has been any of the following events, circumstances or occurrences: (i)&nbsp;a suspension or material limitation
in trading in securities generally on the Nasdaq, the Nasdaq Global Market or the Nasdaq Global Select Market or any setting of
minimum or maximum prices for trading on such exchange; (ii)&nbsp;a suspension or material limitation in trading of any securities
of the Company on any exchange or in the&nbsp;over-the-counter&nbsp;market; (iii)&nbsp;a general moratorium on commercial banking
activities declared by either federal, New York or Arkansas state authorities; (iv)&nbsp;any major disruption of settlements of
securities, payment, or clearance services in the United States or any other country where such securities are listed, or (v)&nbsp;the
outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency
or war or a material adverse change in general economic, political or financial conditions, or currency exchange rates or exchange
controls, including, without limitation, as a result of terrorist activities after the date hereof (or the effect of international
conditions on the financial markets in the United States shall be such), or any other calamity or crisis, if the effect of any
such event specified in this clause (v)&nbsp;in the reasonable judgment of the Representative makes it impracticable or inadvisable
to proceed with the public offering or the delivery of the Notes being delivered at the Time of Delivery on the terms and in the
manner contemplated in either the General Disclosure Package or the Prospectus or to enforce contracts for the sale of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Agreement is terminated pursuant to Section&nbsp;9 hereof, then the Company shall not thereafter be under any liability to
any Underwriter, except as provided in Sections 6 and 8 hereof; but, if for any other reason, any Notes are not delivered by or
on behalf of the Company as provided herein, then the Company will reimburse the Underwriters through the Representative for all
reasonable&nbsp;out-of-pocket&nbsp;expenses, including reasonable fees and disbursements of counsel, incurred by the Underwriters
in connection with the transactions contemplated hereby, including, without limitation, marketing, syndication and travel expenses
incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Notes not so delivered, but the
Company shall then be under no further liability to the Underwriters except as provided in Sections 6 and 8 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with the sale of the Notes, the Underwriters have been retained solely to act as underwriters, and no fiduciary, advisory
or agency relationship between the Company and the Underwriters has been created in respect of any of the transactions contemplated
by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
interest rate and price of the Notes set forth in this Agreement was established following discussions and arms-length negotiations
between the Company and the Underwriters, and the Company is capable of evaluating and understanding and understand and accept
the terms, risks and conditions of the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has been advised that the Underwriters and their respective affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that each Underwriter has no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims it may have against any Underwriter for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that each Underwriter shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company,
including shareholders, employees, depositors or creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all dealings hereunder, the Representative shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled
to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All statements, requests, notices and agreements
hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to
the Representative at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, Attention: General Counsel with a copy to Alston
&amp; Bird LLP, 1201 W. Peachtree St. NW, Atlanta, GA 30309, Attention: Mark C. Kanaly; and if to the Company shall be delivered
or sent by mail to the Company at 501 Main Street, Pine Bluff, Arkansas, 71601, Attention:&nbsp;Patrick A. Burrow, Executive Vice
President, General Counsel and Corporate Secretary with a copy to Covington&nbsp;&amp; Burling LLP, One CityCenter, 850 10th Street,
NW, Washington DC 20001 Attention: Rusty Conner and Michael Reed; provided, that any notice to an Underwriter pursuant to Section&nbsp;8(c)
hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its
Underwriters&rsquo; Questionnaire, or telex or email constituting such Questionnaire, which address will be supplied to the Company
by the Representative upon request.&nbsp;Any such statements, requests, notices or agreements shall take effect upon receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters and the Company and, to the extent provided
in Sections 8 and 10 hereof, the officers and directors of the Company and each person who controls the Company or any Underwriter,
and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right
under or by virtue of this Agreement.&nbsp;No purchaser of any of the Notes from any Underwriter shall be deemed a successor or
assign by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
shall be of the essence of this Agreement.&nbsp;As used herein, the term &ldquo;<B>business day</B>&rdquo; shall mean any day when
the Commission&rsquo;s office in Washington, D.C. is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed
to be an original, but all such counterparts shall together constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[SIGNATURE PAGE FOLLOWING]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the foregoing is in accordance with your understanding, please
sign and return to us four counterparts hereof, and upon the acceptance hereof by the Representative, on behalf of each of the
Underwriters, this letter and such acceptance hereof shall constitute a binding agreement among each of the Underwriters and the
Company.&nbsp;It is understood that the Representative&rsquo;s acceptance of this letter on behalf of each of the Underwriters
is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company
for examination upon request, but without warranty on the Representative&rsquo;s part as to the authority of the signers thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">SIMMONS FIRST NATIONAL CORPORATION</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Robert Fehlman</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Robert Fehlman</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: SEVP &amp; CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SANDLER O&rsquo;NEILL&nbsp;&amp; PARTNERS, L.P.,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Representative of the Underwriters</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sandler O&rsquo;Neill&nbsp;&amp; Partners Corp.,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the sole general partner</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Robert A. Kleinert</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Robert A. Kleinert</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: An Officer of the Corporation</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal<BR> Amount<BR> of the Notes</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Sandler O&rsquo;Neill&nbsp;&amp; Partners, L.P.</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">198,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Stephens, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">66,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Keefe, Bruyette &amp; Woods, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">66,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuer-Represented General Use Free Writing
Prospectuses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Investor Presentation, dated March 19, 2018</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Investor Presentation, dated March 20, 2018</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Final Term Sheet</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINAL TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.15pt 0pt 118.55pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-223764</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>March 21, 2018</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$330,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.00% Fixed-to-Floating Rate Subordinated
Notes due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3in; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Simmons First National Corporation (the &ldquo;Company&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">5.00% Fixed-to-Floating Rate Subordinated Notes due 2028 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Aggregate Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">$330,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Rating:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><I>[Intentionally omitted.]</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">March 21, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Settlement Date (T+3):</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">March 26, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Final Maturity:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">April 1, 2028</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Reference Benchmark:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">UST 2.75% due February 15, 2028</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Yield:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">2.90%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">+ 210 bps</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Yield to Investors:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">5.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">5.00% per annum, from and including the Settlement Date to, but excluding, April 1, 2023, payable semi-annually in arrears. From and including April 1, 2023, to, but excluding the maturity date or earlier redemption, a floating per annum rate equal to the then current three-month LIBOR rate, determined on the determination date of the applicable interest period, plus 215 bps, payable quarterly in arrears; provided, however, that in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Issuer Price to Investors:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Interest on the Notes will be payable on April 1 and October 1 of each year through, but excluding, April 1, 2023, and thereafter on January 1, April 1, July 1, and October 1 of each year to, but excluding the maturity date or earlier redemption. The first interest payment will be made on October 1, 2018.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 3in"><FONT STYLE="font-size: 10pt"><B>Day Count Convention:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">30/360 to but excluding April 1, 2023 and, thereafter, on the basis of the actual number of days in the relevant interest period divided by 360.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The Company may, at its option, beginning with the interest payment date of April 1, 2023 and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Special Event Redemption:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The Notes may not be redeemed prior to April 1, 2023, except that the Company may redeem the Notes at any time, at its option, in whole but not in part, if (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes, (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">$1,000 minimum denominations and $1,000 integral multiples thereof</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Listing and Trading Markets:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">The Company does not intend to list the Notes on any securities exchange or to have the Notes quoted on a quotation system. Currently there is no public market for the Notes and there can be no assurances that any public market for the Notes will develop.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Underwriters&rsquo; Discount:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">0.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Proceeds to the Company (after</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>underwriting discount, but before</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>offering expenses):</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">$326,865,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">828730 AB7 / US828730AB73</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Lead Book Running Manager:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Sandler O&rsquo;Neill + Partners, L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt"><B>Joint Book Running Managers:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Keefe, Bruyette &amp; Woods, Inc. and Stephens Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a shelf registration statement (File
No. 333-223764) (including a base prospectus) and a related preliminary prospectus supplement dated March 19, 2018 with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information
about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at <FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>.
Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the related
preliminary prospectus supplement if you request it by calling Sandler O&rsquo;Neill &amp; Partners, L.P. toll-free at 1-866-805-4128,
Keefe, Bruyette &amp; Woods, <I>A Stifel Company</I>, toll-free at 1-800-966-1559 or by calling Stephens Inc. toll-free at 1-800-643-9691.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>c489276_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIMMONS FIRST NATIONAL CORPORATION,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AS ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AS TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUBORDINATED INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DATED AS OF MARCH 26, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUBORDINATED DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CROSS-REFERENCE TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reconciliation and tie between the Trust Indenture Act of 1939,
as amended (the &ldquo;TIA&rdquo;), and the Indenture dated as of March 26, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><B>SECTION OF ACT</B></TD>
    <TD STYLE="width: 51%"><B>SECTION OF INDENTURE</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">310(a)(1) and (2)</TD>
    <TD STYLE="text-align: center">7.09</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">310(a)(3) and (4)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">310(a)(5)</TD>
    <TD STYLE="text-align: center">7.09</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">310(b)</TD>
    <TD STYLE="text-align: center">7.08 and 7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">310(c)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">311(a) and (b)</TD>
    <TD STYLE="text-align: center">7.13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">311(c)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">312(a)</TD>
    <TD STYLE="text-align: center">5.01 and 5.02(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">312(b) and (c)</TD>
    <TD STYLE="text-align: center">5.02(b) and (c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">313(a)</TD>
    <TD STYLE="text-align: center">5.04(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">313(b)(1)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">313(b)(2)</TD>
    <TD STYLE="text-align: center">5.04(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">313(c)</TD>
    <TD STYLE="text-align: center">5.04(c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">313(d)</TD>
    <TD STYLE="text-align: center">5.04(d)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(a)</TD>
    <TD STYLE="text-align: center">5.03</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(b)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(c)(1) and (2)</TD>
    <TD STYLE="text-align: center">14.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(c)(3)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(d)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(e)</TD>
    <TD STYLE="text-align: center">15.05</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">314(f)</TD>
    <TD STYLE="text-align: center">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">315(a), (c) and (d)</TD>
    <TD STYLE="text-align: center">7.01</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">315(b)</TD>
    <TD STYLE="text-align: center">7.14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">315(e)</TD>
    <TD STYLE="text-align: center">6.14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">316(a)(1)</TD>
    <TD STYLE="text-align: center">6.12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">316(a)(2)</TD>
    <TD STYLE="text-align: center">Omitted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">316(a) last sentence</TD>
    <TD STYLE="text-align: center">8.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">316(b)</TD>
    <TD STYLE="text-align: center">6.08</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">316(c)</TD>
    <TD STYLE="text-align: center">8.06</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">317(a)</TD>
    <TD STYLE="text-align: center">6.03 and 6.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">317(b)</TD>
    <TD STYLE="text-align: center">4.03(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">318(a)</TD>
    <TD STYLE="text-align: center">15.07</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention should also be directed to Section 318(c) of the TIA,
which provides that the provisions of Sections 310 to and including Section 317 of the TIA are a part of and govern every qualified
indenture, whether or not physically contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 90%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U STYLE="text-decoration: none">Page</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 1</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 1.01. Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.01. Amount Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.02. Form of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.03. Form of Securities Generally; Establishment of Terms of Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.04. Securities in Global Form</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.05. Denominations; Record Date; Payment of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.06. Execution, Authentication, Delivery and Dating of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.07. Exchange and Registration of Transfer of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.08. Temporary Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities and Coupons</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.10. Cancellation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.11. Book Entry Only System</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 3</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.01. Redemption of Securities, Applicability of Section</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.02. Notice of Redemption, Selection of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.03. Payment of Securities Called for Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.04. Redemption Suspended During Event of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 4</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTICULAR COVENANTS OF THE COMPANY</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.01. Payment of Principal, Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.02. Offices for Notices and Payments, etc</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.03. Provisions as to Paying Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; width: 90%; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.04. Statement as to Compliance</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.05. Corporate Existence</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.06. Reserved</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.07. Waiver of Covenants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 5</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.01. Securityholder Lists</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.02. Preservation and Disclosure of Lists</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.03. Reports by the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.04. Reports by the Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 6</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.01. Events of Default; Acceleration of Maturity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.02. Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.04. Trustee May File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities or Coupons</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.06. Application of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.07. Limitation on Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.08. Unconditional Right of Securityholders to Receive Principal and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.09. Restoration of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.10. Rights and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.11. Delay or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.12. Control by Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.13. Waiver of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 90%; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.14. Undertaking for Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.15. Waiver of Stay or Extension Laws</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 7</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONCERNING THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.01. Duties and Responsibilities of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.02. Reliance on Documents, Opinions, etc</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.03. No Responsibility for Recitals, etc</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.04. Ownership of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.05. Moneys to be Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.06. Compensation and Expenses of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.07. Officer&rsquo;s Certificate as Evidence</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.08. Disqualifications; Conflicting Interest of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.09. Eligibility of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.10. Resignation or Removal of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.11. Acceptance by Successor Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.12. Successor by Merger, etc</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.13. Limitations on Rights of Trustee as Creditor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.14. Notice of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.15. Appointment of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 8</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONCERNING THE SECURITYHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.01. Action by Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.02. Proof of Execution by Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.03. Who Are Deemed Absolute Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.04. Company-Owned Securities Disregarded</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.05. Revocation of Consents; Future Securityholders Bound</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.06. Record Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
</TABLE>
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    <TD STYLE="vertical-align: top; width: 90%; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article
9</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITYHOLDERS&rsquo; MEETINGS</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9.01. Purposes of Meeting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9.02. Call of Meetings by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9.03. Call of Meetings by Company or Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9.04. Qualifications for Voting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9.05. Regulations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 9.06. Voting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 10</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 10.01. Supplemental Indentures without Consent of Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 10.02. Supplemental Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 10.04. Notation on Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 11</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATION, MERGER, SALE OR CONVEYANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 11.01. Company May Consolidate, etc., on Certain Terms</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 11.02. Successor Corporation Substituted</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 11.03. Opinion of Counsel and Officer&rsquo;s Certificate to be Given Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 12</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 12.01. Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 12.03. Paying Agent to Repay Moneys Held</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 12.04. Return of Unclaimed Moneys</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 13</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 13.01. Indenture and Securities Solely Corporate Obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; width: 90%; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 14</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 14.01. Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 14.02. Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 14.03. Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 14.04. Conditions to Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 14.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 15</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.01. Benefits of Indenture Restricted to Parties and Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.02. Provisions Binding on Company&rsquo;s Successors</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.03. Addresses for Notices, etc., to Company and Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.04. Notice to Holders of Securities; Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.05. Evidence of Compliance with Conditions Precedent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
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<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.06. Legal Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.07. Trust Indenture Act to Control</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.08. Execution in Counterparts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.09. Governing Law; Waiver of Jury Trial</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.10. Severability</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.11. Interpretations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.12. U.S.A. Patriot Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.13. Force Majeure</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 15.14. Jurisdiction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article 16</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBORDINATION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 16.01. Securities Subordinate to Senior Indebtedness</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">THIS INDENTURE, dated as of March 26, 2018,
between Simmons First National Corporation, a corporation duly organized and existing under the laws of the State of Arkansas (the
&ldquo;Company&rdquo;), and Wilmington Trust, National Association, a national banking association, as trustee (the &ldquo;Trustee,&rdquo;
which term shall include any successor trustee appointed pursuant to Article 7 of this Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company deems it necessary to
issue from time to time for its lawful purposes securities (the &ldquo;Securities&rdquo;) evidencing its indebtedness and has duly
authorized the execution and delivery of this Indenture to provide for the issuance of the Securities in one or more series, unlimited
as to principal amount, to bear such rates of interest, to mature at such time or times, and to have such other provisions as shall
be fixed as hereinafter provided; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company represents that all acts
and things necessary to constitute these presents a valid indenture and agreement according to its terms have been done and performed,
and the execution of this Indenture has in all respects been duly authorized, and the Company, in the exercise of legal right and
power in it vested, is executing this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In order to declare the terms and conditions
upon which the Securities are authenticated, issued and received, and in consideration of the premises, of the purchase and acceptance
of the Securities by the holders thereof and of the sum of One Dollar to it duly paid by the Trustee at the execution of these
presents, the receipt whereof is hereby acknowledged, the Company covenants and agrees with the Trustee, for the equal and proportionate
benefit of the respective holders from time to time of the Securities, as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
1</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 1.01. Definitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The terms defined in this Section (except
as herein 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. All other terms used in this Indenture
that are defined in the Trust Indenture Act of 1939 or that are by reference therein defined in the Securities Act of 1933 shall
have the meanings (except as herein otherwise expressly provided or unless the context otherwise requires) assigned to such terms
in the Trust Indenture Act of 1939 or in the Securities Act of 1933, as applicable, in each case as in force at the date of this
Indenture as originally executed. All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with United States generally accepted accounting principles, and the term &ldquo;generally accepted accounting
principles&rdquo; means such accounting principles as are generally accepted at the time of any computation. The words &ldquo;herein,&rdquo;
&ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Additional Amounts&rdquo; shall mean
any additional amounts to be paid by the Company in respect of Securities of a series, as may be specified pursuant to Section
2.03(b) hereof and in such Security and under the circumstances specified therein, in respect of specified taxes, assessments or
other governmental charges imposed on certain holders who are United States Aliens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Authorized Newspaper&rdquo; shall mean
a newspaper (which, in the case of the United Kingdom, will, if practicable, be the Financial Times (London Edition) and, in the
case of Luxembourg, will, if practicable, be the Luxemburger Wort) of general circulation in the place of publication, published
in an official language of the country of publication and customarily published at least once a day for at least five days in each
calendar week. Whenever successive weekly publications in an Authorized Newspaper are authorized or required hereunder, they may
be made (unless otherwise provided herein) on the same or different days of the week and in the same or different Authorized Newspapers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Authorized Officer&rdquo; shall have
the meaning set forth in Section 3.02 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Bearer Security&rdquo; shall mean any
Security established pursuant to Section 2.01 and Section 2.03(b) hereof which is payable to bearer (including without limitation
any Security in temporary or permanent global bearer form) and title to which passes by delivery only, but does not include any
coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Board of Directors&rdquo; or &ldquo;Board&rdquo;
shall mean the Board of Directors of the Company or any duly authorized committee of such Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Board Resolution&rdquo; shall mean
a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors
or by a committee acting under authority of or appointment by the Board of Directors and to be in full force and effect on the
date of such certification, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Business Day&rdquo; shall mean, unless
otherwise specified pursuant to Section 2.03(b), with respect to any Place of Payment or any other particular location referred
to in this Indenture or in the Securities, a day that in the city (or in any one of the cities, if more than one) in which amounts
are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized or required by
law or regulation to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Capital Stock&rdquo; shall mean, as
to shares of a particular corporation, outstanding shares of stock of any class, whether now or hereafter authorized, irrespective
of whether such class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate
in dividends and in the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Commission&rdquo; shall mean the Securities
and Exchange Commission or any successor agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Company&rdquo; shall mean the person
named as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Company Request,&rdquo; &ldquo;Company
Order&rdquo; and &ldquo;Company Consent&rdquo; mean, respectively, a written request, order or consent signed in the name of the
Company by its Chief Executive Officer, President, Chief Financial Officer, Vice President, General Counsel, Secretary, Assistant
Secretary, Treasurer or Assistant Treasurer and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Corporate Trust Office&rdquo; shall
mean the designated office of the Trustee at which, at any particular time, its corporate trust business relating to this Indenture
shall be administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Simmons First National Corporation Administrator, or such other address as the Trustee may designate from time to time by notice
to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee
may designate from time to time by notice to the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;coupon&rdquo; shall mean any interest
coupon appertaining to a Bearer Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Default&rdquo; or &ldquo;default&rdquo;
shall have the meaning specified in Article 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Dollar&rdquo; or &ldquo;$&rdquo; shall
mean a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Event of Default&rdquo; shall have
the meaning specified in Article 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Exchange Act&rdquo; shall mean the
Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Exchange Date&rdquo; shall have the
meaning set forth in Section 2.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;holder,&rdquo; &ldquo;holder of Securities,&rdquo;
&ldquo;securityholder&rdquo; or other similar term shall mean (a) in the case of any Registered Security, the person in whose name
such Security is registered in the Security Register kept by the Company for that purpose, in accordance with the terms hereof,
and (b) in the case of any Bearer Security, the bearer thereof, and as used with respect to any coupon appertaining to any Bearer
Security, the term &ldquo;holder&rdquo; shall mean the bearer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Indenture&rdquo; shall mean this instrument
as originally executed and delivered or as it may from time to time be supplemented or amended by one or more supplemental indentures
hereto entered into pursuant to the applicable provisions hereof, including without limitation, the forms and terms of particular
series of Securities established as contemplated by Article 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Material Subsidiary&rdquo; means Simmons
Bank, or any successor thereof or any Subsidiary of the Company that is a depository institution and that has consolidated assets
equal to 80% or more of the Company&rsquo;s consolidated assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Officer&rsquo;s Certificate&rdquo;
shall mean a certificate signed by the Chief Executive Officer, Chief Financial Officer, Assistant Secretary, Treasurer or Controller
of the Company and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Opinion of Counsel&rdquo; shall mean
an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company and who shall be reasonably
satisfactory to the Trustee, or who may be other counsel reasonably satisfactory to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Original Issue Discount Securities&rdquo;
shall mean any Securities that are initially sold at a discount from the principal amount thereof and that provide upon an Event
of Default for declaration of an amount less than the principal amount thereof to be due and payable upon acceleration thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Outstanding&rdquo; or &ldquo;outstanding,&rdquo;
when used with reference to Securities, shall, subject to the provisions of Section 8.01 and Section 8.04, mean, as of any particular
time, all Securities authenticated and delivered by the Trustee under this Indenture, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof, for the payment or redemption of which moneys 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 and held in trust by
the Company (if the Company shall act as its own paying agent) for the holders of such Securities and any coupons appertaining
thereto; provided, that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as provided in Article 3, or provision satisfactory to the Trustee shall have been made for giving
such notice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
that have been defeased pursuant to Section 14.02 hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
that have been paid pursuant to Section 2.09, or Securities in exchange for, in lieu of and in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section 2.07, unless proof satisfactory to the Trustee is
presented that any such Securities are held by bona fide holders in due course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Periodic Offering&rdquo; shall mean
an offering of Securities of a series, from time to time, the specific terms of which (including, without limitation, the rate
or rates of interest or formula for determining the rate or rates of interest thereon, if any, the maturity date or dates thereof
and the redemption provisions, if any, with respect thereto) are to be determined by the Company upon the issuance of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Person&rdquo; or &ldquo;person&rdquo;
shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Place of Payment,&rdquo; when used
with respect to the Securities of any series, means the place or places where, subject to the provisions of Section 4.02, the principal
of (and premium, if any, on) and any interest on the Securities of that series are payable as specified as contemplated by Section
2.03(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Possessions,&rdquo; when used with
respect to the United States, shall include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern
Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;record date&rdquo; as used with respect
to any interest payment date shall have the meaning specified in Section 2.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Registered Security&rdquo; shall mean
any Security established pursuant to Section 2.01 and Section 2.03(b) that is registered on the Security Register of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Responsible Officer,&rdquo; when used
with respect to the Trustee, shall mean any officer of the Trustee assigned to the global capital markets group (or any successor
group) of the Trustee located in its Corporate Trust Office and also shall mean, with respect to a particular corporate trust matter,
any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular
subject, in each case, who has direct responsibility for the administration of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Securities&rdquo; shall have the meaning
set forth in the preamble of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Securities Act&rdquo; shall mean the
Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Security Register&rdquo; and &ldquo;Security
Registrar&rdquo; shall have the respective meanings set forth in Section 2.07(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Senior Indebtedness&rdquo; means, without
duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing of any petition
in bankruptcy or for reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such
proceeding), fees, charges, expenses, reimbursement and indemnification obligations, and all other amounts payable under or in
respect of the following indebtedness of the Company, whether any such indebtedness exists as of the date of the Indenture or is
created, incurred or assumed after such date: (i) all obligations for borrowed money, (ii) all obligations evidenced by debentures,
Securities or other similar instruments, (iii) all obligations in respect of letters of credit or bankers acceptances or similar
instruments (or reimbursement obligations with respect thereto), (iv) all obligations to pay the deferred purchase price of property
or services, except trade accounts payable arising in the ordinary course of business, (v) all Indebtedness of others guaranteed
by the Company or any of its Subsidiaries or for which the Company or any of its Subsidiaries is legally responsible or liable
(whether by agreement to purchase indebtedness of, or to supply funds or to invest in, others), (vi) indebtedness secured by any
mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company but excluding any
obligations of the Company which are required (as opposed to elected) to be treated as capitalized leases under GAAP, (vii) obligations
associated with derivative products such as interest rate and currency exchange contracts, foreign exchange contracts, commodity
contracts, and similar arrangements, (viii) purchase money and similar obligations, (ix) interest or obligations in respect of
any of the foregoing accruing after the commencement of insolvency or bankruptcy proceedings, and (x) any renewals, extensions,
refundings or replacements of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Subsidiary&rdquo; shall mean, in respect
of any Person, any corporation, association, partnership, limited liability company or other business entity of which more than
50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person or
(c) one or more Subsidiaries of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Trust Indenture Act,&rdquo; except
as otherwise provided in this Indenture, shall mean the Trust Indenture Act of 1939, as amended, as in force at the date of this
Indenture as originally executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Trustee&rdquo; shall mean the person
identified as &ldquo;Trustee&rdquo; in the first paragraph hereof until the acceptance of appointment of a successor trustee pursuant
to the provisions of Article 7, and thereafter shall mean such successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;United States Alien&rdquo; shall mean
any person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident
alien fiduciary of a foreign estate or trust, or a foreign partnership to the extent that one or more of its members is, for United
States federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of
a foreign estate or trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;U.S. Depositary&rdquo; shall mean,
with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more permanent global
Securities, the person designated as U.S. Depositary by the Company pursuant to Section 2.03(b), which must be a clearing agency
registered under the Exchange Act, until a successor U.S. Depositary shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter &ldquo;U.S. Depositary&rdquo; shall mean or include each person who is then a U.S. Depositary
hereunder, and if at any time there is more than one such person, &ldquo;U.S. Depositary&rdquo; as used with respect to the Securities
of any series shall mean the U.S. Depositary with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Vice President&rdquo; when used with
respect to the Company or the Trustee shall mean any vice president, whether or not designated by a number or word or words added
before or after the title &ldquo;vice president,&rdquo; including any Executive or Senior Vice President.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
2</FONT><BR>
ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.01. Amount Unlimited; Issuable
in Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon the execution of this Indenture, or from
time to time thereafter, Securities up to the aggregate principal amount and containing terms and conditions from time to time
authorized by or pursuant to a Board Resolution, or in a supplemental indenture, as set forth in Section 2.03, may be executed
by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and make available
for delivery the Securities to or upon Company Order, without any further action by the Company but subject to the provisions of
Section 2.03, or in a supplemental indenture, as set forth in Section 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Securities may be issued in one or more
series. The aggregate principal amount of Securities of all series that may be authenticated and delivered and outstanding under
this Indenture is not limited hereunder. The Securities of a particular series may be issued up to the aggregate principal amount
of Securities for such series from time to time authorized by or pursuant to a Board Resolution.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.02. Form of Trustee&rsquo;s
Certificate of Authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee&rsquo;s certificate of authentication
shall be in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Trustee&rsquo;s Certificate of Authentication</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: -1.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="vertical-align: top">
    <TD>Dated:</TD>
    <TD COLSPAN="2">WILMINGTON TRUST, NATIONAL ASSOCIATION,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.03. Form of Securities Generally;
Establishment of Terms of Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registered Securities, if any, of each series, the Bearer Securities, if any, of each series and related coupons, if any, the temporary
global Securities of each series, if any, and the permanent global Securities of each series, if any, shall be in the forms established
from time to time in or pursuant to one or more Board Resolutions (and, to the extent established pursuant to rather than set forth
in one or more Board Resolutions, in an Officer&rsquo;s Certificate (to which shall be attached true and correct copies of the
relevant Board Resolution(s)) detailing such establishment) or established in an indenture supplemental hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Securities may be issued in typewritten,
printed or engraved form with such letters, numbers or other marks of identification or designation (including &ldquo;CUSIP&rdquo;
numbers, if then generally in use) 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 stock exchange on which the Securities
may be listed, or to conform to usage. Unless otherwise specified as contemplated hereinafter, Securities in bearer form shall
have interest coupons attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
or prior to the initial issuance of Securities of any series, the particular terms of Securities of such series shall be established
in or pursuant to one or more Board Resolutions (and to the extent established pursuant to rather than set forth in one or more
Board Resolutions, in an Officer&rsquo;s Certificate (to which shall be attached true and correct copies of the relevant Board
Resolutions(s)) detailing such establishment) or established in a supplemental indenture, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
designation of the particular series (which shall distinguish such series from all other series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
price or prices (which may be expressed as a percentage of the aggregate principal amount of the Securities being issued) at which
the Securities of the series will be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
aggregate principal amount of such series which may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to this Indenture and except for any Securities which, pursuant to Section 2.06, are deemed never to have been authenticated
and delivered hereunder);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, whether
any Securities of the series are to be issuable initially in temporary global form with or without coupons and, if so, the name
of the U.S. Depositary with respect to any such temporary global Security, and whether any Securities of the series are to be issuable
in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global
Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and
the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 2.06 and the name of
the U.S. Depositary with respect to any such permanent global Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date as of which any Bearer Securities of such series and any temporary Security in global form representing Outstanding Securities
of such series shall be dated, if other than the date of original issuance of the first Securities of the series to be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
person to whom any interest on any Registered Security of the series shall be payable, if other than the person in whose name that
Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest,
the manner in which, or the person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than
upon presentation and surrender of the coupons appertaining thereto as they severally mature, the extent to which, or the manner
in which, any interest payable on a temporary global Security on an interest payment date will be paid if other than in the manner
provided in Section 2.08 and the extent to which, or the manner in which, any interest payable on a permanent global Security on
an interest payment date will be paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date or dates on which the principal of the Securities of such series is payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rate or rates, and if applicable the method used to determine the rate, at which the Securities of such series shall bear interest,
if any, the date or dates from which such interest shall accrue, the date or dates on which such interest shall be payable and
the record date or dates for the interest payable on any Registered Securities on any interest payment date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
place or places at which, subject to the provisions of Section 4.02, the principal of (and premium, if any, on) and any interest
on Securities of such series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer,
Securities of the series may be surrendered for exchange and notices and demands to or upon the Company in respect of the Securities
of the series and this Indenture may be served;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
obligation, if any, of the Company to redeem or purchase Securities of such series, at the option of the Company or at the option
of a holder thereof, pursuant to any sinking fund or other redemption provisions and 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 so redeemed or purchased, in whole or
in part;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than minimum denominations of $1,000 and any integral multiple thereof, the denominations in which any Registered Securities
of such series shall be issuable, and the denomination or denominations in which any Bearer Securities of the series shall be issuable,
if other than the minimum denomination of $5,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall be payable
upon declaration of acceleration of the maturity thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
currency, currencies or currency units in which payment of the principal of (and premium, if any, on) and any interest on any Securities
of the series shall be payable if other than the currency of the United States of America and the manner of determining the equivalent
thereof in the currency of the United States of America for purposes of the definition of &ldquo;Outstanding&rdquo; in Section
1.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the principal of (and premium, if any, on) or any interest on the Securities of the series are to be payable, at the election of
the Company or a holder thereof, in one or more currencies or currency units, other than that or those in which the Securities
are stated to be payable, the currency or currencies in which payment of the principal of (and premium, if any, on) and any interest
on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and
conditions upon which such election is to be made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the amount of payments of principal of (and premium, if any, on) or any interest on the Securities of the series may be determined
with reference to an index, the manner in which such amounts shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities will be issued in book-entry only form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
either or both of Section 14.02 and Section 14.03 do not apply to the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
and under what circumstances the Company will pay Additional Amounts in respect of any series of Securities and whether the Company
has the option to redeem such Securities rather than pay such Additional Amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
provisions relating to the extension of maturity of, or the renewal of, Securities of such series, or the conversion of Securities
of such series into other securities of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
provisions relating to the purchase or redemption of all or any portion of a tranche or series of Securities, including the period
of notice required to redeem those Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
terms and conditions, if any, pursuant to which the Securities of the series are secured;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
subordination terms of the Securities of the series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other terms of the Securities or provisions relating to the payment of principal of, premium (if any), or interest thereon, including,
but not limited to, whether such Securities are issuable at a discount or premium, as amortizable Securities, and if payable in,
convertible or exchangeable for commodities or for the securities of the Company or any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All Securities of any one series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by
or pursuant to the Board Resolution or Officer&rsquo;s Certificate referred to above or as set forth in a supplemental indenture,
and, unless otherwise provided, the authorized principal amount of any series may be increased to provide for issuances of additional
Securities of such series. If so provided by or pursuant to the Board Resolution or Officer&rsquo;s Certificate or supplemental
indenture referred to above, the terms of such Securities to be issued from time to time may be determined as set forth in such
Board Resolution, Officer&rsquo;s Certificate or supplemental indenture, as the case may be. All Securities of any one series shall
be substantially identical except as to denomination, interest rate, maturity and other similar terms and except as may be provided
otherwise by or pursuant to such Board Resolution, Officer&rsquo;s Certificate or supplemental indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.04. Securities in Global Form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If Securities of a series are issuable in
global form, as specified as contemplated by Section 2.03(b), then, notwithstanding clause (10) of Section 2.03(b) and the provisions
of Section 2.05, any such Security in global form shall represent such of the Securities of such series Outstanding as shall be
specified therein, and any such Security in global form may provide that it shall represent the aggregate amount of Securities
Outstanding from time to time endorsed thereon and that the aggregate amount of Securities Outstanding represented thereby may
from time to time be reduced to reflect any exchanges of beneficial interests in such Security in global form for Securities of
such series as contemplated herein. Any endorsement of a Security in global form to reflect the amount, or any decrease in the
amount, of Securities Outstanding represented thereby shall be made by the Trustee or the Security Registrar in such manner and
upon instructions given by such person or persons as shall be specified in such Security in global form or in the Company Order
to be delivered to the Trustee pursuant to Section 2.06 or Section 2.08. Subject to the provisions of Section 2.06 and, if applicable,
Section 2.08, the Trustee or the Security Registrar shall deliver and redeliver any Security in permanent global form in the manner
and upon instructions given by the person or persons specified in such Security in global form or in the applicable Company Order.
If a Company Order pursuant to Section 2.06 or Section 2.08 has been, or simultaneously is, delivered, any instructions by the
Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not be
represented by a Company Order and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions of the last sentence of Section
2.06 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions
(which need not be represented by a Company Order and need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence
of Section 2.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the provisions of Section
2.05, unless otherwise specified as contemplated by Section 2.03(b), payment of principal of and any premium and interest on any
Security in permanent global form shall be made to the persons or persons specified therein.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.05. Denominations; Record Date;
Payment of Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided as contemplated by Section 2.03(b) with respect to any series of Securities, any Registered Securities of a
series shall be issuable without coupons in minimum denominations of $1,000 and any Bearer Securities of a series shall be issuable,
with interest coupons attached, in the minimum denomination of $5,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;record date&rdquo; as used with respect to an interest payment date for any series of a Registered Security shall mean
such day or days as shall be specified as contemplated by Section 2.03(b); provided, that in the absence of any such provisions
with respect to any series, such term shall mean (1) the last day of the calendar month next preceding such interest payment date
if such interest payment date is the 15th day of a calendar month; or (2) the 15th day of a calendar month next preceding such
interest payment date if such interest payment date is the first day of the calendar month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise provided as contemplated
by Section 2.03 with respect to any series of Securities, the person in whose name any Registered Security is registered at the
close of business on the record date with respect to an interest payment date shall be entitled to receive the interest payable
on such interest payment date notwithstanding the cancellation of such Security upon any registration of transfer or exchange thereof
subsequent to such record date prior to such interest payment date; provided, that if and to the extent the Company shall default
in the payment of the interest due on such interest payment date, such defaulted interest shall be paid to the persons in whose
names the Securities are registered on a subsequent record date established by notice given to the extent and in the manner set
forth in Section 15.04 by or on behalf of the Company to the holders of Securities of the series in default not less than 15 days
preceding such subsequent record date, such record date to be not less than five days preceding the date of payment of such defaulted
interest, or in any other lawful manner acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified by Board Resolution or Company Order for a particular series of Securities, the principal of, redemption premium,
if any, on and interest, if any, on the Securities of any series shall be payable at the office or agency of the Company maintained
pursuant to Section 4.02 in a Place of Payment for such series, in the coin or currency of the United States of America that at
the time is legal tender for public and private debt; provided, that, at the option of the Company, payment of interest with respect
to a Registered Security may be paid by check mailed to the holders of the Registered Securities entitled thereto at their last
addresses as they appear on the Security Register or wired if held in book-entry form at the U.S. Depositary.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.06. Execution, Authentication,
Delivery and Dating of Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Securities shall be signed on behalf of
the Company by its Chief Executive Officer, its President or one of its Vice Presidents. Such signatures may be the manual or facsimile
signatures of such then current officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Coupons shall bear the facsimile signature
of the Secretary or one of the Assistant Secretaries of the Company or such other officer of the Company as may be specified pursuant
to Section 2.03(b). Any Security or coupon may be signed on behalf of the Company by such persons as, at the actual date of the
execution of such Security, shall be the proper officers of the Company, although at the date of the execution of this Indenture
any such person was not such officer. Securities and coupons bearing the manual or facsimile signatures of individuals who were,
at the actual date of the execution of such Security or coupon, the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities,
or the delivery of such coupons, as the case may be, or did not hold such offices at the date of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon the execution and delivery of this Indenture,
the Company shall deliver to the Trustee an Officer&rsquo;s Certificate as to the incumbency and specimen signatures of officers
authorized to execute and deliver the Securities and coupons and give instructions under this Section and, as long as Securities
are Outstanding under this Indenture, shall deliver a similar Officer&rsquo;s Certificate each year on the anniversary of the date
of the first such Officer&rsquo;s Certificate. The Trustee may conclusively rely on the documents delivered pursuant to this Section
(unless revoked by superseding comparable documents) and Section 2.03 hereof as to the authorization of the Board of Directors
of any Securities delivered hereunder, and the form and terms thereof, and as to the authority of the instructing officers referred
to in this Section so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall at any time, and from time
to time, authenticate Securities for original issue in an unlimited aggregate principal amount upon receipt by the Trustee of a
Company Order; provided, that with respect to Securities of a series subject to a Periodic Offering, (a) such Company Order may
be delivered to the Trustee prior to the delivery to the Trustee of such Securities for authentication and delivery, (b) the Trustee
shall authenticate and deliver Securities of such series for original issue from time to time, in an aggregate principal amount
not exceeding the aggregate principal amount, if any, established for such series, pursuant to a Company Order or pursuant to such
procedures acceptable to the Trustee as may be specified from time to time by a Company Order and (c) the maturity date or dates,
original issue date or dates, interest rate or rates and any other terms of Securities of such series shall be determined by Company
Order or pursuant to such procedures. Except as permitted by Section 2.09, the Trustee shall not authenticate and deliver any Bearer
Security unless all appurtenant coupons for interest then matured have been detached and cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Prior to the issuance of a Security of any
new series and any related coupons, and the authentication thereof by the Trustee, the Trustee shall have received and (subject
to Section 7.02) shall be fully protected in relying on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board Resolution or Officer&rsquo;s Certificate or supplemental indenture establishing the terms and the form of the Securities
of that series pursuant to Section 2.01 and Section 2.03;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Officer&rsquo;s Certificate stating that all conditions precedent provided for in this Indenture relating to the authentication
and delivery of Securities in such form have been complied with;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Opinion of Counsel stating that the form and terms of such Securities and coupons, if any, have been established in conformity
with the provisions of this Indenture; provided, that with respect to Securities of a series subject to a Periodic Offering, the
Trustee shall be entitled to receive such Opinion of Counsel only once at or prior to the time of the first authentication of Securities
of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the form and terms
thereof and of any coupons and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and
other documents delivered pursuant to this Section in connection with the first authentication of Securities of such series unless
and until such Opinion of Counsel or other documents have been superseded or revoked. In connection with the authentication and
delivery of Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to assume that the Company&rsquo;s
instructions to authenticate and deliver such Securities do not violate any rules, regulations or orders of any governmental agency
or commission having jurisdiction over the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each Registered Security shall be dated the
date of its authentication except as otherwise provided by Board Resolution or Officer&rsquo;s Certificate or supplemental indenture;
and each Bearer Security shall be dated as of the date of original issuance of the first Security of such series to be issued unless
otherwise specified pursuant to Section 2.03 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The aggregate principal amount of Securities
of any series outstanding at any time may not exceed any limit upon the maximum principal amount for such series set forth in or
pursuant to the Board Resolution or Officer&rsquo;s Certificate or supplemental indenture delivered pursuant to Section 2.03, except
as provided in Section 2.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No Security or coupon shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security, or the Security
to which such coupon appertains, a certificate of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 2.09 together with a written statement stating that such Security has never been issued and
sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.07. Exchange and Registration
of Transfer of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall keep, at an office or agency to be designated and maintained by the Company in accordance with Section 4.02 (as such,
a &ldquo;Security Registrar&rdquo;), registry books (the &ldquo;Security Register&rdquo;) in which, subject to such reasonable
regulations as it may prescribe, the Company shall register Registered Securities and shall register the transfer of Registered
Securities of each such series as provided in this Article 2. Such Security Register shall be in written form or in any other form
capable of being converted into written form within a reasonable time. At all reasonable times such Security Register shall be
open for inspection by the Trustee. Upon due presentment for registration of transfer of any Registered Security of a particular
series at such office or agency maintained pursuant to Section 4.02 for such purpose in a Place of Payment, the Company shall execute
and register and the Trustee shall authenticate and make available for delivery in the name of the transferee or transferees a
new Registered Security or Registered Securities of such series of any authorized denominations and for an equal aggregate principal
amount and tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the option of the holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series
of any authorized denominations and of an equal aggregate principal amount and tenor. Registered Securities to be exchanged shall
be surrendered at any such office or agency maintained pursuant to Section 4.02 for such purpose in a Place of Payment, and the
Company shall execute and register and the Trustee shall authenticate and make available for delivery in exchange therefor the
Security or Securities that the securityholder making the exchange shall be entitled to receive. Registered Securities, including
Registered Securities received in exchange for Bearer Securities, may not be exchanged for Bearer Securities, unless the Company
otherwise expressly provides for the issuance, upon such terms and conditions as may be provided with respect to such series, by
the Company of Registered Securities of a series that may be exchanged, at the option of the securityholder upon such conditions
and limitations as may be specified by the Company, for Bearer Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At the option of the holder, Bearer Securities
of any series may be exchanged for Registered Securities of the same series of any authorized denominations and of a like aggregate
principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured
coupons (except as provided below) and with all matured coupons in default appertaining thereto. If the holder of a Bearer Security
is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, such exchange may be effected
if the Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal to the face amount of
such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee
if there is furnished to them such security or indemnity as they may require to save each of them and any paying agent harmless.
If thereafter the holder of such Securities shall surrender to any paying agent any such missing coupon in respect of which such
a payment shall have been made, such holder shall be entitled to receive the amount of such payment; provided, that, except as
otherwise provided in Section 4.02, interest represented by coupons shall be payable only upon presentation and surrender of those
coupons at an office or agency located outside the United States and its possessions. Notwithstanding the foregoing, in case a
Bearer Security of any series is surrendered at any such office or agency in exchange for a Registered Security of the same series
and like tenor after the close of business at such office or agency on (i) any record date and before the opening of business at
such office or agency on the relevant interest payment date, or (ii) any special record date and before the opening of business
at such office or agency on the related proposed date for payment of defaulted interest as set forth in Section 2.05, such Bearer
Security shall be surrendered without the coupon relating to such interest payment date or proposed date for payment, as the case
may be, and interest or defaulted interest, as the case may be, will not be payable on such interest payment date or proposed date
for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be
payable only to the holder of such coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Whenever any Securities are so surrendered
for exchange, the Company shall execute and register, and the Trustee shall authenticate and make available for delivery, the Securities
which the holder making the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All Registered Securities presented for registration
of transfer or for exchange, redemption or payment, as the case may be, shall (if so required by the Company or the Trustee) be
duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and
the Trustee or the Security Registrar duly executed by, the holder thereof or his or her attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No service charge shall be made for any exchange
or registration of transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith, other than exchanges pursuant to the terms of this Indenture not involving
any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company shall not be required (1) to exchange
or register the transfer of Securities of any series to be redeemed for a period of 15 days next preceding any selection of such
Securities to be redeemed, or (2) to exchange or register the transfer of any Registered Security so selected, called or being
called for redemption, except in the case of any such series to be redeemed in part the portion thereof not to be so redeemed,
or (3) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered
Security of that series and of like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 2.03(b), any permanent global Security shall be exchangeable
pursuant to this Section only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security
are entitled to exchange such interests for Securities of such series and of like tenor and principal amount of another authorized
form and denomination, as specified as contemplated by Section 2.03(b), then without unnecessary delay but in any event not later
than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee or the Security Registrar
definitive Securities of that series in aggregate principal amount equal to the principal amount of such permanent global Security
executed by the Company. On or after the earliest date on which such interests may be so exchanged, in accordance with instructions
given by the Company to the Trustee or the Security Registrar and the U.S. Depositary, as the case may be (which instructions shall
be in writing), such permanent global Security shall be surrendered from time to time by the U.S. Depositary, as the case may be,
or such other depositary or U.S. Depositary, as the case may be, as shall be specified in the Company Order with respect thereto
to the Trustee, as the Company&rsquo;s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or in part,
for definitive Securities of the same series without charge and the Trustee shall authenticate and make available for delivery
in accordance with such instructions, in exchange for each portion of such permanent global Security, a like aggregate principal
amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such permanent
global Security to be exchanged which (unless the Securities of the series are not issuable both as Bearer Securities and as Registered
Securities, in which case the definitive Securities exchanged for the permanent global Security shall be issuable only in the form
in which the Securities are issuable, as specified as contemplated by Section 2.03(b)), shall be in the form of Bearer Securities
or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; provided, that no
such exchanges may occur for a period of 15 days next preceding any selection of Securities of that series and of like tenor for
redemption; and provided, further, that no Bearer Security delivered in exchange for a portion of a permanent global security shall
be mailed or otherwise delivered to any location in the United States or its possessions. Promptly following any such exchange
in part, such permanent global Security should be returned by the Trustee or the Security Registrar to the U.S. Depositary, as
the case may be, or such other depositary or U.S. Depositary referred to above in accordance with the instructions of the Company
referred to above. If a Registered Security is issued in exchange for any portion of a permanent global Security after the close
of business at the office or agency where such exchange occurs on (i) any record date and before the opening of business at such
office or agency on the relevant interest payment date, or (ii) any special record date and before the opening of business at such
office or agency on the related proposed date for payment of defaulted interest as provided in Section 2.05, interest or defaulted
interest, as the case may be, will not be payable on such interest payment date or proposed date for payment, as the case may be,
in respect of such Registered Security, but will be payable on such interest payment date or proposed date for payment, as the
case may be, only to the person to whom interest in respect of such portion of such permanent global Security is payable in accordance
with the provisions of this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.08. Temporary Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Pending the preparation of definitive Securities
of any series, the Company may execute and the Trustee shall, upon Company Order, authenticate and make available for delivery,
temporary Securities of such series (typewritten, printed, lithographed or otherwise produced). Such temporary Securities, in any
authorized denominations, shall be substantially in the form of the definitive Securities in lieu of which they are issued, in
registered form or, if authorized, in bearer form with one or more or without coupons, in the form approved from time to time by
or pursuant to a Board Resolution but with such omissions, insertions, substitutions and other variations as may be appropriate
for temporary Securities, all as may be determined by the Company, but not inconsistent with the terms of this Indenture or any
provision of applicable law. In the case of any series issuable as Bearer Securities, such temporary Securities shall be delivered
only in compliance with the conditions set forth in Section 2.06 and may be in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except in the case of temporary Securities
in global form (which shall be exchanged as hereinafter provided), if temporary Securities of any series are issued, the Company
will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or agency of the Company maintained pursuant to Section
4.02 in a Place of Payment for such series for the purpose of exchanges of Securities of such series, without charge to the holder.
Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured coupons appertaining
thereto), the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a like
aggregate principal amount of definitive Securities of the same series and of like tenor of authorized denominations; provided,
that, except as otherwise expressly provided by the Company as contemplated in Section 2.07(b), no definitive Bearer Security shall
be delivered in exchange for a temporary Registered Security; and provided further, however, that a definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 2.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security of a series (the
&ldquo;Exchange Date&rdquo;), the Company shall deliver to the Trustee definitive Securities of that series, in aggregate principal
amount equal to the principal amount of such temporary global Security, executed by the Company. On or after the Exchange Date
such temporary global Security shall be presented and surrendered by the U.S. Depositary to the Trustee, as the Company&rsquo;s
agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from time to time in part, for definitive Securities
of such series without charge, and the Trustee shall authenticate and make available for delivery, in exchange for each portion
of such temporary global Security, a like aggregate principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary global Security to be exchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Every temporary Security 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.09. Mutilated, Destroyed, Lost
or Stolen Securities and Coupons</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any mutilated Security or a Security with
a mutilated coupon appertaining thereto is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate
and make available for delivery in exchange therefor a new Security of the same series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to the surrendered
Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall,
subject to the following paragraph, execute and the Trustee shall authenticate and make available for delivery, in lieu of any
such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains
(with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining
to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case any such mutilated, destroyed, lost
or stolen Security or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security or coupon; provided, however, that principal of (and premium, if any, on) and any interest on
Bearer Securities shall, except as otherwise provided in Section 4.02, be payable only at an office or agency located outside the
United States and its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon the issuance of any new Security under
this Section, the Company may require 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Every new Security of any series, with any
coupons appertaining thereto, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security or in exchange
for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security and any coupons appertaining thereto, or the destroyed, lost
or stolen coupon shall be at any time enforceable by anyone, and any such new Security and coupons, if any, shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their coupons,
if any, duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or coupons.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.10. Cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All Securities surrendered for payment, redemption,
exchange or registration of transfer or for credit against any sinking fund payment, as the case may be, and any coupons surrendered
for payment, shall, if surrendered to the Company or any agent of the Company or of the Trustee, be delivered to the Trustee. All
Registered Securities and matured coupons so delivered shall be promptly cancelled by the Trustee. All Bearer Securities and unmatured
coupons so delivered shall be held by the Trustee, and upon instruction by a Company Order, shall be cancelled or held for reissuance.
All Bearer Securities and unmatured coupons held by the Trustee pending such cancellation or reissuance shall be deemed to be delivered
for cancellation for all purposes of this Indenture and the Securities. The Company may deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and
may deliver to the Trustee (or to any other person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee.
No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section except
as expressly provided by this Indenture. Any cancelled Securities and coupons held by the Trustee shall be destroyed by the Trustee
in accordance with its customary procedures. Upon written request in the form of a Company Order, the Company may direct the Trustee
to deliver a certificate of such destruction to the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 2.11. Book Entry Only System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If specified by the Company pursuant to Section
2.03(b) with respect to Securities represented by a Security in global form, a series of Securities may be issued initially in
book-entry only form and, if issued in such form, shall be represented by one or more Securities in global form registered in the
name of the U.S. Depositary or other depositary designated with respect thereto. So long as such system of registration is in effect,
(a) Securities of such series so issued in book-entry only form will not be issuable in the form of or exchangeable for Securities
in certificated or definitive registered form, (b) the records of the U.S. Depositary or such other depositary will be determinative
for all purposes and (c) neither the Company, the Trustee nor any paying agent, Security Registrar or transfer agent for such Securities
will have any responsibility or liability for (i) any aspect of the records relating to or payments made on account of owners of
beneficial interests in the Securities of such series, (ii) maintaining, supervising or reviewing any records relating to such
beneficial interests, (iii) receipt of notices, voting and requesting or directing the Trustee to take, or not to take, or consenting
to, certain actions hereunder, or (iv) the records and procedures of the U.S. Depositary, or such other depositary, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">Article
3</FONT><BR>
REDEMPTION OF SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 3.01. Redemption of Securities,
Applicability of Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Redemption of Securities of any series as
permitted or required by the terms thereof shall be made in accordance with the terms of such Securities as specified pursuant
to Section 2.03 hereof and this Article; provided, however, that if any provision of any series of Securities shall conflict with
any provision of this Section, the provision of such series of Securities shall govern.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 3.02. Notice of Redemption, Selection
of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case the Company shall desire to exercise
the right to redeem all or, as the case may be, any part of a series of Securities pursuant to Section 3.01, it shall fix a date
for redemption. Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company,
or, at the Company&rsquo;s request, by the Trustee in the name and at the expense of the Company. The Company or the Trustee, as
the case may be, shall give notice of such redemption, in the manner and to the extent set forth in Section 15.04, on that date
prior to the date fixed for a redemption to the holders of such Securities so to be redeemed, as a whole or in part, (a) as set
forth in a Board Resolution, as described in Section 2.03, or (b) as determined by the Chief Executive Officer, the Chief Financial
Officer, the Treasurer or the Controller of the Company (each, an &ldquo;Authorized Officer&rdquo;) and evidenced by the preparation
of an offering document or an Officer&rsquo;s Certificate specifying the period of notice of such redemption. If the Board Resolutions
or an Authorized Officer do not specify a period of notice of such redemption, the Company or the Trustee, as the case may be,
shall give notice of such redemption, in the manner and to the extent set forth in Section 15.04, at least 10 Business Days and
not more than 60 calendar days prior to the date fixed for a redemption to the holders of such Securities so to be redeemed as
a whole or in part. Notice given in such manner shall be conclusively presumed to have been duly given, whether or not the holder
receives such notice. In any case, failure to give such notice or any defect in the notice to the holder of any such Security designated
for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other such Security.
If the Company requests the Trustee to give any notice of redemption, it shall make such request at least ten days prior to the
designated date for delivering such notice, unless a shorter period is satisfactory to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each such notice of redemption shall specify
the date fixed for redemption, the redemption price at which such Securities are to be redeemed, the CUSIP numbers of such Securities,
the Place of Payment where such Securities, together, in the case of Bearer Securities, with all coupons appertaining thereto,
if any, maturing after the date of redemption, are to be surrendered for payment of the redemption prices, that payment will be
made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as
specified in the notice, and that on and after the date interest thereon or on the portions thereof to be redeemed will cease to
accrue. If less than all of a series is to be redeemed, the notice of redemption shall specify the numbers of the Securities to
be redeemed. In case any Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal
amount thereof to be redeemed and shall state that, upon surrender of such Security, a new Security or Securities of the same series
in principal amount equal to the unredeemed portion thereof will be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">On or before the redemption date specified
in the notice of redemption given as provided in this Section, the Company will deposit in trust with the Trustee or with one or
more paying agents an amount of money sufficient to redeem on the redemption date all the Securities or portions of Securities
so called for redemption at the appropriate redemption price, together with accrued interest, if any, to the date fixed for redemption.
If less than all of a series of Securities is to be redeemed, the Company will give the Trustee adequate written notice at least
45 days in advance (unless a shorter notice shall be satisfactory to the Trustee) as to the aggregate principal amount of Securities
to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If less than all the Securities of a series
are to be redeemed, the Trustee shall select, pro rata, by lot or in such other manner in its sole discretion it shall deem appropriate
and fair, not more than 60 days prior to the date of redemption, the numbers of such Securities Outstanding not previously called
for redemption, to be redeemed in whole or in part. The portion of principal of Securities so selected for partial redemption shall
be equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof. The Trustee shall
promptly notify the Company of the Securities to be redeemed. If, however, less than all the Securities of a series having differing
issue dates, interest rates and stated maturities are to be redeemed, the Company in its sole discretion shall select the particular
Securities of such series to be redeemed and shall notify the Trustee in writing at least 45 days prior to the relevant redemption
date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 3.03. Payment of Securities Called
for Redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If notice of redemption has been given as
above provided, the Securities or portions of Securities with respect to which such notice has been given shall become due and
payable on the date and at the place stated in such notice at the applicable redemption price, together with any interest accrued
to the date fixed for redemption, and on and after that date (unless the Company shall default in the payment of such Securities
at the redemption price, together with interest accrued to that date) interest on such Securities or portions of Securities so
called for redemption shall cease to accrue and the coupons, if any, for such interest appertaining to any Bearer Securities so
to be redeemed, except to the extent provided below, shall be void. On presentation and surrender of such Securities subject to
redemption at the Place of Payment and in the manner specified in such notice, together with all coupons, if any, appertaining
thereto and maturing after the date specified in such notice for redemption, such Securities or the specified portions thereof
shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the date
fixed for redemption; provided, that installments of interest on Bearer Securities whose stated maturity date is on or prior to
the date of redemption shall be payable only at an office or agency located outside the United States and its possessions (except
as otherwise provided in Section 4.02) and, unless otherwise specified as contemplated by Section 2.03, only upon presentation
and surrender of coupons for such interest; and provided, further, that unless otherwise specified as contemplated by Section 2.03,
installments of interest on Registered Securities whose stated maturity date is on or prior to the date of redemption shall be
payable to the holders of such Registered Securities, or one or more predecessor Securities, registered as such at the close of
business on the relevant record dates according to their terms and the provisions of Section 2.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At the option of the Company, payment with
respect to Registered Securities may be made by check to the holders of such Securities or other persons entitled thereto against
presentation and surrender of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant coupons maturing after the date of redemption, such Security may be paid after deducting
from the redemption price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon
or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require
to save each of them and any paying agent harmless. If thereafter the holder of such Security shall surrender to the Trustee or
any paying agent any such missing coupon in respect of which a deduction shall have been made from the redemption price, such holder
shall be entitled to receive the amount so deducted; provided, that interest represented by coupons shall be payable only at an
office or agency located outside the United States and its possessions (except as otherwise provided in Section 4.02) and, unless
otherwise specified as contemplated by Section 2.03, only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any Security (including any coupons appertaining
thereto) that is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed
by, the holder thereof or such holder&rsquo;s attorney duly authorized in writing), and upon such presentation, the Company shall
execute and the Trustee shall authenticate and make available for delivery to the holder thereof, at the expense of the Company,
a new Security or Securities of the same series, of authorized denominations, in aggregate principal amount equal to the unredeemed
portion of the principal of the Security so presented. If a temporary global Security or permanent global Security is so surrendered,
such new Security so issued shall be a new temporary global Security or permanent global Security, respectively.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 3.04. Redemption Suspended During
Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall not redeem any Securities
(unless all Securities then outstanding are to be redeemed) or commence the giving of any notice of redemption of Securities during
the continuance of any Event of Default of which a Responsible Officer of the Trustee has actual knowledge or notice, except that
where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem such Securities,
provided funds are deposited with it for such purpose. Except as aforesaid, any moneys theretofore or thereafter received by the
Trustee shall, during the continuance of such Event of Default, be held in trust for the benefit of the securityholders and applied
in the manner set forth in Section 6.06; provided, that in case such Event of Default shall have been waived as provided herein
or otherwise cured, such moneys shall thereafter be held and applied in accordance with the provisions of this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
4</FONT><BR>
PARTICULAR COVENANTS OF THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.01. Payment of Principal, Premium
and Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will duly and punctually pay or
cause to be paid the principal of (and premium, if any, on) and any interest on each of the Securities of a series at the place,
at the respective times and in the manner provided in the terms of the Securities, any coupons appertaining thereto and this Indenture.
Unless otherwise specified as contemplated by Section 2.03(b) with respect to any series of Securities, any interest due on and
any Additional Amounts payable in respect of Bearer Securities on or before maturity shall be payable only upon presentation and
surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.02. Offices for Notices and
Payments, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If Securities of a series are issuable only
as Registered Securities, the Company will maintain in each Place of Payment for such series an office or agency where Securities
of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company will maintain (a) in the contiguous
United States, an office or agency where any Registered Securities of that series may be presented or surrendered for payment,
where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series
may be surrendered for exchange, where notices and demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or surrendered for
payment in the circumstances described below (and not otherwise), (b) subject to any laws or regulations applicable thereto, in
a Place of Payment for that series which is located outside the United States and its possessions, an office or agency where Securities
of that series and related coupons may be presented and surrendered for payment; provided, that if the Securities of that series
are listed on The International Stock Exchange of the United Kingdom and the Republic of Ireland, Limited, the Luxembourg Stock
Exchange or any other stock exchange located outside the United States and its possessions and such stock exchange shall so require,
the Company will maintain a paying agent for the Securities of that series in London, Luxembourg or any other required city located
outside the United States and its possessions, as the case may be, so long as the Securities of that series are listed on such
exchange, and (c) subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is located
outside the United States and its possessions, an office or agency where any Registered Securities of that series may be surrendered
for registration of transfer, where Securities of that series may be surrendered for exchange and where notices and demands to
or upon the Company in respect of the Securities of that series and this Indenture may be served.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will give to the Trustee notice
of the location of each such office or agency and of any change in the location thereof. In case the Company shall fail to maintain
any such office or agency as required, or shall fail to give such notice of the location or of any change in the location thereof,
presentations and surrenders of Securities of that series may be made and notices and demands may be served at the principal Corporate
Trust Office of the Trustee, except that Bearer Securities of that series and the related coupons may be presented and surrendered
for payment at any paying agent for such series located outside the United States and its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No payment of principal, premium or interest
on Bearer Securities shall be made at any office or agency of the Company in the United States or its possessions or by check mailed
to any address in the United States or its possessions or by transfer to any account maintained with a financial institution located
in the United States or its possessions; provided, that, if the Securities of a series are denominated and payable in Dollars,
payment of principal of (and premium, if any) and any interest on any Bearer Security shall be made at the office of the Company&rsquo;s
paying agent in the contiguous United States, if (but only if) payment in Dollars of the full amount of such principal, premium,
interest or Additional Amounts, as the case may be, at all offices or agencies outside the United States and its possessions maintained
for the purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above
for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee and the holders of any
such designation or rescission and of any change in the location of any such other office or agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company hereby initially designates the
Corporate Trust Office as the office of the Company in the contiguous United States where Registered Securities may be presented
for payment, for registration of transfer and for exchange as in this Indenture provided and where notices and demands to or upon
the Company in respect of the Securities or of this Indenture may be served; provided, that the Corporate Trust Office shall not
be an office or agency of the Company for the service of legal process against the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.03. Provisions as to Paying
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Company shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
it will hold sums held by it as such agent for the payment of the principal of (and premium, if any, on) or any interest on the
Securities of such series (whether such sums have been paid to it by the Company or by any other obligor on the Securities of such
series) in trust for the benefit of the persons entitled thereto until such sums shall be paid to such persons or otherwise disposed
of as herein provided and will notify the Trustee of the receipt of sums to be so held;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such series) to make
any payment of the principal of (or premium, if any, on) or any interest on the Securities of such series when the same shall be
due and payable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
at any time when any such failure has occurred and is continuing, it will, upon the written request of the Trustee, forthwith pay
to the Trustee all sums so held in trust by such paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall act as its own paying agent, it will, on or before each due date of the principal of (and premium, if any) or
any interest on the Securities of any 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 any interest so becoming due until such sums shall be paid to such
persons or otherwise disposed of as herein provided. The Company will promptly notify the Trustee of any failure to take such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Company shall have one or more paying agents with respect to a series of Securities, it will, on or prior to each due date
of the principal of (and premium, if any, on) or any interest on, any Securities, deposit with a paying agent a sum sufficient
to pay the principal (and premium, if any) or any 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 its action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything
in this Section to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture with respect to one or more or all series of Securities hereunder, or for any other reason, pay or
cause to be paid to the Trustee all sums held in trust for such series by it or any paying agent hereunder as required by this
Section, such sums to be held by the Trustee upon the trusts herein contained, and upon such payment by any paying agent to the
Trustee, such paying agent shall be released from all further liability with respect to such money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to
the provisions of Section 12.03 and Section 12.04.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.04. Statement as to Compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, commencing with the fiscal year ending in the year during which the
first series of Securities is issued hereunder (but in no event more than one year from the issuance of the first series hereunder),
a written statement signed by the Chief Executive Officer, President or other principal executive officer and by the Treasurer
or other principal financial officer or principal accounting officer of the Company, stating, as to each signer thereof, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
review of the activities of the Company during such year and of performance under this Indenture has been made under his or her
supervision; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the best of his or her knowledge, based on such review, the Company has fulfilled all its obligations under this Indenture throughout
such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him
and the nature and status thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.05. Corporate Existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of Article 11, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence,
rights (charter and statutory) and franchises and the corporate existence and rights (charter and statutory) and franchises of
its Subsidiaries; provided, that the Company shall not be required to, or to cause any Subsidiary to, preserve any right or franchise
or to keep in full force and effect the corporate existence of any Subsidiary if the Company shall determine that the keeping in
existence or preservation thereof is no longer desirable in or consistent with the conduct of the business of the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.06. Reserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 4.07. Waiver of Covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company may omit in any particular instance
to comply with any covenant or condition set forth herein if before or after the time for such compliance the holders of a majority
in principal amount of the Securities of all series affected thereby then Outstanding shall either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant
or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">Article
5</FONT><BR>
SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 5.01. Securityholder Lists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants and agrees that it will
furnish or cause to be furnished to the Trustee as the Trustee may request in writing a list, in such form and as of such date
as the Trustee may reasonably require, of all information in the possession or control of the Company as to the names and addresses
of the holders of Registered Securities of a particular series specified by the Trustee which list may be conclusively relied upon
by the Trustee; provided, that if and so long as the Trustee shall be the Security Registrar with respect to such series, such
list shall not be required to be furnished.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 5.02. Preservation and Disclosure
of Lists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each series of Securities contained in the most recent list furnished to it as provided in Section 5.01 or received
by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 5.01
upon receipt of a new list so furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. The Company, the Trustee, the Security Registrar and anyone else shall have the protection
of Section 312(c) of the Trust Indenture Act with respect to the sending of any material pursuant to a request made pursuant to
Section 312(b) of the Trust Indenture Act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 5.03. Reports by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants so long as Securities
are Outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file with the Trustee, within 15 days after the Company is required to file the same with the 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 Commission
may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports
pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that
may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by the Commission,
such additional information, documents, and reports with respect to compliance by the Company with the conditions and covenants
provided for in this Indenture as may be required from time to time by such rules and regulations; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
transmit by mail to all the holders of Registered Securities of each series, as the names and addresses of such holders appear
on the registry books, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and
reports required to be filed by the Company with respect to each such series pursuant to subsections (a) and (b) of this Section
as may be required by rules and regulations prescribed from time to time by the Commission.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 5.04. Reports by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
90 days after December 31 in each year, so long as any Securities are outstanding hereunder and if there has been any change in
the following, the Trustee shall transmit by mail, first class postage prepared, to the securityholders, as their names appear
upon the Security Register, a brief report dated as of the preceding December 31, if and to the extent required under Section 313(a)
of the Trust Indenture Act, detailing certain events that occurred within the previous 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 stock exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to
notify the Trustee when any Securities become listed on any stock exchange.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
6</FONT><BR>
REMEDIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.01. Events of Default; Acceleration
of Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case one or more of the following Events
of Default with respect to a particular series shall have occurred and be continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in (i) the payment of the principal of (or premium, if any, on) any of the Securities of such series as and when the same shall
become due and payable either at maturity, upon redemption, by declaration or otherwise or (ii) any payment required by any sinking
or analogous fund established with respect to that series; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and
payable, and continuance of such default for a period of 90 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company contained
in the Securities or in this Indenture for a period of 90 days after the date on which written notice of such failure, requiring
the Company to remedy the same, shall have been given to the Company by the Trustee, or to the Company and the Trustee by the holders
of at least 25% in aggregate principal amount of the Securities of that series at the time Outstanding; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Material Subsidiary
in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or any Material Subsidiary
or for any substantial part of their respective property, or ordering the winding-up or liquidation of its affairs and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or the Material Subsidiary shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law,
or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or similar official) of the Company or the Material Subsidiary or for any substantial part of their respective property, or shall
make any general assignment for the benefit of creditors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other Event of Default provided with respect to Securities of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">then, if an Event of Default described in
clause (a), (b), (c), or (f) shall have occurred and be continuing, and in each and every such case, unless the principal amount
of all the Securities of such 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 securityholders) may declare the principal amount of all the Securities (or, with respect to Original
Issue Discount Securities, such lesser amount as may be specified in the terms of such 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, anything in
this Indenture or in the Securities of such series contained to the contrary notwithstanding; or, if an Event of Default described
in clause (d) or (e) shall have occurred and be continuing, and in each and every such case, unless the principal of all the Securities
of such series shall have already become due and payable, the principal amount of all the Securities (or, with respect to Original
Issue Discount Securities, such lesser amount as may be specified in the terms of such Securities) shall be automatically deemed
immediately due and payable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.02. Rescission and Annulment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions in Section 6.01 are subject
to the condition that if, at any time after the principal of the Securities of any one or more of all series, as the case may be,
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 Company shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Securities of such series or of all the Securities, as the case may be, and the principal
of (and premium, if any, on) all Securities of such series or of all the Securities, as the case may be (or, with respect to Original
Issue Discount Securities, such lesser amount as may be specified in the terms of such Securities), which shall have become due
otherwise than by acceleration (with interest upon such principal and premium, if any) and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest specified
in the Securities of such series or all Securities, as the case may be (or, with respect to Original Issue Discount Securities,
at the rate specified in the terms of such Securities for interest on overdue principal thereof upon maturity, redemption or acceleration
of such series, as the case may be), to the date of such payment or deposit, and such amount as shall be sufficient to cover reasonable
compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Trustee except as a result of its gross negligence or willful misconduct, and any and all defaults under the Indenture,
other than the non-payment of the principal of Securities that has become due by acceleration, shall have been remedied; then and
in every such case the holders of a majority in aggregate principal amount of the Securities of such series (or of all the Securities,
as the case may be) then Outstanding, by written notice to the Company and to the Trustee, may waive all defaults with respect
to that series or with respect to all Securities, as the case may be in such case, treated as a single class and rescind and annul
such declaration and its consequences; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case the Trustee shall have proceeded to
enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission
and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company,
the Trustee and the securityholders, as the case may be, shall be restored respectively to their former positions and rights hereunder,
and all rights, remedies and powers of the Company, the Trustee and the securityholders, as the case may be, shall continue as
though no such proceedings had been taken.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.03. Collection of Indebtedness
and Suits for Enforcement by Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants that if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default
continues for a period of 90 days,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of the principal or premium, if any, of any Security at the maturity thereof, including any maturity occurring
by reason of a call for redemption or otherwise, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the deposit of any sinking fund payment when and as due by the terms of a Security,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">the Company will, upon demand of the Trustee,
pay to it, for the benefit of the holders of such Securities and any coupons appertaining thereto, the whole amount that shall
have become due and payable on such Securities and coupons for principal or premium, if any, and interest, with interest upon the
overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments of interest,
at the rate borne by such Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, and may prosecute such proceedings to judgment or final decree, and may enforce the same
against the Company or any other obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or any other obligor upon the Securities, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the securityholders by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.04. Trustee May File Proofs
of Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In the case of the pendency of a receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file and prove a claim for the whole amount of principal and premium, if any, and any interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel)
and of the holders of Securities and coupons allowed in such judicial proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">and any receiver, assignee, trustee, liquidator
or sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each holder of Securities and
coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the holders of Securities and coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. To
the extent that such payment of reasonable compensation, expenses, disbursements, advances and other amounts out of the estate
in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out
of, any and all distributions, dividends, moneys, securities and other property which the holders of the Securities and coupons
may be entitled to receive in such proceedings, whether in liquidation or under any plan or reorganization or arrangements or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of the holder of a Security or a coupon any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any holder thereof,
or to authorize the Trustee to vote in respect of the claim of any holder of a Security or a coupon in any such proceeding.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.05. Trustee May Enforce Claims
Without Possession of Securities or Coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All rights of action and claims under this
Indenture or the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Securities and coupons in respect of which such judgment has been recovered.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.06. Application of Money Collected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or premium, if any, or any interest, upon presentation of the Securities or coupons, or both,
as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">FIRST: To the payment of all amounts due the
Trustee under Section 7.06;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">SECOND: To the payment of all Senior Indebtedness
of the Company if and to the extent required by Article 16;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">THIRD: To the payment of the amounts then
due and unpaid upon the Securities for principal of and premium, if any, and any interest on the Securities and coupons, 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 and coupons, for principal and any interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">FOURTH: To the Company or its successors or
assigns, or to whomsoever may be lawfully entitled to receive the same.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.07. Limitation on Suits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No holder of any Security of any series or
any related coupons shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
holder has previously given written notice to the Trustee of a continuing Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
holder or holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceedings;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of a majority
in principal amount of the Outstanding Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">it being understood and intended that no one
or more such holders of Securities shall have any right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other of such holders of Securities or to obtain or to seek to
obtain priority or preference over any other of such holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such holders of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.08. Unconditional Right of
Securityholders to Receive Principal and Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding any other provision in this
Indenture, the holder of any Security or coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of and premium, if any, and (subject to Section 2.05 and Section 3.02) any interest on such Security or payment of
such coupon on the respective stated maturities expressed in such Security or coupon (or, in the case of redemption, on the redemption
date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of
such holder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.09. Restoration of Rights and
Remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the Trustee or any holder of a Security
or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such holder, then and in every such case the
Company, the Trustee and the holders of Securities and coupons shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the holders
shall continue as though no such proceeding has been instituted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.10. Rights and Remedies Cumulative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as provided in Section 2.09, no right
or remedy herein conferred upon or reserved to the Trustee or to the holders of Securities or coupons is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.11. Delay or Omission Not Waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No delay or omission of the Trustee or of
any holder of any Security or coupon to exercise any right or remedy accruing upon any Default shall impair any such right or remedy
or constitute a waiver of any such Default or any acquiescence therein. Every right and remedy given by this Article or by law
to the Trustee or to the holders of Securities or coupons may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the holders of Securities or coupons, as the case may be.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.12. Control by Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The holders of a majority in principal amount
of Outstanding Securities of each series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
direction shall not be in conflict with any statute, rule of law or with this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee need not take any action which it in good faith determines might involve it in personal liability or be unjustly prejudicial
to the securityholders not consenting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon receipt by the Trustee of any such direction
with respect to Securities of a series all or part of which is represented by a temporary global Security or a permanent global
Security, the Trustee may establish a record date for determining holders of Outstanding Securities of such series entitled to
join in such direction, which record date shall be at the close of business on the day the Trustee receives such direction. The
holders on such record date, or their duly designated proxies, and only such persons, shall be entitled to join in such direction,
whether or not such holders remain holders after such record date, provided that, unless such majority in principal amount shall
have been obtained prior to the day which is 90 days after such record date, such direction shall automatically and without further
action by any holder be cancelled and of no further effect. Nothing in this paragraph shall prevent a holder, or a proxy of a holder,
from giving, after expiration of such 90-day period, a new direction identical to a direction which has been cancelled pursuant
to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this
Section 6.12.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.13. Waiver of Past Defaults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The holders of a majority in principal amount
of the Securities of each series at the time Outstanding may, on behalf of the holders of all the Securities of that series and
any coupons appertaining thereto, waive any past default hereunder and its consequences, except a default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the payment of the principal of, premium, if any, or any interest on any Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;described
in clauses (d) or (e) of Section 6.01; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of a covenant or provision hereof that pursuant to Article 10 cannot be modified or amended without the consent of the
holder of each Outstanding Security affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon any such waiver, such default shall cease
to exist, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.14. Undertaking for Costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All parties to this Indenture agree, and each
holder of any Security or coupon by his or her 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, suffered 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&rsquo; 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 holder, or group of holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of
any series, or to any suit instituted by any holder of any Securities or coupons for the enforcement of the payment of the principal
of, premium, if any, or any interest on any Security or the payment of any coupon on or after the respective stated maturities
expressed in such Security or coupon (or, in the case of redemption, on or after the redemption date, except, in the case of a
partial redemption, with respect to the portion not so redeemed).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 6.15. Waiver of Stay or Extension
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension laws wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefits
or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
7</FONT><BR>
CONCERNING THE TRUSTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.01. Duties and Responsibilities
of Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, prior to the occurrence of an Event of Default of a particular series and after the curing of all Events of Default of
such series which may have occurred, undertakes to perform such duties and only such duties with respect to such series as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee. In the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case an Event of Default with respect to a particular series has occurred (which has not been cured), the Trustee shall exercise
with respect to such 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 or her own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
provisions of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
to the occurrence of an Event of Default with respect to a particular series and after the curing of all Events of Default with
respect to such series which may have occurred, the duties and obligations of the Trustee with respect to such series shall be
determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read
into this Indenture against the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers, unless it shall
be proved that the Trustee was negligent in ascertaining the pertinent facts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Securities pursuant to Section 6.12 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
provision of this Indenture shall be construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any
personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.02. Reliance on Documents,
Opinions, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of Section 7.01:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, bond, debenture, note, coupon or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to
the Trustee by a copy thereof certified by the Secretary or any Assistant Secretary of the Company; and whenever in the administration
of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officer&rsquo;s Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may consult with counsel and the advice of such counsel and any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 holders of any Securities or any related coupons pursuant to the provisions of this Indenture, unless
such holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the losses, costs, expenses
and liabilities which might be incurred therein or thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or documents,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any action taken, suffered 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of
the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities
of a particular Series and this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty
to do so; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers or otherwise in respect
of the Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.03. No Responsibility for Recitals,
etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The recitals contained herein and in the Securities,
other than the Trustee&rsquo;s certificate of authentication, and in any coupons shall be taken as the statements of the Company,
and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities or coupons, provided that the Trustee shall not be relieved of its duty to
authenticate Securities only as authorized by this Indenture. The Trustee shall not be accountable for the use or application by
the Company of Securities or the proceeds thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.04. Ownership of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee, any authenticating agent, any
paying agent, any Security Registrar or any other agent of the Company or of the Trustee, in its individual or any other capacity,
may become the owner or pledgee of Securities and coupons with the same rights it would have if it were not Trustee, authenticating
agent, paying agent, Security Registrar or such other agent of the Company or of the Trustee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.05. Moneys to be Held in Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of Section 12.04
hereof, all moneys received by the Trustee or any paying agent 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.
Neither the Trustee nor any paying agent shall be under any liability for interest on any moneys received by it hereunder except
such as it may agree in writing with the Company to pay thereon.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.06. Compensation and Expenses
of Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants and agrees to pay to
the Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder
as the Company and the Trustee shall from time to time agree in writing (which to the extent permitted by law shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust), and, except as otherwise expressly provided,
the Company will pay or reimburse the Trustee forthwith 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 gross negligence or willful misconduct. If any property other than cash shall at any time be subject
to the lien of this Indenture, the Trustee, if and to the extent authorized by a receivership or bankruptcy court of competent
jurisdiction or by the supplemental instrument subjecting such property to such lien, shall be entitled to make and to be reimbursed
for, advances for the purpose of preserving such property or of discharging tax liens or other prior liens or encumbrances thereon.
The Company also covenants to indemnify the Trustee for, and to hold it harmless against, any and all loss, damage, claims, liability
or expense, including taxes (other than taxes based upon, measured or determined by, the income of the Trustee) incurred without
gross negligence or willful misconduct on the part of the Trustee, arising out of or in connection with the acceptance or administration
of this trust, including the costs and expenses of defending itself against any claim of liability and enforcing the provisions
of this Section 7.06. The obligations of the Company under this Section 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To secure the Company&rsquo;s obligations
under this Section, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property
held or collected by the Trustee, except that held in trust to pay principal of (and premium, if any) and interest, if any, on
particular Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">When the Trustee incurs expenses or renders
services after an Event of Default, the expenses and the compensation for the services are intended to constitute expenses of administration
under any bankruptcy law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company&rsquo;s obligations under this
Section 7.06 shall survive satisfaction and discharge of the Indenture, payment of the Securities and any resignation or removal
of the Trustee hereunder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.07. Officer&rsquo;s Certificate
as Evidence</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of Section 7.01,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter
be proved or established prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Trustee, be deemed to be conclusively
proved and established by an Officer&rsquo;s Certificate delivered to the Trustee, and such certificate, in the absence of bad
faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the
provisions of this Indenture upon the faith thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.08. Disqualifications; Conflicting
Interest of Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the Trustee has or shall acquire any &ldquo;conflicting
interest&rdquo; within the meaning 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.09. Eligibility of Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States or of any State or Territory thereof
or of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers, (b) is subject to supervision
or examination by federal, state, territorial or District of Columbia authority, (c) shall have at all times a combined capital
and surplus of not less than $50,000,000 and (d) shall not be the Company or any person directly or indirectly controlling, controlled
by, or under common control with the Company. If such corporation 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 at any time shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.10. Resignation or Removal
of Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series by giving
written notice of resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor
trustee with respect to the applicable 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. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time any of the following shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall fail to comply with the provisions of subsection (a) of Section 7.08 with respect to any series of Securities after
written request therefor by the Company or by any securityholder who has been a bona fide holder of a Security or Securities of
such series for at least six months,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 with respect to any series of Securities and
shall fail to resign after written request therefor by the Company or by any such securityholder, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent,
or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company
may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee with respect to 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 Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.14, any securityholder
of such series who has been a bona fide holder of a Security or Securities of the applicable series for at least six months may,
on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of a majority in aggregate principal amount of the Securities of all series (voting as one class) at the time Outstanding
may at any time remove the Trustee with respect to Securities of all series and appoint a successor trustee with respect to the
Securities of all series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section
shall become effective upon the appointment of a successor trustee and the acceptance of appointment by the successor trustee as
provided in Section 7.11.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.11. Acceptance by Successor
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any successor trustee appointed as provided
in Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable
series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if
originally named as trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the predecessor
trustee shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the predecessor trustee. Upon request of any such successor
trustee, the Company shall execute any and all instruments in writing in order more fully and certainly to vest in and confirm
to such successor trustee all such rights and powers. Any trustee, including the initial Trustee, ceasing to act shall, nevertheless,
retain a lien upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions
of Section 7.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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 predecessor Trustee and
each successor trustee with respect to the Securities of any applicable series shall execute and deliver a supplemental indenture
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring
shall continue to be vested in the predecessor Trustee, and 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 and that each
such trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No successor trustee shall accept appointment
as provided in this Section unless at the time of such acceptance such successor trustee shall be qualified and eligible under
the provisions of this Article 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon acceptance of appointment by a successor
trustee as provided in this Section, the Company shall mail notice of the succession of such trustee hereunder to all holders of
Securities of any applicable series as the names and addresses of such holders shall appear on the registry books. If the Company
fails to mail such notice in the prescribed manner within ten days after the acceptance of appointment by the successor trustee,
the successor trustee shall cause such notice to be so mailed at the expense of the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.12. Successor by Merger, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be qualified and eligible under
the provisions of this Article 7, 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.13. Limitations on Rights of
Trustee as Creditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.14. Notice of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Within 90 days after the occurrence of any
default on a series of Securities hereunder, the Trustee shall transmit to all securityholders of that series, in the manner and
to the extent provided in Section 15.04, notice of such default hereunder known to the Trustee, unless such default shall have
been cured or waived; provided, that except in the case of a default in the payment of the principal of or interest on any Security
or on the payment of any sinking or purchase fund installment, the Trustee shall be protected in withholding such notice if and
so long as the Trustee in good faith determines that the withholding of such notice is in the interests of the security-holders;
and provided, further, that in the case of any default of the character specified in clause (c) of Section 6.01 no such notice
to securityholders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term
&ldquo;default&rdquo; means any event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 7.15. Appointment of Authenticating
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee may appoint an authenticating
agent or agents (which may be an affiliate or affiliates of the Company) with respect to one or more series of Securities which
shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue or upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 2.09, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an authenticating agent and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent. Each authenticating agent shall be acceptable to the Company and shall at all times be a corporation organized and doing
business under the laws of the United States of America or of any State or Territory thereof or of the District of Columbia, which
(a) is authorized under such laws to exercise corporate trust powers or to otherwise act as authenticating agent, (b) is subject
to supervision or examination by federal, state, territorial or District of Columbia authority, and (c) shall have at all times
a combined capital and surplus of not less than $50,000,000. If such authenticating agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such authenticating agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an authenticating agent shall cease to be eligible in accordance
with the provisions of this Section, such authenticating agent shall resign immediately in the manner and with the effect specified
in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any corporation into which an authenticating
agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such authenticating agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of such authenticating agent, shall continue to be an authenticating agent, provided such corporation
shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of
the Trustee or such authenticating agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">An authenticating agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
authenticating agent by giving written notice thereof to such authenticating agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such authenticating agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor authenticating agent which shall be acceptable to the
Company and shall promptly give notice of such appointment to all holders of Securities in the manner and to the extent provided
in Section 15.04. Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent.
No successor authenticating agent shall be appointed unless eligible under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company agrees to pay to each authenticating
agent from time to time reasonable compensation for its services under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee&rsquo;s
certificate of authentication, an alternative certificate of authentication in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Wilmington Trust, National Association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If all of the Securities of a series may not
be originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original issuance
located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested by the Company in writing, shall appoint in accordance with this Section an authenticating agent (which,
if so requested by the Company, shall be such affiliate of the Company) having an office in a Place of Payment designated by the
Company with respect to such series of Securities, provided that the terms and conditions of such appointment are acceptable to
the Trustee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
8</FONT><BR>
CONCERNING THE SECURITYHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 8.01. Action by Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Whenever in this Indenture it is provided
that the holders of a specified percentage in aggregate principal amount of the Securities of any or all series may take any action
(including the making of any demand or request, the giving of any authorization, notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action the holders of such specified percentage have joined therein
may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by securityholders in person or by
agent or proxy appointed in writing, or (b) if Securities of a series are issuable as Bearer Securities, by the record of the holders
of Securities voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of securityholders
of such series duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument
or instruments and any such record of such a meeting of securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In determining whether the holders of a specified
percentage in aggregate principal amount of the Securities of any or all series have taken any action (including the making of
any demand or request, the giving of any authorization, direction, notice, consent or waiver or the taking of any other action),
(i) the principal amount of any Original Issue Discount Security that may be counted in making such determination and that shall
be deemed to be outstanding for such purposes shall be equal to the amount of the principal thereof that could be declared to be
due and payable upon an Event of Default pursuant to the terms of such Original Issue Discount Security at the time the taking
of such of such action is evidenced to the Trustee, and (ii) the principal amount of a Security denominated in a foreign currency
or currency unit shall be the U.S. dollar equivalent, determined as of the date of original issuance of such Security in accordance
with Section 2.03(b) hereof, of the principal amount of such Security.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 8.02. Proof of Execution by Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of Section 7.01,
Section 7.02 and Section 9.05, proof of the execution of any instrument by a securityholder or its agent or proxy, or of the holding
by any person of a Security, shall be sufficient and conclusive in favor of the Trustee and the Company if made in accordance with
such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The principal amount and serial numbers of
Registered Securities held by any person, and the date of holding the same, shall be proved by the Security Register. The principal
amount and serial numbers of Bearer Securities held by any person, and the date of holding the same, may be proved by the production
of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other depositary,
wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned
such person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may
be proved by the certificate or affidavit of the person holding such Bearer Securities, if such certificate or affidavit is deemed
by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues
until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2)
such Bearer Security is produced to the Trustee by some other person, or (3) such Bearer Security is surrendered in exchange for
a Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal amount and serial numbers of Bearer
Securities held by any person, and the date of holding the same, may also be provided in any other manner which the Trustee deems
sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The record of any securityholders&rsquo; meeting
shall be proved in the manner provided in Section 9.06.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 8.03. Who Are Deemed Absolute
Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose
name such Registered Security shall be registered upon the Security Register to be, and may treat him as, the absolute owner of
such Registered Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other
writing thereon), for the purpose of receiving payment of or on account of the principal of (and premium, if any) and, subject
to the provisions of Section 2.05 and Section 2.07, any interest on such Security and for all other purposes; and neither the Company
nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments
so made to any holder for the time being, or upon his or her order, shall be valid and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Title to any Bearer Security and any coupons
appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or of the Trustee may treat
the bearer of any Bearer Security and the bearer of any coupon as the owner of such Security or coupon for the purpose of receiving
payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, with respect
to any temporary or permanent global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company
or of the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a U.S. Depositary,
as the case may be, or impair, as between a U.S. Depositary and holders of beneficial interests in any temporary or permanent global
Security, as the case may be, the operation of customary practices governing the exercise of the rights of the U.S. Depositary
as holder of such temporary or permanent global Security.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 8.04. Company-Owned Securities
Disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In determining whether the holders of the
required aggregate principal amount of Securities have provided any request, demand, authorization, notice, direction, consent
or waiver under this Indenture, Securities which are</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">owned by the Company or any other obligor
on the Securities, or by any person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company or any other obligor on the Securities, 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 request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows are so owned
shall be so disregarded. Securities so owned which 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&rsquo;s right to vote 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 the 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 8.05. Revocation of Consents;
Future Securityholders Bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">At any time prior to the taking of any action
by the holders of the percentage in aggregate principal amount of the Securities specified in this Indenture in connection with
such action, any holder of a Security, the identifying number of which 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 at its office 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 upon registration of transfer of or in exchange or substitution therefor in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, irrespective of whether or not
any notation in regard thereto is made upon such Security. Any action taken by the holders of the percentage in aggregate principal
amount of the Securities 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 8.06. Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company may, but shall not be obligated
to, set a record date for purposes of determining the identity of holders of Securities of any series entitled to vote or consent
to any action by vote or consent or to otherwise take any action under this Indenture authorized or permitted by Section 6.12 and
Section 6.13 or otherwise under this Indenture. Such record date shall be the later of (i) the date 20 days prior to the first
solicitation of such consent or vote or other action and (ii) the date of the most recent list of holders of such Securities delivered
to the Corporate Trust Office of the Trustee pursuant to Section 5.01 prior to such solicitation. If such a record date is fixed,
those persons who were holders of such Securities at the close of business on such record date shall be entitled to vote or consent
or take such other action, or to revoke any such action, whether or not such persons continue to be holders after such record date,
and for that purpose the Outstanding Securities shall be computed as of such record date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
9</FONT><BR>
SECURITYHOLDERS&rsquo; MEETINGS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 9.01. Purposes of Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A meeting of holders of any or all series
of Securities may be called at any time and from time to time pursuant to the provisions of this Article for any of the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to waive any default hereunder and
its consequences, or to take any other action authorized to be taken by securityholders pursuant to any of the provisions of Article
6;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove the Trustee and appoint a successor trustee pursuant to the provisions of Article 7;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the
Securities of any or all series, as the case may be, under any other provision of this Indenture or under applicable law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 9.02. Call of Meetings by Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee may at any time call a meeting
of security-holders of any or all series to take any action specified in Section 9.01, to be held at such time and at such place
in New York, New York or Pine Bluff, Arkansas as the Trustee shall determine. Notice of every meeting of the securityholders of
any or all series, setting forth the time and place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given in the manner provided in Section 15.04 not less than 20 nor more than 180 days prior to the date fixed
for the meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 9.03. Call of Meetings by Company
or Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case at any time the Company, pursuant
to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Securities of any or all series, as
the case may be, then Outstanding, shall have requested the Trustee to call a meeting of securityholders of any or all series to
take any action authorized in Section 9.01, by written request setting forth in reasonable detail the action proposed to be taken
at the meeting, and the Trustee shall not have provided notice of such meeting in the manner provided in Section 15.04 within 30
days after receipt of such request, then the Company or the holders of such Securities in the amount above specified may determine
the time and the place in New York, New York or Pine Bluff, Arkansas for such meeting and may call such meeting by giving notice
thereof as provided in Section 9.02.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 9.04. Qualifications for Voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To be entitled to vote at any meeting of securityholders
a person shall be a holder of one or more Securities of such series Outstanding with respect to which a meeting is being held or
a person appointed by an instrument in writing as proxy by such a holder or holders. The only persons who shall be entitled to
be present or to speak at any meeting of the securityholders of any series shall be the persons entitled to vote at such meeting
and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 9.05. Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of securityholders of a series,
in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it deems fit. Except as otherwise permitted or required by any such regulations,
the holding of Securities shall be proved in the manner specified in Article 8 and the appointment of any proxy shall be proved
in the manner specified in Article 8 or by having the signature of the person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Article 8 to certify to the holding of Bearer Securities. Such regulations may provide
that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified
in Article 8 or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by securityholders as
provided in Section 9.03, in which case the Company or the securityholders calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of
the holders of a majority in principal amount of the Securities represented at the meeting and entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of Section 8.01
and Section 8.04, at any meeting each securityholder or proxy shall be entitled to one vote for each $1,000 (or the U.S. Dollar
equivalent thereof in connection with Securities issued in a foreign currency or currency unit) Outstanding principal amount of
Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Security challenged as not Outstanding and
ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote except as a
securityholder or proxy. Any meeting of securityholders duly called pursuant to the provisions of Section 9.02 or Section 9.03
may be adjourned from time to time, and the meeting may be reconvened without further notice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 9.06. Voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The vote upon any resolution submitted to
any meeting of securityholders shall be by written ballot on which shall be subscribed the signatures of the securityholders or
proxies and on which shall be inscribed the identifying number or numbers or to which shall be attached a list of identifying numbers
of the Securities held or represented by them. The chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting
of securityholders shall be prepared by the secretary of the meeting and there shall be attached to the record the original reports
of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that the notice was mailed as provided in Section 9.02. The record
shall be signed and verified by the chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company
and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any record so signed and verified shall be
conclusive evidence of the matters therein stated.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
10</FONT><BR>
SUPPLEMENTAL INDENTURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 10.01. Supplemental Indentures
without Consent of Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Without the consent of any holders of Securities
or coupons, the Company, when authorized by or pursuant to 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
in force at the date of the execution thereof) for one or more of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence the succession of another corporation to the Company, or successive successions, pursuant to Article 11 hereof, and the
assumption by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall
consider to be for the protection of the holders of Securities, and to make the occurrence, or the occurrence and continuance,
of a default in any of such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement
of all or any of the several remedies provided in this Indenture as herein set forth, with such period of grace, if any, and subject
to such conditions as such supplemental indenture may provide;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form,
provided that any such action shall not adversely affect the interests of the holders of Securities of any series or any related
coupons in any material respect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the Trust Indenture Act, or under any similar federal statute hereafter enacted, and to add to this Indenture
such other provisions as may be expressly permitted by the Trust Indenture Act, excluding however, the provisions referred to in
Section 316(a)(2) of the Trust Indenture Act or any corresponding provision in any similar federal statute hereafter enacted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
modify, eliminate or add to any of the provisions of this Indenture, provided that any such change or elimination (i) shall become
effective only when there is no Security of any series Outstanding and created prior to the execution of such supplemental indenture
that is entitled to the benefit of such provision or (ii) shall not apply to any Security Outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provisions contained herein or in any supplemental indenture; to convey, transfer, assign, mortgage
or pledge any property to or with the Trustee; or to make such other provisions in regard to matters or questions arising under
this Indenture, provided such other provisions shall not adversely affect in any material respect the interests of the holders
of the Securities or any related coupons, including provisions necessary or desirable to provide for or facilitate the administration
of the trusts hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
secure any series of Security; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence and provide for the acceptance and appointment hereunder by a successor trustee with respect to the Securities of one
or more series and to add or change any provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one trustee, pursuant to Section 7.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee is hereby authorized to join with
the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which
may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but
the Trustee shall not be obligated to enter into any such supplemental indenture which adversely affects the Trustee&rsquo;s own
rights, duties or immunities under this Indenture or otherwise. No supplemental indenture shall be effective as against the Trustee
unless and until the Trustee has duly executed and delivered the same.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 10.02. Supplemental Indentures
with Consent of Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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 all series at the time
Outstanding affected by such supplemental indenture (voting as one class), 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 in force at the date of the execution thereof) 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 the rights of the holders of the Securities of such series and any related coupons under this Indenture; provided,
that no such supplemental indenture shall (1) extend the fixed maturity of any Securities, or reduce the principal amount thereof
or premium, if any, or reduce the rate or extend the time of payment of interest thereon, without the consent of the holder of
each Security so affected, (2) reduce the aforesaid percentage of Securities, the consent of the holders of which is required for
any such supplemental indenture, without the consent of the holders of all Securities then Outstanding, (3) modify the subordination
provisions in a manner adverse to the holders of such Securities, or (4) modify any of the above provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon the request of the Company, accompanied
by a copy of a Board Resolution certified by the Secretary or an Assistant Secretary of the Company authorizing the execution of
any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of securityholders as aforesaid,
the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It shall not be necessary for the consent
of the securityholders 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Article 10, the Company shall provide notice,
in the manner and to the extent provided in Section 15.04, setting forth in general terms the substance of such supplemental indenture,
to all holders of Securities of each series so affected. Any failure of the Company so to provide such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 10.03. Compliance with Trust
Indenture Act; Effect of Supplemental Indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any supplemental indenture executed pursuant
to the provisions of this Article 10 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article 10 and subject to the provisions in any supplemental indenture relating to
the prospective application of such instrument, this Indenture shall 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 theretofore or thereafter authenticated and delivered hereunder and of any coupons appertaining
thereto 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee, subject to the provisions of
Section 7.01 and Section 7.02, shall be entitled to receive and shall be fully protected in relying upon an Officer&rsquo;s Certificate
and an Opinion of Counsel as conclusive evidence that any such supplemental indenture complies with the provisions of this Article
10.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 10.04. Notation on Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. New Securities of any series so modified
as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any
such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered, without charge to the securityholders,
in exchange for the Securities of such series then Outstanding.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
11</FONT><BR>
CONSOLIDATION, MERGER, SALE OR CONVEYANCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 11.01. Company May Consolidate,
etc., on Certain Terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants that it will not merge
into or consolidate with any other corporation or sell or convey all or substantially all of its assets to any person, firm or
corporation, unless (1) either the Company shall be the continuing corporation, or the successor corporation (if other than the
Company) shall be a corporation organized and existing under the laws of the United States of America or a state thereof or the
District of Columbia and such corporation shall expressly assume the due and punctual payment of the principal of (and premium,
if any, on) and any interest on all the Securities, according to their tenor, and the due and punctual performance and observance
of all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture, executed and
delivered to the Trustee by such corporation, and (2) the Company or such successor corporation, as the case may be, shall not,
immediately after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant
or condition.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 11.02. Successor Corporation
Substituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case of any such consolidation, merger,
sale or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be
substituted for, and may exercise every right and power of, the Company, with the same effect as if it had been named herein as
the party of the first part. Such successor corporation thereupon may cause to be signed, and may issue either in its own name
or in the name of the Company, any or all of the Securities issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject
to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall make available
for delivery any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee
for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such
Securities had been issued at the date of the execution thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case of any such consolidation, merger,
sale or conveyance such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued
as may be appropriate.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 11.03. Opinion of Counsel and
Officer&rsquo;s Certificate to be Given Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee shall receive an Opinion of Counsel
and Officer&rsquo;s Certificate as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption,
complies with the provisions of this Article 11 and that all conditions precedent herein provided for relating to such transaction
have been complied with.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
12</FONT><BR>
SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 12.01. Discharge of Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If at any time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated and all coupons,
if any, appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered
Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in Section 2.07, (ii)
Securities and coupons that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.09,
(iii) coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender
has been waived as provided in Section 3.03, and (iv) Securities and coupons for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 4.03), or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
such Securities of such series and, in the case of (a)(i) or (a)(ii) above, any coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation (i) shall have become due and payable, or (ii) are by their terms to become due and payable within
one year, or (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption, and the Company in the case of (a)(i) or (a)(iii) above shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount (other than moneys repaid by the Trustee or any paying agent to the Company in accordance
with Section 12.04) sufficient to pay at maturity or upon redemption all Securities of such series and coupons not therefore delivered
to the Trustee for cancellation, including principal (and premium, if any) and any interest due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if in either case the Company shall also pay or cause to be paid
all other sums payable hereunder by the Company with respect to such series, then this Indenture shall cease to be of further effect
with respect to the Securities of such series, and the Trustee, on demand of and at the cost and expense of the Company and subject
to Section 15.05, shall execute such instruments reasonably requested by the Company acknowledging satisfaction of and discharging
this Indenture with respect to the Securities of such series. The Company agrees to reimburse the Trustee for any costs or expenses
thereafter reasonably incurred by the Trustee in connection with this Indenture or the Securities of such series. Notwithstanding
the satisfaction and discharge of this Indenture with respect to the Securities of any series or of all series, the obligations
of the Company to the Trustee under Section 7.06 shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will deliver to the Trustee an
Officer&rsquo;s Certificate and an Opinion of Counsel which together shall state that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 12.02. Deposited Moneys to be
Held in Trust by Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the provisions of the last paragraph
of Section 4.03, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the
payment, either directly or through any paying agent (including the Company acting as its own paying agent), to the persons entitled
thereto, of all sums due and to become due thereon for principal and interest (and premium, if any) for which payment of such money
has been deposited with the Trustee.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 12.03. Paying Agent to Repay
Moneys Held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with the satisfaction and discharge
of this Indenture with respect to Securities of any series and the payment of all amounts due to the Trustee under Section 7.06,
all moneys with respect to such Securities then held by any paying agent under the provisions of this Indenture shall, upon demand
of the Company, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability
with respect to such moneys.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 12.04. Return of Unclaimed Moneys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any moneys deposited with or paid to the Trustee
or any paying agent for the payment of the principal of (and premium, if any) or interest on any Security and not applied but remaining
unclaimed for two years after the date upon which such principal (and premium, if any, on) or interest shall have become due and
payable, shall be repaid to the Company by the Trustee or such paying agent on demand, and the holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for any payment which such holder may be entitled to collect and all
liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
13</FONT><BR>
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 13.01. Indenture and Securities
Solely Corporate Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No recourse under or upon any obligation,
covenant or agreement contained in this Indenture, or in any Security or coupon, or because of any indebtedness evidenced thereby,
shall be had against any incorporator, or against any past, present or future stockholder, officer or director, as such, of the
Company or of any successor corporation, either directly or through the Company or any successor corporation, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of the Securities or coupons by the holders thereof and
as part of the consideration for the issue of the Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
14</FONT><BR>
DEFEASANCE AND COVENANT DEFEASANCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 14.01. Applicability of Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless, as specified pursuant to Section 2.03(b),
provision is made that either or both of (a) defeasance of the Securities of a series under Section 14.02 and (b) covenant defeasance
of the Securities of a series under Section 14.03 shall not apply to the Securities of a series, then the provisions of such Section
14.02 and Section 14.03, together with Section 14.04 and Section 14.05, shall be applicable to the Outstanding Securities of all
series upon compliance with the conditions set forth below in this Article 14.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 14.02. Defeasance and Discharge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to Section 14.05, the Company may
cause itself to be discharged from its obligations with respect to the Outstanding Securities of any series on and after the date
the conditions precedent set forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below
(hereinafter, &ldquo;defeasance&rdquo;). For this purpose, such defeasance means that the Company shall be deemed to have paid
and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other
obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense
of the Company, shall execute such instruments reasonably requested by the Company acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (a) the rights of holders of Outstanding Securities of
such series to receive, solely from the trust fund described in Section 14.04 and as more fully set forth in such Section, payments
of the principal of and any premium and interest on such Securities when such payments are due, (b) the Company&rsquo;s obligations
with respect to such Securities under Section 2.07, Section 2.08, Section 2.09, Section 4.02 and Section 4.03 and such obligations
as shall be ancillary thereto, (c) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee
hereunder, and (D) this Article 14. Subject to compliance with this Article 14, defeasance with respect to Securities of a series
by the Company is permitted under this Section 14.02 notwithstanding the prior exercise of its rights under Section 14.03 with
respect to the Securities of such series. Following a defeasance, payment of the Securities of such series may not be accelerated
because of an Event of Default.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 14.03. Covenant Defeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company may cause itself to be released
from its obligations under any Sections applicable to Securities of a series that are determined pursuant to Section 2.03(b) to
be subject to this provision with respect to the Outstanding Securities of such series on and after the date the conditions precedent
set forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, &ldquo;covenant
defeasance&rdquo;). For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series,
the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any
such Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 14.04. Conditions to Defeasance
or Covenant Defeasance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The following shall be the conditions precedent
or, as specifically noted below, subsequent to application of either Section 14.02 or Section 14.03 to the Outstanding Securities
of such series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of such
Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest
in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money
in an amount, or (c) a combination thereof, sufficient, without reinvestment, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and
which shall be applied by the Trustee to pay and discharge, (1) the principal of and any premium and interest on the Outstanding
Securities of such series to maturity or redemption, as the case may be, and (2) any mandatory sinking fund payments or analogous
payments applicable to the Outstanding Securities of such series on the due dates thereof. Before such a deposit the Company may
make arrangements satisfactory to the Trustee for the redemption of Securities at a future date or dates in accordance with Article
3 which shall be given effect in applying the foregoing. For this purpose, &ldquo;U.S. Government Obligations&rdquo; means securities
that are (x) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or
(y) 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, which,
in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government obligation
or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account
of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced
by such depository receipt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Default, or event that after notice or lapse of time, or both, would become a Default with respect to the Securities of such series,
shall have happened and be continuing (i) on the date of such deposit or (ii) insofar as Section 6.01(a) and Section 6.01(b) are
concerned, at any time during the period ending on the 123rd day after the date of such deposit or, if longer, ending on the day
following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood
that the condition in this clause (b) is a condition subsequent and shall not be deemed satisfied until the expiration of such
period);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall not (i) cause the Trustee for the Securities of such series to have a conflicting interest
as defined in Section 7.08 or for purposes of the Trust Indenture Act with respect to any securities of the Company or (ii) result
in the trust arising from such deposit to constitute, unless it is qualified as, a regulated investment company under the Investment
Company Act of 1940, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or
any other agreement or instrument to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities
exchange under the Exchange Act to be delisted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a defeasance under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date
of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the holders of the Outstanding Securities of such series will not recognize income, gain
or loss for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such defeasance had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of covenant defeasance under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income
tax purposes as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant defeasance had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may
be imposed on the Company in connection therewith pursuant to Section 2.03(b); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent and subsequent provided for in this Indenture relating to either the defeasance under Section 14.02 or the covenant defeasance
under Section 14.03, as the case may be, have been complied with.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 14.05. Deposited Money and U.S.
Government Obligations to be Held in Trust; Other Miscellaneous Provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee pursuant to Section 14.04 in respect of the Outstanding Securities
of such series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any paying agent (but not including the Company acting as its own paying
agent) as the Trustee may determine, to the holders of such Securities of all sums due and to become due thereon in respect of
principal and any premium and interest, but such money need not be segregated from other funds except to the extent required by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the money or U.S. Government Obligations deposited pursuant
to Section 14.04 or the principal and interest received in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Anything herein to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations
held by it as provided in Section 14.04 which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be
required to be deposited to effect an equivalent defeasance or covenant defeasance, provided that the Trustee shall not be required
to liquidate any U.S. Government Obligations in order to comply with the provisions of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Anything herein to the contrary notwithstanding,
if and to the extent the deposited money or U.S. Government Obligations (or the proceeds thereof) either (i) cannot be applied
by the Trustee in accordance with this Section because of a court order or by operation of Article 16 or (ii) are for any reason
insufficient in amount, then the Company&rsquo;s obligations to pay principal of and any premium and interest on the Securities
of such series shall be reinstated to the extent necessary to cover the deficiency on any due date for payment. In any such case,
the Company&rsquo;s interest in the deposited money and U.S. Government Obligations (and proceeds thereof) shall be reinstated
to the extent the Company&rsquo;s payment obligations are reinstated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
15</FONT><BR>
MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.01. Benefits of Indenture
Restricted to Parties and Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Nothing in this Indenture or in the Securities,
expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and
their successors and assigns and the holders of the Securities (and, with respect to the provisions of Article 16, the holders
of Senior Indebtedness), any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision
herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and assigns
and the holders of the Securities (and, with respect to the provisions of Article 16, the holders of Senior Indebtedness).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.02. Provisions Binding on
Company&rsquo;s Successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All the covenants, stipulations, promises
and agreements in this Indenture contained by or in behalf of the Company shall bind its successors and assigns, whether so expressed
or not.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.03. Addresses for Notices,
etc., to Company and Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any notice or demand which by any provisions
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 postage prepaid first class mail addressed (until another address is filed by the Company with the Trustee),
as follows: Simmons First National Corporation, 501 Main Street, Pine Bluff, Arkansas 71601, Attn: General Counsel. Any notice,
direction, request or demand by 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 as set forth in Section 4.02.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.04. Notice to Holders of Securities;
Waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as otherwise expressly provided herein,
where this Indenture provides for notice of holders of Securities of any event,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to holders of Registered Securities if in writing and mailed, first-class postage prepaid, to
each holder of a Registered Security affected by such event, at the address of such holder as it appears in the Security Register,
not earlier than the earliest date, and not later than the latest date, prescribed for the giving of such notice; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to holders of Bearer Securities if published in an Authorized Newspaper in the Borough of Manhattan,
The City of New York and in such other city or cities as may be specified in such Securities on a Business Day at least twice,
the first such publication to be not earlier than the earliest date, and not later than the latest date, prescribed for the giving
of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In any case where notice to holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
holder of a Registered Security shall affect the sufficiency of such notice with respect to other holders of Registered Securities
or the sufficiency of any notice to holders of Bearer Securities given as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Neither the failure to give notice by publication
to holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of any
notice to holders of Registered Securities given as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by holders of Securities shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding anything in this Indenture
to the contrary, where any notice is to be given to the Holders of Global Securities, notice shall be sufficient if given in accordance
with the procedures of the U.S. Depositary.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.05. Evidence of Compliance
with Conditions Precedent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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 Officer&rsquo;s
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any,
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Each Officer&rsquo;s Certificate and Opinion
of Counsel provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
provided for 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 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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.06. Legal Holidays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In any case where the date of maturity of
interest on or principal of the Securities or the date fixed for redemption of any Securities shall be a Saturday or Sunday or
a legal holiday in New York, New York or Pine Bluff, Arkansas or in such other place or places as the Company may designate pursuant
to Section 4.02, or a day on which banking institutions in New York, New York or Pine Bluff, Arkansas or in such other place or
places are authorized by law or required by executive order to close, then payment of interest or principal (and premium, if any)
need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on
the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.07. Trust Indenture Act to
Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included
in this Indenture by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.08. Execution in Counterparts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Indenture may be executed in any number
of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission will constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF will be deemed to be their original signatures for all purposes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.09. Governing Law; Waiver
of Jury Trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Indenture and each Security shall be
deemed to be a contract made under the laws of the State of New York, and for all purposes shall be governed by and construed in
accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.10. Severability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In case any provision in this Indenture or
in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Trustee, by its execution of this Indenture,
hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions hereinabove set forth.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.11. Interpretations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Table of Contents, Cross-Reference Table
and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.12. U.S.A. Patriot Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The parties hereto acknowledge that in accordance
with Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (the &ldquo;USA PATRIOT Act&rdquo;), the Trustee, like all financial institutions and in order to help fight the funding
of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 15.13. Force Majeure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services, it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>SECTION 15.14. Jurisdiction</B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company and the Trustee agree that any
suit, action or proceeding arising out of or based upon this Indenture or the Securities may be instituted in any state or Federal
court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and irrevocably submit to the
non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company and the Trustee irrevocably waive, to
the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought in connection with this
Indenture or the Securities, including such actions, suits or proceedings relating to securities laws of the United States or any
state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action
or proceeding has been brought in an inconvenient forum. The Company and the Trustee agree that final judgment in any such suit,
action or proceeding brought in such court shall be conclusive and binding upon the Company or the Trustee, as applicable, and
may be enforced in any court to the jurisdiction of which the Company or the Trustee, as applicable, is subject by a suit upon
such judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
16</FONT><BR>
SUBORDINATION OF SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">SECTION 16.01. Securities Subordinate
to Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Except as otherwise provided in a supplemental
indenture or pursuant to Section 2.01, the Company agrees, and each Holder by accepting a Security agrees, that the indebtedness
evidenced by the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article, to the
prior payment in full of all Senior Indebtedness and that the subordination is for the benefit of the holders of Senior Indebtedness.
Notwithstanding the foregoing, if a deposit is made pursuant to Section 14.02 or Section 14.03 with respect to any Securities (and
provided all other conditions set out in Section 14.02 or 14.03, as applicable, shall have been satisfied with respect to such
Securities), then, when the 90th day after such deposit has ended, no money obligations so deposited, and no proceeds thereon,
will be subject to any rights of holders of Senior Indebtedness, including any such rights arising under this Article 16. Notwithstanding
anything in this Indenture to the contrary, the provisions of this Article 16 shall not apply to any amounts due to the Trustee
under Section 7.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">IN WITNESS WHEREOF, SIMMONS FIRST NATIONAL
CORPORATION has caused this Indenture to be signed and acknowledged by its Chief Executive Officer or its President or one of its
Vice Presidents, and WILMINGTON TRUST, NATIONAL ASSOCIATION has caused this Indenture to be signed and acknowledged by one of its
Responsible Officers, all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SIMMONS FIRST NATIONAL CORPORATION</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"> /s/ Robert A. Fehlman</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.25in">Name:  Robert A. Fehlman</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in">Title: SEVP &amp; CFO</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 44%">WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 42%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid">/s/  Michael H. Wass</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.25in">Name: Michael H. Wass</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in">Title:&nbsp;&nbsp;&nbsp;Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM OF NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS SECURITY AND THE OBLIGATIONS OF
THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED
BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND (2) ARE
SUBORDINATE IN THE RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBAL NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY,
WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I)
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO CEDE &amp; CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Simmons
First National Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[&#9679;]% Fixed-to-Floating Rate Subordinated
Notes due 20[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">No. 1</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt">CUSIP: [&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">ISIN: [&#9679;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Simmons First National
Corporation, an Arkansas corporation (hereinafter called the &ldquo;<U>Company</U>,&rdquo; which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &amp; CO., or its registered assigns,
the principal sum of $[&#9679;] (or such other amount as set forth in the Schedule of Increases or Decreases in Global Note attached
hereto) on [&#9679;], 20[&#9679;] (such date is hereinafter referred to as the &ldquo;<U>Stated Maturity Date</U>&rdquo;), unless
redeemed prior to such date, and to pay interest thereon (i) from, and including, [&#9679;], 20[&#9679;], to, but excluding, [&#9679;],
20[&#9679;], unless redeemed prior to such date, at a rate of [&#9679;]% per annum, semi-annually in arrears on [&#9679;] and [&#9679;]
of each year, commencing [&#9679;], 20[&#9679;] (each such date, a &ldquo;<U>Fixed Rate Interest Payment Date</U>,&rdquo; with
the period from, and including, [&#9679;], 20[&#9679;] to, but excluding, the first Fixed Rate Interest Payment Date and each successive
period from, and including, a Fixed Rate Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being
a &ldquo;<U>Fixed Rate Period</U>&rdquo;) and (ii) from, and including, [&#9679;], 20[&#9679;] to, but excluding, the Stated Maturity
Date, unless redeemed subsequent to [&#9679;], 20[&#9679;] but prior to the Stated Maturity Date, at a rate equal to Three-month
LIBOR, reset quarterly, plus [&#9679;] basis points ([&#9679;]%), payable quarterly in arrears on [&#9679;], [&#9679;], [&#9679;]
and [&#9679;] of each year through the Stated Maturity Date or earlier redemption date (each, a &ldquo;<U>Floating Rate Interest
Payment Date</U>,&rdquo; and together with the Fixed Rate Interest Payment Dates, the &ldquo;<U>Interest Payment Dates</U>,&rdquo;
with the period from, and including, [&#9679;], 20[&#9679;] to, but excluding, the first Floating Rate Interest Payment Date and
each successive period from, and including a Floating Rate Interest Payment Date to, but excluding, the next Floating Rate Interest
Payment Date being a &ldquo;<U>Floating Rate Period</U>&rdquo;). The amount of interest payable on any Fixed Rate Interest Payment
Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but
excluding [&#9679;], 20[&#9679;], and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating
Rate Period will be computed on the basis of a 360-day year and the number of days actually elapsed. In the event that any scheduled
Interest Payment Date for this Note falls on a day that is not a Business Day, then payment of interest payable on such Interest
Payment Date will be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as
being made on the date that the payment was first due and no interest on such payment will accrue for the period from and after
such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls
on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating
Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable
on such Business Day will include interest accrued to but excluding such Business Day. All percentages used in or resulting from
any calculation of Three-month LIBOR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point,
with 0.000005% rounded up to 0.00001%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any principal and
premium, and any such installment of interest, which is overdue shall bear interest at the applicable rate set forth in the previous
paragraph (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until
they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the [&#9679;] day of the month (whether or not a Business Day) immediately
preceding such Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payment of the principal
of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, which shall initially
be the Corporate Trust Office of the Trustee, in such currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of this page intentionally
left blank. Signature page follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the Company has caused
this Note to be signed manually or by facsimile by its duly authorized officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Simmons First National Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Attest</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 53%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Corporate Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is one of the Notes of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of authentication: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B>, as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REVERSE OF NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Simmons
First National Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[&#9679;]% Fixed-to-Floating Rate Subordinated
Notes due 20[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Note is one of
a duly authorized issue of Securities of the Company of a series designated as the &ldquo;[&#9679;]% Fixed-to-Floating Rate Subordinated
Notes due 20[&#9679;]&rdquo; (herein called the &ldquo;<U>Notes</U>&rdquo;) initially issued in an aggregate principal amount of
$[&#9679;] on [&#9679;]. Such series of Securities has been established pursuant to, and is one of an indefinite number of series
of subordinated debt securities of the Company issued or issuable under and pursuant to the Subordinated Indenture, dated as of
[&#9679;], 2018 (the &ldquo;<U>Base Indenture</U>&rdquo;), between the Company and Wilmington Trust, National Association, as Trustee
(herein called the &ldquo;<U>Trustee</U>,&rdquo; which term includes any successor trustee), as supplemented and amended by the
Supplemental Indenture between the Company and the Trustee, dated as of [&#9679;] (the &ldquo;<U>Supplemental Indenture</U>,&rdquo;
and the Base Indenture as supplemented and amended by the Supplemental Indenture, the &ldquo;<U>Indenture</U>&rdquo;), to which
Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Persons in whose names Notes are registered from
time to time and of the terms upon which the Notes are, and are to be, authenticated and delivered. The terms, conditions and provisions
of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939,
as amended (the &ldquo;<U>Trust Indenture Act</U>&rdquo;), and those set forth in this Note. To the extent that the terms, conditions
and provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and
other provisions of this Note shall govern to the extent that such terms, conditions and other provisions of this Note are not
inconsistent with the terms, conditions and provisions made part of the Indenture by reference to the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All capitalized terms
used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture.
To the extent that any capitalized term used in this Note and defined herein is also defined in the Indenture but conflicts with
the definition provided in the Indenture, the definition of the capitalized term in this Note shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The indebtedness of
the Company evidenced by the Notes, including the principal thereof, premium, if any, Additional Amounts, if any, and interest
thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior
payment in full of all Senior Indebtedness, whether outstanding at the date hereof or hereafter incurred, and on the terms and
subject to the terms and conditions set forth in the Indenture, shall rank senior in right of payment to the Company's outstanding subordinated debentures as set forth in [&#9679;] and shall rank <I>pari passu </I>in right of payment with all other
Securities and with all other unsecured subordinated indebtedness of the Company and not by its terms subordinate and subject in
right of payment to the prior payment in full of debentures, notes, bonds or other evidences of indebtedness of types that include
the Notes. Each Holder of this Note, by the acceptance hereof, agrees to and shall be bound by such provisions of the Indenture
and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the
subordination so provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are intended
to be treated as Tier 2 capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes of
capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with
jurisdiction over bank holding companies) (the &ldquo;<U>Federal Reserve Board</U>&rdquo;) as then in effect and applicable to
the Company. If an Event of Default with respect to Notes shall occur and be continuing, the principal and interest owed on the
Notes shall only become due and payable in accordance with the terms and conditions set forth in Article 6 of the Base Indenture
and Section 3.02(n) of the Supplemental Indenture. <B>Accordingly, the Holder of this Note has no right to accelerate the maturity
of this Note in the event that the Company fails to pay interest on any of the Notes, or fails to perform any other obligations
under the Notes or in the Indenture that are applicable to the Notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may, at
its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest (the &ldquo;<U>Redemption Price</U>&rdquo;) to but excluding, the date of redemption
(the &ldquo;<U>Redemption Date</U>&rdquo;), on any Interest Payment Date on or after [&#9679;]. The Company may also, at its option,
redeem the Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital
Event, a Tax Event or a 1940 Act Event. Any such redemption will be at a redemption price equal to the Redemption Price to, but
excluding, the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior to the Stated Maturity Date
shall be made without the prior approval of the Federal Reserve Board if such prior approval is or will be required at the scheduled
Redemption Date. The provisions of Article 3 of the Base Indenture and Section 3.02(g) of the Supplemental Indenture shall apply
to the redemption of any Notes by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are not
entitled to the benefit of any sinking fund. The Notes are not convertible into or exchangeable for any other securities or property
of the Company or any Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of at least
a majority in principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Register described
in Section 2.07 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of the
Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Registrar duly executed by the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are issuable
only in registered form without coupons in minimum denominations of $1,000 and any integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>This Security is
a global note, represented by one or more permanent global certificates registered in the name of the nominee of The Depository
Trust Company (each a &ldquo;<U>Global Note</U>&rdquo; and collectively, the &ldquo;<U>Global Notes</U>&rdquo;). Accordingly, unless
and until it is exchanged for individual certificates, this Note may not be transferred except as a whole by The Depository Trust
Company (the &ldquo;<U>Depositary</U>&rdquo;) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary
or any nominee to a successor Depositary or any nominee of such successor. Ownership of beneficial interests in this Security will
be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary
or its nominee (with respect to interest of persons that have accounts with the Depositary (&ldquo;<U>Participants</U>&rdquo;))
and the records of Participants (with respect to interests of persons other than Participants). Beneficial interests in Notes owned
by persons that hold through Participants will be evidenced only by, and transfers of such beneficial interests with such Participants
will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests
in this Note will not be entitled to have any individual certificates and will not be considered the owners or Holders thereof
under the Indenture.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Except in the limited
circumstances set forth in the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be
entitled to receive Notes in the form of Individual Securities and will not be considered Holders of Notes. None of the Company,
the Trustee, the Registrar, the Paying Agent or any of their respective agents will be liable for any delay by the Depositary,
its nominee or any direct or indirect Participant in identifying the beneficial owners of the related Notes. The Company, the Trustee,
the Registrar, the Paying Agent and each of their respective agents may conclusively rely on, and will be protected in relying
on, instructions from the Depositary or its nominee for all purposes, including with respect to the registration and delivery,
and the respective principal amounts, of the Notes to be issued.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Except as provided
in Section 2.07 of the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes
in the form of Individual Securities, and no Global Note will be exchangeable except for another Global Note of like denomination
and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest
in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of the
Participant through which such person owns its interest, to exercise any rights of a Holder under the Notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The laws of some
jurisdictions may require that certain purchasers of securities take physical delivery of those securities in definitive form.
Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those persons may be limited. In addition,
because the Depositary can act only on behalf of its Participants, who in turn act on behalf of persons who hold interests through
Participants, the ability of a person having an interest in Notes represented by a Global Note to pledge or transfer such interest
to persons or entities that do not participate in the Depositary&rsquo;s system, or otherwise to take actions in respect of such
interest, may be affected by the lack of a physical definitive security in respect of such interest. None of the Company, the Trustee,
the Paying Agent and the Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating
to the Notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Trustee will act
as the Company&rsquo;s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 1100 North
Market Street, Wilmington, Delaware 19890. The Company may at any time rescind the designation of a Paying Agent, appoint a successor
Paying Agent, or approve a change in the office through which any Paying Agent acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notices to the Holders
of registered Notes in the form of Individual Securities will be given to such Holders at their respective addresses in the Register,
or in the case of Global Notes, electronic delivery in accordance with DTC&rsquo;s applicable procedures. The Indenture contains
provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture
or for any remedy under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">THIS NOTE SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To assign the within Security, fill in
the form below: I or we assign and transfer the within Security to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Insert assignee&rsquo;s legal name)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Insert assignee&rsquo;s social security or tax I.D. number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Print or type assignee&rsquo;s name, address and zip code)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint the Trustee as agent to transfer this
Security on the books of Simmons First National Corporation. The agent may substitute another to act for it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Signature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Sign exactly as your name appears on the other side of this
Security</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE GUARANTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Signatures must be guaranteed by an &ldquo;eligible
guarantor institution&rdquo; meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (&ldquo;<U>STAMP</U>&rdquo;) or such other &ldquo;signature guarantee program&rdquo;
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial principal amount of this Global
Note is $[&#9679;]. The following increases or decreases in the principal amount of this Global Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>decrease in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>principal amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of this </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Global Note</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>increase in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>principal amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of this </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Global Note</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal <BR>
amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of this </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Global Note <BR>
following such <BR>
decrease </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>or increase</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>signatory of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</BODY>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>c489276_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIMMONS FIRST NATIONAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST SUPPLEMENTAL INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>dated as of March 26, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to the Subordinated Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>dated as of March 26, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.00% Fixed-to-Floating Rate Subordinated
Notes due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington Trust, National Association,
as Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FIRST SUPPLEMENTAL INDENTURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS FIRST SUPPLEMENTAL INDENTURE (&ldquo;<B>First
Supplemental Indenture</B>&rdquo;), dated as of March 26, 2018 by and between Simmons First National Corporation, an Arkansas corporation
(the &ldquo;<B>Company</B>&rdquo;), and Wilmington Trust, National Association, a national banking association, not in its individual
capacity but solely as trustee (&ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company and the Trustee
have executed and delivered a Subordinated Indenture, dated as of March 26, 2018 (the &ldquo;Base Indenture&rdquo; and as supplemented
by this First Supplemental Indenture and further supplemented from time to time, the &ldquo;<B>Indenture</B>&rdquo;), to provide
for the issuance from time to time by the Company of its unsecured subordinated indebtedness to be issued in one or more series
as provided in the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the issuance and sale of
Three Hundred and Thirty Million Dollars ($330,000,000) aggregate principal amount of a new series of Securities of the Company
designated as its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2028 (the &ldquo;<B>2028 Notes</B>&rdquo;) have been authorized
by resolutions adopted by the Pricing Committee of the Board of Directors of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to issue
and sell Three Hundred and Thirty Million Dollars ($330,000,000) aggregate principal amount of the 2028 Notes as of the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company desires to establish
the terms of the 2028 Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, all things necessary to
make this First Supplemental Indenture a legal and binding supplement to the Base Indenture in accordance with its terms and the
terms of the Base Indenture have been done;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company has complied
with all conditions precedent provided for in the Base Indenture relating to this First Supplemental Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company has requested
that the Trustee execute and deliver this First Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, for and in consideration
of the premises stated herein and the purchase of the 2028 Notes by the Holders thereof, the Company and the Trustee covenant and
agree, for the equal and proportionate benefit of the Holders of the 2028 Notes, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
I</FONT><BR>
<FONT STYLE="font-size: 10pt">SCOPE OF FIRST SUPPLEMENTAL INDENTURE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Scope</I>. This First
Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of the Indenture and shall be read together
with the Base Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the
First Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding
the foregoing, this First Supplemental Indenture shall only apply to the 2028 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
II</FONT><BR>
<FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definitions and Other
Provisions of General Application</I>. For all purposes of this First Supplemental Indenture unless otherwise specified herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
terms used in this First Supplemental Indenture which are not otherwise defined herein shall have the meanings they are given in
the Base Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
provisions of general application stated in Sections 15.01 through 15.14 of the Base Indenture shall apply to this First Supplemental
Indenture, except that the words &ldquo;<B>herein</B>,&rdquo; &ldquo;<B>hereof</B>,&rdquo; &ldquo;<B>hereto</B>&rdquo; and &ldquo;<B>hereunder</B>&rdquo;
and other words of similar import refer to this First Supplemental Indenture as a whole and not to the Base Indenture or any particular
Article, Section or other subdivision of the Base Indenture or this First Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1.01 of the Base Indenture is amended and supplemented, solely with respect to the 2028 Notes, by inserting the following additional
defined terms in their appropriate alphabetical positions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Calculation Agent&rdquo;</B> means
Wilmington Trust, National Association, or any other successor appointed by the Company, acting as calculation agent. The Company
may appoint itself, or any of its affiliates, as the Calculation Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Designated LIBOR Page</B>&rdquo;
means the display on Bloomberg Page BBAM1 (or any successor or substitute page of such service, or any successor to such service
selected by the Company), for the purpose of displaying the London interbank rates for U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;DTC&rdquo;</B> has the meaning
provided in Section 3.02(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Federal Reserve&rdquo;</B> has
the meaning provided in the definition of &ldquo;Tier 2 Capital Event.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Fixed Rate Interest Payment Date&rdquo;</B>
has the meaning provided in Section 3.02(e)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Fixed Rate Period&rdquo;</B> has
the meaning provided in Section 3.02(e)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Fixed Rate Regular Record Date&rdquo;</B>
has the meaning provided in Section 3.02(e)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Floating Rate Interest Payment
Date&rdquo;</B> has the meaning provided in Section 3.02(e)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Floating Rate Period&rdquo;</B>
has the meaning provided in Section 3.02(e)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Floating Rate Regular Record Date&rdquo;</B>
has the meaning provided in Section 3.02(e)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Interest Payment Date&rdquo;</B>
has the meaning provided in Section 3.02(e)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Issue Date&rdquo;</B> means March
26, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>London Banking Day</B>&rdquo;
means any day on which commercial banks are open for business (including dealing in U.S. dollars) in London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Representative Amount&rdquo;</B>
has the meaning provided in the definition of &ldquo;Three-Month LIBOR.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Reset Rate Determination Date&rdquo;</B>
means the second London Banking Day immediately preceding the first day of each applicable interest period commencing on the first
Floating Rate Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Tax Event&rdquo;</B> shall mean
the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment to, or change
(including any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision
or taxing authority thereof or therein, or (b) any official administrative pronouncement or judicial decision interpreting or applying
such laws or regulations, which amendment or change becomes effective or which pronouncement or decision is announced on or after
the date of original issuance of the 2028 Notes, there is more than an insubstantial risk that the interest payable by the Company
on the 2028 Notes is not, or within 90 days of the date of such opinion will not be, deductible by the Company, in whole or in
part, for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Tier 2 Capital Event&rdquo;</B>
shall mean the receipt by the Company of an opinion of independent bank regulatory counsel to the effect that, as a result of (a)
any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United
States or any rules, guidelines or policies of an applicable regulatory authority for the Company or (b) any official administrative
pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or
which pronouncement or decision is announced on or after the original Issue Date of the 2028 Notes, in each case, that there is
more than an insubstantial amount of risk that the Company will not be entitled to treat the 2028 Notes then outstanding as Tier
2 Capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines
of the Board of Governors of the Federal Reserve System (the &ldquo;<B>Federal Reserve</B>&rdquo;) (or any successor regulatory
authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company, for so long as any 2028
Note is outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Three-Month LIBOR</B>&rdquo; means,
for any interest period, the offered rate for deposits in U.S. dollars having a maturity of three months that appears on the Designated
LIBOR Page as of 11:00 a.m., London time, on the Reset Rate Determination Date related to such interest period. If such rate does
not appear on such page at such time, then the Calculation Agent will request the principal London office of each of four major
reference banks in the London interbank market, selected by the Company for this purpose and whose names and contact information
will be provided by the Company to the Calculation Agent, to provide such bank&rsquo;s offered quotation to prime banks in the
London interbank market for deposits in U.S. dollars with a term of three months as of 11:00 a.m., London time, on such Reset Rate
Determination Date and in a principal amount equal to an amount for a single transaction in U.S. dollars in the relevant market
at the relevant time as determined by the Company and provided to the Calculation Agent (a &ldquo;<B>Representative Amount</B>&rdquo;).
If at least two such quotations are so provided, Three-Month LIBOR for the interest period related to such Reset Rate Determination
Date will be the arithmetic mean of such quotations. If fewer than two such quotations are provided, the Calculation Agent will
request each of three major banks in the City of New York selected by the Company for this purpose and whose names and contact
information will be provided by the Company to the Calculation Agent, to provide such bank&rsquo;s rate for loans in U.S. dollars
to leading European banks with a term of three months as of approximately 11:00 a.m., New York City time, on such Reset Rate Determination
Date and in a Representative Amount. If at least two such rates are so provided, Three-Month LIBOR for the interest period related
to such Reset Rate Determination Date will be the arithmetic mean of such quotations. If fewer than two such rates are so provided,
then Three-Month LIBOR for the interest period related to such Reset Rate Determination Date will be set to equal the Three-Month
LIBOR for the immediately preceding interest period or, in the case of the interest period commencing on the First Floating Rate
Interest Payment Date, 2.85%, resulting in a coupon rate of 5.00%. All percentages used in or resulting from any calculation of
Three-Month LIBOR will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded
up to 0.00001%. Notwithstanding the foregoing, in the event that Three-Month LIBOR as determined in accordance with this definition
is less than zero, Three-Month LIBOR for such interest period shall be deemed to be zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if the Calculation Agent determines
that three-month LIBOR has been discontinued, then the Company will determine and provide to the Calculation Agent in writing whether
to calculate the relevant interest rate using a substitute or successor base rate that it has determined in its sole discretion
is most comparable to three-month LIBOR, provided that if the Calculation Agent determines there is an industry-accepted substitute
or successor base rate, the Calculation Agent will use that substitute or successor base rate as directed by the Company in writing.
If a substitute or successor base rate has been determined in accordance with the foregoing, the Company in its sole discretion
may determine what business day convention to use, the definition of business day, the dividend determination date to be used and
any other relevant methodology for calculating such substitute or successor base rate, including any adjustment factor needed to
make such substitute or successor base rate comparable to the LIBOR base rate, in a manner that is consistent with industry-accepted
practices for such substitute or successor base rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1.01 of the Base Indenture is amended and supplemented, solely with respect to the 2028 Notes, by replacing the corresponding defined
term in the Base Indenture with the following defined terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Additional Amounts</B>&rdquo;
means any additional amounts that are required by the Indenture or the 2028 Notes, under circumstances specified by the Indenture
or the 2028 Notes, to be paid by the Company in respect of certain taxes, duties, levies, imposts, assessments or other governmental
charges imposed on holders of the 2028 Notes specified by the Indenture or the 2028 Notes and which are owing to such holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&ldquo;Senior Indebtedness&rdquo;</B>
means, without duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing
of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding),
fees, charges, expenses, reimbursement and indemnification obligations, and all other amounts payable under or in respect of the
following indebtedness, whether any such indebtedness exists as of the date of the Indenture or is created, incurred or assumed
after such date: (i) all obligations for borrowed money, (ii) all obligations evidenced by debentures, Securities or other similar
instruments, (iii) all obligations in respect of letters of credit or bankers acceptances or similar instruments (or reimbursement
obligations with respect thereto), (iv) all obligations to pay the deferred purchase price of property or services, except trade
accounts payable arising in the ordinary course of business, (v) all indebtedness of others guaranteed by the Company or any of
its Subsidiaries or for which the Company or any of its Subsidiaries is legally responsible or liable (whether by agreement to
purchase indebtedness of, or to supply funds or to invest in, others), (vi) indebtedness secured by any mortgage, pledge, lien,
charge, encumbrance or any security interest existing on property owned by the Company but excluding any obligations of the Company
which are required (as opposed to elected) to be treated as capitalized leases under GAAP, (vii) obligations associated with derivative
products such as interest rate and currency exchange contracts, foreign exchange contracts, commodity contracts, and similar arrangements,
(viii) purchase money and similar obligations, (ix) interest or obligations in respect of any of the foregoing accruing after the
commencement of insolvency or bankruptcy proceedings, and (x) any renewals, extensions, refundings or replacements of any of the
foregoing; in each case, whether outstanding on the date this Subordinated Indenture becomes effective, or created, assumed or
incurred after that date. Senior Indebtedness excludes any indebtedness that: (a) expressly states that it is junior to, or ranks
equally in right of payment with, the 2028 Notes; or (b) is identified as junior to, or equal in right of payment with, the 2028
Notes in any Board Resolution establishing such series of Securities or in any supplemental indenture. Notwithstanding the foregoing,
and for the avoidance of doubt, if the Federal Reserve (or other competent regulatory agency or authority) promulgates any rule
or issues any interpretation that defines general creditor(s), the main purpose of which is to establish criteria for determining
whether the subordinated debt of a financial or bank holding company is to be included in its capital, then the term &ldquo;general
creditors&rdquo; as used in this definition will have the meaning as described in that rule or interpretation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
III</FONT><BR>
<FONT STYLE="font-size: 10pt">FORM AND TERMS OF THE 2028 Notes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Form and Dating</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2028 Notes shall be substantially in the form of <U>Exhibit A</U> attached hereto. The 2028 Notes shall be executed on behalf of
the Company by its Chairman of the Board, its Chief Executive Officer, its President or one of its Executive Vice Presidents, attested
by its Secretary or one of its Assistant Secretaries. The 2028 Notes may have a legend or legends or endorsements as may be required
to comply with any law or with any rules of any securities exchange or usage. The 2028 Notes shall be dated the date of their authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms contained in the 2028 Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this
First Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this First Supplemental Indenture,
expressly agree to such terms and provisions and to be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms of the 2028 Notes</I>.
The following terms relating to the 2028 Notes are hereby established:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Title</I>.
The 2028 Notes shall constitute a series of Securities having the title &ldquo;Simmons First National Corporation 5.00% Fixed-to-Floating
Rate Subordinated Notes due 2028&rdquo; and the CUSIP number 828730 AB7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Principal
Amount</I>. The aggregate principal amount of the 2028 Notes that may be authenticated and delivered under the Indenture, as amended
hereby, shall be Three Hundred and Thirty Million Dollars ($330,000,000) on the Issue Date. Provided that no Event of Default has
occurred and is continuing with respect to the 2028 Notes, the Company may, without notice to or the consent of the Holders, create
and issue additional Securities having the same terms as, and ranking equally and ratably with, the 2028 Notes in all respects
and so that such additional 2028 Notes will be consolidated and form a single series with, and have the same terms as to status,
redemption or otherwise as, the 2028 Notes initially issued, provided that such additional 2028 Notes are fungible for U.S. federal
income tax purposes with the 2028 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Person
to Whom Interest is Payable</I>. Interest payable, and punctually paid or duly provided for, on any Interest Payment Date will
be paid to the person in whose name the 2028 Notes are registered for such interest at the close of business on the 15th day of
the month immediately preceding the applicable Interest Payment Date, whether or not such day is a Business Day. Any such interest
which is payable, but not so punctually paid or duly provided for on any Interest Payment Date shall cease to be payable to the
Holder on such relevant record date by virtue of having been a Holder on such date, and such defaulted interest may be paid by
the Company to the person in whose name the 2028 Note is registered at the close of business on a special record date for the payment
of such defaulted interest to be fixed by the Company, notice whereof shall be given to Holders of 2028 Notes of this series not
less than 15 days prior to such special record date that complies with Section 15.04 of the Base Indenture, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange on which the 2028 Notes may be listed
and upon such notice as may be required by such exchange and in compliance with the Base Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maturity
Date</I>. The entire outstanding principal amount of the 2028 Notes shall be payable on April 1, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2028 Notes will bear interest at a fixed rate of 5.00% per annum from and including March 26, 2018 to, but excluding, April 1,
2023 (the <B>&ldquo;Fixed Rate Period&rdquo;</B>). Interest accrued on the 2028 Notes during the Fixed Rate Period will be payable
semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2018 (each such date a <B>&ldquo;Fixed
Rate Interest Payment Date&rdquo;</B>). The interest payable during the Fixed Rate Period will be paid to each holder in whose
name a 2028 Note is registered at the close of business on the 15th day (whether or not a Business Day) of the month immediately
preceding the applicable Fixed Rate Interest Payment Date (each such date, a <B>&ldquo;Fixed Rate Regular Record Date&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2028 Notes will bear a floating interest rate from and including April 1, 2023 to the Maturity Date or Redemption Date (the <B>&ldquo;Floating
Rate Period&rdquo;</B>). The floating interest rate will be reset quarterly, and the interest rate for any Floating Rate Period
shall be equal to Three-Month LIBOR plus 2.15%. During the Floating Rate Period, interest on the 2028 Notes will be payable quarterly
in arrears on January 1, April 1, July 1 and October 1 of each year commencing on April 1, 2023 through the Maturity Date or Redemption
Date (each such date, a <B>&ldquo;Floating Rate Interest Payment Date&rdquo;</B>, together with a Fixed Rate Interest Payment Date,
an <B>&ldquo;Interest Payment Date&rdquo;</B>). The interest payable during the Floating Rate Period will be paid to each holder
in whose name a Note is registered at the close of business on the 15th day (whether or not a Business Day) of the month immediately
preceding the applicable Floating Rate Interest Payment Date (each such date, a <B>&ldquo;Floating Rate Regular Record Date&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of
a 360-day year consisting of twelve 30-day months up to, but excluding April 1, 2023, and, the amount of interest payable on any
Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number
of days actually elapsed. In the event that any scheduled Interest Payment Date for the 2028 Notes falls on a day that is not a
Business Day, then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a
Business Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest
on such payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that
any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day
falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding
Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to but excluding such
Business Day. Dollar amounts resulting from interest calculations will be rounded to the nearest cent, with one-half cent being
rounded upward.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that for so long as any of the 2028 Notes are outstanding there will at all times be a Calculation Agent appointed
to calculate Three-Month LIBOR in respect of each Floating Rate Period. The calculation of Three-Month LIBOR for each applicable
Floating Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent
shall have all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Company
hereby appoints Wilmington Trust, National Association, as Calculation Agent for the purposes of determining Three-Month LIBOR
for each Floating Interest Period and Wilmington Trust, National Association accepts the appointment. The Calculation Agent may
be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed
by the Company, the Company will promptly appoint a replacement Calculation Agent, including the Company or its Affiliates. The
Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation
Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice
of resignation by the Calculation Agent, the resigning Calculation Agent may petition, at the expense of the Company, any court
of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Calculation Agent&rsquo;s
calculation of the amount of any interest payable after the first Reset Rate Determination Date will be maintained on file at the
Calculation Agent&rsquo;s principal offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Place
of Payment of Principal and Interest</I>. So long as the 2028 Notes shall be issued in global form, the Company shall make, or
cause the Paying Agent to make, all payments of principal and interest on the 2028 Notes by wire transfer in immediately available
funds to the U.S. Depositary or its nominee, in accordance with applicable procedures of the U.S. Depositary. If the 2028 Notes
are not in global form, the Company, may, at its option, make, or cause the Paying Agent to make, payments of principal and interest
on the 2028 Notes by check mailed to the address of the person specified for payment in accordance with Section 3.02(e)(i) and
(e)(ii) above. A global security with respect to the 2028 Notes shall be exchangeable for physical securities of such series only
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
U.S. Depositary is at any time unwilling or unable or ineligible to continue as a depository or ceases to be a clearing agency
registered under the Exchange Act and a successor depository is not appointed by the Company within 90 days of the date the Company
is so notified in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company executes and delivers to the Trustee a Company Order to the effect that such global securities shall be so exchangeable
(and the Trustee consents thereto); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Event of Default has occurred and is continuing with respect to the global securities and a Holder requests such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Redemption</I>.
The 2028 Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company prior to
the Maturity Date beginning with the Interest Payment Date on April 1, 2023, and on any Interest Payment Date thereafter subject
to obtaining the prior approval of the Federal Reserve to the extent such approval is required under the rules of the Federal Reserve
at the time of redemption. The 2028 Notes may not otherwise be redeemed prior to the Maturity Date, except that the Company may,
at its option, redeem the 2028 Notes before the Maturity Date in whole but not in part from time to time, upon the occurrence of
a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment
Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption will be at a Redemption Price equal to 100% of the
principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date fixed
by the Company. The provisions of Article 3 of the Base Indenture shall apply to any redemption of the 2028 Notes pursuant to this
Article 3. Any partial redemption will be made in accordance with The Depository Trust Company&rsquo;s (&ldquo;<B>DTC</B>&rdquo;)
applicable procedures among all of the Holders of the 2028 Notes. If any 2028 Note is to be redeemed in part only, the notice of
redemption relating to such 2028 Note shall state that it is a partial redemption and the portion of the principal amount thereof
to be redeemed. The 2028 Notes are not subject to redemption or prepayment at the option of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sinking
Fund</I>. There shall be no sinking fund for the 2028 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Denomination</I>.
The 2028 Notes and any beneficial interest in the 2028 Notes shall be in minimum denominations of $1,000 and integral multiples
of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency
of the 2028 Notes</I>. The 2028 Notes shall be denominated, and payment of principal and interest of the 2028 Notes shall be payable
in, the currency of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acceleration</I>.
Neither the Trustee nor the Holders of the 2028 Notes shall have the right to accelerate the maturity of the 2028 Notes unless
there is an Event of Default specified under clause (d) or (e) of Section 6.01 of the Base Indenture. If an Event of Default specified
in clause (d) or (e) of Section 6.01 of the Base Indenture occurs, then the principal amount of all of the outstanding 2028 Notes,
including any accrued and unpaid interest on the 2028 Notes and premium, if any, shall automatically become and be immediately
due and payable without any declaration or other act on the part of the Trustee or the Holders of the 2028 Notes in accordance
with the provisions of Section 6.01 and 6.02 of the Base Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stated
Maturity</I>. The principal of the 2028 Notes shall be payable on April 1, 2028 subject to acceleration as provided under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registered
Form</I>. The 2028 Notes shall be issuable as registered global Securities, and the U.S. Depositary for the 2028 Notes shall be
DTC or any successor U.S. Depositary appointed by the Company within 90 days of the termination of services of DTC (or any successor
to DTC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Events
of Default; Acceleration of Maturity. </I>The Events of Default provided for in Section 6.01 of the Base Indenture shall apply
to the 2028 Notes; provided that the text of clause (b) of Section 6.01 of the Base Indenture is deleted and replaced with the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&ldquo;(b) default in the payment
of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable, and
continuance of such default for a period of 30 days; or&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ranking</I>.
The 2028 Notes shall rank junior to and shall be subordinated to all Senior Indebtedness of the Company, whether existing as of
the date of this First Supplemental Indenture, or hereafter issued or incurred, including all indebtedness relating to money owed
to general creditors and trade creditors. The 2028 Notes shall rank senior to principal and accrued but unpaid interest related
to the Company&rsquo;s outstanding subordinated debentures, which are as follows: Trust preferred securities, due 12/30/2033, floating
rate of 2.80% above the three month LIBOR rate, reset quarterly, callable without penalty; Trust preferred securities, net of discount,
due 6/30/2035, floating rate of 1.75% above the three month LIBOR rate, reset quarterly, callable without penalty; Trust preferred
securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly; Trust preferred
securities, net of discount, due 12/5/2033, floating rate of 2.88% above the three month LIBOR rate, reset quarterly, callable
without penalty; Trust preferred securities, net of discount, due 10/18/2034, floating rate of 2.00% above the three month LIBOR
rate, reset quarterly, callable without penalty; Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57%
above the three month LIBOR rate, reset quarterly, callable without penalty; Trust preferred securities, due 12/15/2035, floating
rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty; Trust preferred securities, due 6/26/2033,
floating rate of 3.10% above the three month LIBOR rate, reset quarterly, callable without penalty; Trust preferred securities,
due 10/7/2033, floating rate of 2.85% above the three month LIBOR rate, reset quarterly, callable without penalty; Trust preferred
securities, due 9/15/2037, floating rate of 2.00% above the three month LIBOR rate, reset quarterly, callable without penalty;
and Other subordinated debentures, net of discount, due 9/30/2023, floating rate equal to daily average of prime rate, reset quarterly.
Subject to the terms of the Base Indenture, if the Trustee or any holder of any of the 2028 Notes receives any payment or distribution
of the Company&rsquo;s assets in contravention of the subordination provisions applicable to the 2028 Notes before all Senior Indebtedness
is paid in full in cash, property or securities, including by way of set-off or any such payment or distribution that may be payable
or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the 2028
Notes, then such payment or distribution will be held in trust for the benefit of holders of Senior Indebtedness or their representatives
to the extent necessary to make payment in full in cash or payment satisfactory to the holders of Senior Indebtedness of all unpaid
Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Collateral</I>. The 2028 Notes shall not be entitled to the benefit of any security interest in, or collateralization by, any rights,
property or interest of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supplemental
Indentures with Consent of Holders</I>. Section 10.02 of the Base Indenture shall apply to the 2028 Notes; provided, that clauses
(3) and (4) of the last sentence of the first full paragraph shall be deleted and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;(3) modify the subordination
provisions in a manner adverse to the holders of such Securities without the consent of the holders of all Securities then Outstanding,
(4) waive a redemption payment with respect to any Security without the consent of the holders of all Securities then Outstanding,
or (5) modify any of the above provisions without the consent of the holders of all Securities then Outstanding.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Terms</I>. Other terms applicable to the 2028 Notes are as otherwise provided for in the Base Indenture, as supplemented by this
First Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">Article
IV</FONT><BR>
<FONT STYLE="font-size: 10pt">SUPPLEMENTAL INDENTURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supplemental Indentures</I>.
The following paragraph shall be added to the end of Section 10.02 of the Base Indenture and shall only apply to the 2028 Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;Not in limitation of the foregoing, without the
consent of any Holder of 2028 Notes, the Company and the Trustee may amend or supplement the Indenture or the 2028 Notes to conform
the terms of the Indenture and the 2028 Notes to the description of the 2028 Notes in the prospectus supplement dated March 21,
2018 relating to the offering of the 2028 Notes.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
V</FONT><BR>
<FONT STYLE="font-size: 10pt">MISCELLANEOUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ratification</I>. The
Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed. The
Base Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions
included in this First Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted
by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this First Supplemental Indenture, and
agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this First Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness</I>. The
provisions of this First Supplemental Indenture shall become effective as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indenture and Notes
Solely Corporate Obligations</I>. No recourse for the payment of the principal of or interest or any Additional Amounts on any
2028 Note, or for any claim based thereon or otherwise in respect thereof, shall be had against any shareholder, employee, officer
or director, as such, past, present or future, of the Company or of any successor Person; it being expressly understood that all
such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this First
Supplemental Indenture and the issue of the 2028 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Trustee&rsquo;s Disclaimer</I>.
The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility for their
correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this First Supplemental Indenture, the 2028 Notes, or for or in respect of the recitals contained herein, all of which recitals
are made solely by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of page intentionally left
blank.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
caused this First Supplemental Indenture to be duly executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">SIMMONS FIRST NATIONAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Robert A. Fehlman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD> Robert A. Fehlman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>SEVP &amp; CFO</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 43%">/s/ Patrick A. Burrow</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid"> Patrick A. Burrow</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Corporate Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to First Supplemental
Indenture]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wilmington Trust, National Association,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Trustee</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael H. Wass</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Michael H. Wass</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to First Supplemental
Indenture]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS SECURITY AND THE OBLIGATIONS OF
THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED
BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND (2) ARE
SUBORDINATE IN THE RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBAL NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY,
WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I)
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO CEDE &amp; CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Simmons
First National Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.00% Fixed-to-Floating Rate Subordinated
Notes due 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif">No. 1</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: right">CUSIP: 828730 AB7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">ISIN: US828730AB73</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$330,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Simmons First National
Corporation, an Arkansas corporation (hereinafter called the &ldquo;<U>Company</U>,&rdquo; which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &amp; CO., or its registered assigns,
the principal sum of $330,000,000 (or such other amount as set forth in the Schedule of Increases or Decreases in Global Note attached
hereto) on April 1, 2028 (such date is hereinafter referred to as the &ldquo;<U>Stated Maturity Date</U>&rdquo;), unless redeemed
prior to such date, and to pay interest thereon (i) from, and including, March 26, 2018, to, but excluding, April 1, 2023, unless
redeemed prior to such date, at a rate of 5.00% per annum, semi-annually in arrears on April 1 and October 1 of each year, commencing
October 1, 2018 (each such date, a &ldquo;<U>Fixed Rate Interest Payment Date</U>,&rdquo; with the period from, and including,
March 26, 2018 to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and including, a
Fixed Rate Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being a &ldquo;<U>Fixed Rate Period</U>&rdquo;)
and (ii) from, and including, April 1, 2023 to, but excluding, the Stated Maturity Date, unless redeemed subsequent to April 1,
2023 but prior to the Stated Maturity Date, at a rate equal to Three-month LIBOR, reset quarterly, plus 215 basis points (2.15%),
payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year through the Stated Maturity Date or earlier
redemption date (each, a &ldquo;<U>Floating Rate Interest Payment Date</U>,&rdquo; and together with the Fixed Rate Interest Payment
Dates, the &ldquo;<U>Interest Payment Dates</U>,&rdquo; with the period from, and including, April 1, 2023 to, but excluding, the
first Floating Rate Interest Payment Date and each successive period from, and including a Floating Rate Interest Payment Date
to, but excluding, the next Floating Rate Interest Payment Date being a &ldquo;<U>Floating Rate Period</U>&rdquo;). The amount
of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day
year consisting of twelve 30-day months up to, but excluding April 1, 2023, and, the amount of interest payable on any Floating
Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days
actually elapsed. In the event that any scheduled Interest Payment Date for this Note falls on a day that is not a Business Day,
then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a Business Day
(any payment made on such date will be treated as being made on the date that the payment was first due and no interest on such
payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled
Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the
next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business
Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to but excluding such Business
Day. All percentages used in or resulting from any calculation of Three-month LIBOR shall be rounded, if necessary, to the nearest
one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any principal and
premium, and any such installment of interest, which is overdue shall bear interest at the applicable rate set forth in the previous
paragraph (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until
they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the 15th day of the month (whether or not a Business Day) immediately preceding
such Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payment of the principal
of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, which shall initially
be the Corporate Trust Office of the Trustee, in such currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of this page intentionally
left blank. Signature page follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, the Company has caused
this Note to be signed manually or by facsimile by its duly authorized officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Simmons
    First National Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Robert A. Fehlman</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Senior Executive
    Vice President,<BR>
    Chief Financial Officer and Treasurer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Patrick A. Burrow</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Corporate Secretary</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is one of the Notes of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of authentication: __________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">WILMINGTON
    TRUST, NATIONAL ASSOCIATION, as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 41%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">REVERSE OF NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Simmons
First National Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.00% Fixed-to-Floating Rate Subordinated
Notes due 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Note is one of
a duly authorized issue of Securities of the Company of a series designated as the &ldquo;5.00% Fixed-to-Floating Rate Subordinated
Notes due 2028&rdquo; (herein called the &ldquo;<U>Notes</U>&rdquo;) initially issued in an aggregate principal amount of $330,000,000
on March 26, 2018. Such series of Securities has been established pursuant to, and is one of an indefinite number of series of
subordinated debt securities of the Company issued or issuable under and pursuant to the Subordinated Indenture, dated as of March
26, 2018 (the &ldquo;<U>Base Indenture</U>&rdquo;), between the Company and Wilmington Trust, National Association, as Trustee
(herein called the &ldquo;<U>Trustee</U>,&rdquo; which term includes any successor trustee), as supplemented and amended by the
First Supplemental Indenture between the Company and the Trustee, dated as of March 26, 2018 (the &ldquo;<U>First Supplemental
Indenture</U>,&rdquo; and the Base Indenture as supplemented and amended by the First Supplemental Indenture, the &ldquo;<U>Indenture</U>&rdquo;),
to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Persons in whose names Notes are registered
from time to time and of the terms upon which the Notes are, and are to be, authenticated and delivered. The terms, conditions
and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (the &ldquo;<U>Trust Indenture Act</U>&rdquo;), and those set forth in this Note. To the extent that the
terms, conditions and provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms,
conditions and other provisions of this Note shall govern to the extent that such terms, conditions and other provisions of this
Note are not inconsistent with the terms, conditions and provisions made part of the Indenture by reference to the Trust Indenture
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All capitalized terms
used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture.
To the extent that any capitalized term used in this Note and defined herein is also defined in the Indenture but conflicts with
the definition provided in the Indenture, the definition of the capitalized term in this Note shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The indebtedness of
the Company evidenced by the Notes, including the principal thereof, premium, if any, Additional Amounts, if any, and interest
thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior
payment in full of all Senior Indebtedness, whether outstanding at the date hereof or hereafter incurred, and on the terms and
subject to the terms and conditions set forth in the Indenture, shall rank senior in right of payment to the Company's outstanding
subordinated debentures as set forth in Section 3.01(o) of the First Supplemental Indenture and shall rank <I>pari passu </I>in
right of payment with all other Securities and with all other unsecured subordinated indebtedness of the Company and not by its
terms subordinate and subject in right of payment to the prior payment in full of debentures, notes, bonds or other evidences of
indebtedness of types that include the Notes. Each Holder of this Note, by the acceptance hereof, agrees to and shall be bound
by such provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary
or appropriate to effectuate the subordination so provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are intended
to be treated as Tier 2 capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes of
capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with
jurisdiction over bank holding companies) (the &ldquo;<U>Federal Reserve Board</U>&rdquo;) as then in effect and applicable to
the Company. If an Event of Default with respect to Notes shall occur and be continuing, the principal and interest owed on the
Notes shall only become due and payable in accordance with the terms and conditions set forth in Article 6 of the Base Indenture
and Section 3.02(n) of the First Supplemental Indenture. <B>Accordingly, the Holder of this Note has no right to accelerate the
maturity of this Note in the event that the Company fails to pay interest on any of the Notes, or fails to perform any other obligations
under the Notes or in the Indenture that are applicable to the Notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may, at
its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to
be redeemed, plus accrued and unpaid interest (the &ldquo;<U>Redemption Price</U>&rdquo;) to but excluding, the date of redemption
(the &ldquo;<U>Redemption Date</U>&rdquo;), on any Interest Payment Date on or after April 1, 2023. The Company may also, at its
option, redeem the Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier
2 Capital Event, a Tax Event or a 1940 Act Event. Any such redemption will be at a redemption price equal to the Redemption Price
to, but excluding, the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior to the Stated Maturity
Date shall be made without the prior approval of the Federal Reserve Board if such prior approval is or will be required at the
scheduled Redemption Date. The provisions of Article 3 of the Base Indenture and Section 3.02(g) of the First Supplemental Indenture
shall apply to the redemption of any Notes by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are not
entitled to the benefit of any sinking fund. The Notes are not convertible into or exchangeable for any other securities or property
of the Company or any Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of at least
a majority in principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Register described
in Section 2.07 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of the
Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Registrar duly executed by the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Notes are issuable
only in registered form without coupons in minimum denominations of $1,000 and any integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>This Security is
a global note, represented by one or more permanent global certificates registered in the name of the nominee of The Depository
Trust Company (each a &ldquo;<U>Global Note</U>&rdquo; and collectively, the &ldquo;<U>Global Notes</U>&rdquo;). Accordingly, unless
and until it is exchanged for individual certificates, this Note may not be transferred except as a whole by The Depository Trust
Company (the &ldquo;<U>Depositary</U>&rdquo;) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary
or any nominee to a successor Depositary or any nominee of such successor. Ownership of beneficial interests in this Security will
be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary
or its nominee (with respect to interest of persons that have accounts with the Depositary (&ldquo;<U>Participants</U>&rdquo;))
and the records of Participants (with respect to interests of persons other than Participants). Beneficial interests in Notes owned
by persons that hold through Participants will be evidenced only by, and transfers of such beneficial interests with such Participants
will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests
in this Note will not be entitled to have any individual certificates and will not be considered the owners or Holders thereof
under the Indenture.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Except in the limited
circumstances set forth in the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be
entitled to receive Notes in the form of Individual Securities and will not be considered Holders of Notes. None of the Company,
the Trustee, the Registrar, the Paying Agent or any of their respective agents will be liable for any delay by the Depositary,
its nominee or any direct or indirect Participant in identifying the beneficial owners of the related Notes. The Company, the Trustee,
the Registrar, the Paying Agent and each of their respective agents may conclusively rely on, and will be protected in relying
on, instructions from the Depositary or its nominee for all purposes, including with respect to the registration and delivery,
and the respective principal amounts, of the Notes to be issued.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Except as provided
in Section 2.07 of the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes
in the form of Individual Securities, and no Global Note will be exchangeable except for another Global Note of like denomination
and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest
in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of the
Participant through which such person owns its interest, to exercise any rights of a Holder under the Notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The laws of some
jurisdictions may require that certain purchasers of securities take physical delivery of those securities in definitive form.
Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those persons may be limited. In addition,
because the Depositary can act only on behalf of its Participants, who in turn act on behalf of persons who hold interests through
Participants, the ability of a person having an interest in Notes represented by a Global Note to pledge or transfer such interest
to persons or entities that do not participate in the Depositary&rsquo;s system, or otherwise to take actions in respect of such
interest, may be affected by the lack of a physical definitive security in respect of such interest. None of the Company, the Trustee,
the Paying Agent and the Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating
to the Notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Trustee will act
as the Company&rsquo;s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 1100 North
Market Street, Wilmington, Delaware 19890. The Company may at any time rescind the designation of a Paying Agent, appoint a successor
Paying Agent, or approve a change in the office through which any Paying Agent acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notices to the Holders
of registered Notes in the form of Individual Securities will be given to such Holders at their respective addresses in the Register,
or in the case of Global Notes, electronic delivery in accordance with DTC&rsquo;s applicable procedures. The Indenture contains
provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture
or for any remedy under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">THIS NOTE SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To assign the within Security, fill in
the form below: I or we assign and transfer the within Security to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 65%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(Insert assignee&rsquo;s legal name)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(Insert assignee&rsquo;s social security or tax I.D. number)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(Print or type assignee&rsquo;s name, address and zip code)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint the Trustee as agent to transfer this
Security on the books of Simmons First National Corporation. The agent may substitute another to act for it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Signature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Sign exactly as your name appears on the other side of this
Security</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE GUARANTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Signatures must be guaranteed by an &ldquo;eligible
guarantor institution&rdquo; meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (&ldquo;<U>STAMP</U>&rdquo;) or such other &ldquo;signature guarantee program&rdquo;
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial principal amount of this Global
Note is $330,000,000. The following increases or decreases in the principal amount of this Global Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Date</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount
                                         of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>decrease
                                         in</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>principal
                                         amount</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of
                                         this </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Global
                                         Note</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount
                                         of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>increase
                                         in</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>principal
                                         amount</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of
                                         this </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Global
                                         Note</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
                                         amount</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of
                                         this </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Global
                                         Note following such decrease </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>or
                                         increase</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature
                                         of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>authorized</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>signatory
                                         of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>c489276_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; margin-left: 2in">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors<BR>
Simmons First National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">501 Main Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pine Bluff, AR 71601</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">I am Executive Vice
President and General Counsel of Simmons First National Corporation, an Arkansas corporation (&ldquo;the Company&rdquo;). I am
rendering this opinion in connection with the proposed issuance by the Company of $330,000,000 aggregate principal amount of the
Company&rsquo;s 5.00% Fixed-to-Floating Rate Subordinated Notes due 2028 (the &ldquo;Notes&rdquo;) pursuant to a prospectus supplement
dated March 21, 2018 (the &ldquo;Prospectus Supplement&rdquo;) to the prospectus dated March 19, 2018 contained in the Company&rsquo;s
Registration Statement on Form S-3 (File No. 333-223764) (the &ldquo;Registration Statement&rdquo;) filed with the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) on March 19, 2018 under the Securities Act of 1933, as amended, and pursuant
to the Indenture, dated as of March 26, 2018 (the &ldquo;Base Indenture&rdquo;), between the Company and Wilmington Trust, National
Association, as trustee, as supplemented by the First Supplemental Indenture, dated as of March 26, 2018 (the &ldquo;Supplemental
Indenture&rdquo; and, together with the Base Indenture, the &ldquo;Indenture&rdquo;), and the Underwriting Agreement, dated as
of March 21, 2018 (the &ldquo;Underwriting Agreement&rdquo;), between the Company and Sandler O&rsquo;Neill &amp; Partners, L.P.,
individually and as representative of the several underwriters named in Schedule I thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">I have examined and
am familiar with originals, or copies certified or otherwise identified to my satisfaction, of such documents, corporate records,
certificates of officers of the Company and of public officials and such other instruments as I have deemed necessary or appropriate
as a basis for the opinions expressed below, including the Registration Statement, the Company&rsquo;s Restated Articles of Incorporation,
the Company&rsquo;s By-Laws, the Indenture, the Notes and the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">For purposes of the
opinions expressed below, I have assumed, without independent investigation, that (i) the Indenture and the Underwriting Agreement
have been duly authorized, executed and delivered by the parties thereto other than the Company and constitute valid and binding
obligations of the parties thereto other than the Company, enforceable against each of them in accordance with their respective
terms; and (ii) the certificate representing the Notes will conform as to form to the form of global notes examined by me. I have
also assumed, without independent investigation, the genuineness and authenticity of all documents submitted to me as originals,
the conformity to originals of all documents submitted to me as copies thereof and the due execution and delivery of all documents
where due execution and delivery are prerequisites to the effectiveness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simmons First National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">On the basis of, and
in reliance on, the foregoing and subject to the assumptions, exceptions, qualifications and limitations contained herein, I am
of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Company is a corporation duly organized and validly existing under the laws of the State of Arkansas.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Each of the Indenture and the Underwriting Agreement has been duly and validly authorized, executed and delivered by the Company.
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The Company has duly authorized the issuance of the Notes, and the Company has full corporate power
and authority to issue the Notes and to perform its obligations under the Notes, the Indenture and the Underwriting Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">I am a member of the
bar of the State of Arkansas and express no opinion as to the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">I hereby consent that
Covington &amp; Burling LLP may rely upon this opinion as if it were addressed to such firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">The foregoing opinion
is rendered as of the date hereof, and I assume no obligation to update such opinion to reflect any facts or circumstances which
may hereafter come to my attention or any changes in the law which may hereafter occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">I hereby consent to
the incorporation by reference of this opinion into the Registration Statement and to the reference to my name under the heading
&ldquo;Legal Matters&rdquo; in the prospectus included in the Registration Statement. In giving such consent, I do not admit that
I come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the
rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simmons First National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Patrick A. Burrow</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Patrick A. Burrow</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Executive Vice President and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>c489276_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD>
    <TD STYLE="width: 40%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; margin-left: 1.5in">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simmons First National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">501 Main Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pine Bluff, AR 71601</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have acted as special
counsel to Simmons First National Corporation, an Arkansas corporation (the &ldquo;<I>Company</I>&rdquo;), in connection with the
registration by the Company under the Securities Act of 1933 (the &ldquo;<I>Act</I>&rdquo;) of $330,000,000 in aggregate principal
amount of the Company&rsquo;s 5.00% Fixed-to-Floating Rate Subordinated Notes due 2028 (the &ldquo;<I>Notes</I>&rdquo;) issued
under the Indenture, dated as of March 26, 2018 (the &ldquo;<I>Base Indenture</I>&rdquo;), between the Company and Wilmington Trust,
National Association, as trustee (the &ldquo;<I>Trustee</I>&rdquo;), as supplemented by the First Supplemental Indenture, dated
as of March 26, 2018 (the &ldquo;<I>Supplemental Indenture</I>&rdquo; and, together with the Base Indenture, the &ldquo;<I>Indenture</I>&rdquo;),
between the Company and the Trustee, pursuant to the Company&rsquo;s Registration Statement on Form S-3 (File No. 333-223764) (the
&ldquo;<I>Registration Statement</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have reviewed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Underwriting Agreement, dated March 21, 2018, between the Company and Sandler O&rsquo;Neill &amp; Partners, L.P., individually
and acting as representative of the several underwriters named in Schedule I thereto (the &ldquo;<I>Underwriting Agreement</I>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
facsimile copy of the executed and authenticated Global Note furnished by the Trustee, representing the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We also have reviewed
such corporate records, certificates and other documents, and such questions of law, as we have considered necessary or appropriate
for the purposes of this opinion. We have assumed that all signatures are genuine, that all documents submitted to us as originals
are authentic and that all copies of documents submitted to us conform to the originals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><IMG SRC="logo2.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simmons First National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have assumed further
that the Company has duly authorized the Notes and that it has duly authorized, executed and delivered the Indenture. We have assumed
further that the Company is a corporation duly organized, validly existing and in good standing under the laws of the State of
Arkansas and has all requisite power, authority and legal right to execute, deliver and perform its obligations under the Indenture
and the Notes. We have assumed further that the Trustee has duly authorized, executed and delivered the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We note that you are
relying with respect to all matters of Arkansas law on an opinion of Patrick A. Burrow, Executive Vice President, General Counsel
and Secretary of the Company, dated as of the date hereof, which opinion is filed as Exhibit 5.1 to the Current Report on Form
8-K and will be incorporated by reference into the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Additionally, we have
relied as to certain matters on information obtained from public officials, officers of the Company and other sources believed
by us to be responsible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Based on the foregoing
and subject to the qualifications set forth herein, we are of the opinion that, when the Notes have been (a) duly executed by the
Company and duly authenticated and delivered by the Trustee in accordance with the terms of the Indenture and (b) duly issued and
sold by the Company against payment of the purchase price therefor in accordance with the Underwriting Agreement, the Notes will
constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors&rsquo; rights and to general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing opinion
is subject to the following qualifications. We express no opinion as to: (i) waivers of defenses, subrogation and related rights,
rights to trial by jury, rights to object to venue, or other rights or benefits bestowed by operation of law; (ii) indemnification,
contribution, or exculpation provisions, or provisions for the non-survival of representations, to the extent they purport to indemnify
any party against, or release or limit any party&rsquo;s liability for, its own breach or failure to comply with statutory obligations,
or to the extent such provisions are contrary to public policy; (iii) provisions for liquidated damages and penalties, penalty
interest and interest on interest; (iv) provisions requiring amendments and waivers to be in writing; (v) provisions making notices
effective even if not actually received; or (vi) provisions purporting to make a party&rsquo;s determination conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We are members of the
bars of the District of Columbia and the State of New York. We do not express any opinion herein on any laws other than the laws
of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><IMG SRC="logo2.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simmons First National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We hereby consent to
the filing of this opinion as Exhibit 5.2 to the Current Report on Form 8-K that will be incorporated by reference into the Registration
Statement. We also hereby consent to the reference to our firm under the heading &ldquo;Legal Matters&rdquo; in the prospectus
constituting part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Covington &amp; Burling LLP</TD></TR>
</TABLE>
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