<SEC-DOCUMENT>0001104659-25-030567.txt : 20250401
<SEC-HEADER>0001104659-25-030567.hdr.sgml : 20250401
<ACCEPTANCE-DATETIME>20250401161842
ACCESSION NUMBER:		0001104659-25-030567
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		25
FILED AS OF DATE:		20250401
DATE AS OF CHANGE:		20250401
EFFECTIVENESS DATE:		20250401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Globant S.A.
		CENTRAL INDEX KEY:			0001557860
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			U3

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286306
		FILM NUMBER:		25799924

	BUSINESS ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1855
		BUSINESS PHONE:		35 220301596

	MAIL ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1855
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>tm2431187d1_f3asr.htm
<DESCRIPTION>F-3ASR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on April 1, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</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>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;F-3</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>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBANT S.A.</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of Registrant&rsquo;s
name into English)</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: bottom">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grand Duchy of Luxembourg</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of <BR>
incorporation or
    organization)</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</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: center"><B>37A Avenue J.F. Kennedy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L-1855, Luxembourg</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: + 352 20 30 15 96</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address and telephone number
of Registrant&rsquo;s principal executive offices)</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>Globant, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>875 Howard Street, Suite&nbsp;320</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>San Francisco, California 94103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Attn:
</B></FONT><B>Nicol&aacute;s Pablo Kaplun</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tel:
(877) 215-5230<BR>
</B></FONT>(Name, address, and telephone number of agent for service)</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><I>Copies to:</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Christopher C. Paci</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stephen P. Alicanti<BR>
DLA Piper LLP (US)<BR>
1251 Avenue of the Americas<BR>
New York, New York 10020-1104<BR>
(212) 335-4500</B></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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Approximate
date of commencement of proposed sale to the public:<BR>
</B></FONT>From time to time after the effective date of this Registration Statement.</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">If only securities being registered on this Form&nbsp;are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">&#168;</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">If any of the securities being registered on this Form&nbsp;are to
be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check the following box. <FONT STYLE="font-family: Wingdings">&#120;</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">If this Form&nbsp;is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&#168;</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">If this Form&nbsp;is a post-effective amendment filed pursuant to
Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&#168;</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">If this Form&nbsp;is a registration statement pursuant to General
Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under
the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&#120;</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">If this Form&nbsp;is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant
to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&#168;</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">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&nbsp;405 of the Securities Act of 1933. Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</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">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, 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&dagger; provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.
<FONT STYLE="font-family: Wingdings">&#168;</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">&dagger; The term &ldquo;new or revised financial accounting standard&rdquo;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5,
2012.</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Globant S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2431187d1_f3asrimg001.jpg" ALT=""></FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
relates to the sale of our common shares (the &ldquo;common shares&rdquo;), debt securities, warrants, rights and/or units by us. We
refer to all of the foregoing securities collectively as the &ldquo;securities&rdquo; in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, from
time to time, selling securityholders to be named in an applicable prospectus supplement may offer and sell the securities held by them.
We will not receive any proceeds from the sale of securities by the selling securityholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
prices and other terms of the securities that we or any selling securityholder will offer will be determined at the time of their offering
and will be described in a supplement to this prospectus. Any prospectus supplement may also add, update, or change information contained
in this prospectus.&nbsp;</FONT> <FONT STYLE="font-size: 10pt">See &ldquo;Plan of Distribution&rdquo; for more information about how we
or any selling securityholders may sell or dispose of our securities. We may also describe the plan of distribution for any particular
offering of these securities in any applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
may not be used to offer to sell any of our securities unless accompanied by a prospectus supplement. The prospectus supplement or a
free writing prospectus may add, update or change information contained in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common shares
are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;GLOB.&rdquo; The debt securities, warrants, rights
and units described in this prospectus have not been approved for listing on any market or exchange, and we have not made any application
for such listing. Any application for listing on the NYSE or any other securities market or other exchange with respect to the securities
described in this prospectus will be included, if applicable, in the applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>You should carefully
read this prospectus and any applicable prospectus supplement or free writing prospectus, together with any documents we incorporate
by reference, before you invest in any of the securities.</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Investing in
our securities involves risks. See &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form&nbsp;20-F, which is incorporated
by reference herein, as well as any other documents we incorporate by reference and, if any, in the relevant prospectus supplement to
read about factors you should consider before buying our securities.</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Neither the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or the accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Prospectus dated
April 1, 2025.</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_002"><FONT STYLE="font-size: 10pt; text-transform: uppercase">MARKET AND INDUSTRY DATA</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002">2</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-size: 10pt; text-transform: uppercase">special note regarding forward-looking statements</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003">3</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_004"><FONT STYLE="font-size: 10pt; text-transform: uppercase">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004">5</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-size: 10pt; text-transform: uppercase">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005">6</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_006"><FONT STYLE="font-size: 10pt; text-transform: uppercase">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006">7</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-size: 10pt; text-transform: uppercase">SELLING SECURITYHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007">8</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_008"><FONT STYLE="font-size: 10pt; text-transform: uppercase">DESCRIPTION OF share capital</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008">9</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="font-size: 10pt; text-transform: uppercase">DESCRIPTION OF debt securities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009">16</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_010"><FONT STYLE="font-size: 10pt; text-transform: uppercase">DESCRIPTION OF other securities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010">22</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="font-size: 10pt; text-transform: uppercase">DESCRIPTION OF GLOBAL SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011">24</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_012"><FONT STYLE="font-size: 10pt; text-transform: uppercase">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012">27</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013"><FONT STYLE="font-size: 10pt; text-transform: uppercase">enforceability of civil liabilities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">30</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_014"><FONT STYLE="font-size: 10pt; text-transform: uppercase">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">31</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_015"><FONT STYLE="font-size: 10pt; text-transform: uppercase">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">32</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_016"><FONT STYLE="font-size: 10pt; text-transform: uppercase">WHERE YOU CAN FIND MORE INFORMATION; iNCORPORATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">33</A></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"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
is part of a registration statement on Form&nbsp;F-3 that we filed with the SEC as a &ldquo;well-known seasoned issuer&rdquo; as defined
in Rule&nbsp;405 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), using a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, we or any selling securityholders may, from time to time, offer and sell any combination
of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of our
securities that we or any selling securityholders may offer. Each time we or any selling securityholders sell our securities using this
prospectus, if and to the extent necessary, we will provide a prospectus supplement that will contain specific information about the
terms of that offering, including the number or amount of securities being offered, the manner of distribution, the identity of any underwriters
or other counterparties and other specific material terms related to the offering. We may also authorize one or more free writing prospectuses
to be provided to you that may contain material information relating to these offerings. The prospectus supplement or free writing prospectus
may also add, update or change information contained in, or incorporated by reference into, this prospectus. To the extent that any statement
made in an accompanying prospectus supplement or free writing prospectus is inconsistent with statements made in this prospectus, the
statements made in this prospectus will be deemed modified or superseded by those made in the accompanying prospectus supplement or free
writing prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Neither we nor the
selling securityholders have authorized anyone to provide any information other than that contained in or incorporated by reference into
this prospectus and any applicable prospectus supplement or contained in any free writing prospectus prepared by or on behalf of us or
to which we may have referred you. We and the selling securityholders take no responsibility for, and can provide no assurances as to
the reliability of, additional, different or inconsistent information that others may give you. Neither we nor the selling securityholders
has authorized any other person to provide you with different or additional information and are not making an offer to sell the securities
in any jurisdiction where the offer or sale is not permitted. If you are in a jurisdiction where offers to sell, or solicitations of
offers to purchase, our securities are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then
the offer presented in this document does not extend to you. You should assume the information appearing in this prospectus is accurate
only as of the respective dates of such information, regardless of the time of delivery of the prospectus or any sale of the securities.
Our business, financial condition, results of operations and prospects may have changed since those dates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For investors outside
of the United States, we have not done anything that would permit the offering or possession or distribution of this prospectus in any
jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about
and to observe any restrictions relating to the offering and the distribution of this prospectus outside of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The registration
statement, of which this prospectus is a part, contains more information than this prospectus regarding us and the matters discussed
in this prospectus, including exhibits and schedules. You can obtain a copy of the registration statement from the SEC at the SEC&rsquo;s
website or at the SEC&rsquo;s offices as described below under the heading &ldquo;Where You Can Find More Information; Incorporation
by Reference.&rdquo; Statements in this prospectus and any applicable prospectus supplement concerning any document we filed as an exhibit
to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive and are qualified by reference
to these filings. You should review the complete document to evaluate these statements. You should read this prospectus and any applicable
prospectus supplement, together with the additional information described under the heading &ldquo;Where You Can Find More Information;
Incorporation by Reference,&rdquo; before making your investment decision.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except where the
context requires otherwise, references in this prospectus to &ldquo;Globant,&rdquo; our &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
and &ldquo;our&rdquo; are to Globant S.A., together with its consolidated subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have proprietary rights to trademarks used in this prospectus that are important to our business, many of which are registered under
applicable intellectual property laws. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without
the &ldquo;</FONT><FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP>&rdquo; or &ldquo;<SUP>&trade;</SUP>&rdquo; symbols, but such references
are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or
the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies&rsquo;
trademarks, trade names or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each
trademark, trade name or service mark of any other company appearing in this prospectus is the property of its respective holder.</FONT></P>

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

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

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_002"></A>MARKET AND INDUSTRY
DATA</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
and any accompanying prospectus supplement, and any document incorporated by reference into this prospectus and any accompanying prospectus
supplement, may include industry, market and competitive position data and forecasts that are based on industry publications and studies
conducted by independent third parties. The industry publications and third-party studies generally state that the information that they
contain has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information.
Although we believe that the market position, market opportunity and market size information included in this prospectus and any accompanying
prospectus supplement, as well as the documents incorporated by reference into this prospectus and any accompanying prospectus supplement,
is generally reliable, we have not verified the data, which is inherently imprecise. The forward-looking statements included in this
prospectus and any accompanying prospectus supplement, as well as the documents incorporated by reference into this prospectus and any
accompanying prospectus supplement, related to industry, market and competitive data position may be materially different than actual
results.</FONT></P>

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

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_003"></A><B>SPECIAL NOTE
REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Certain statements
in this prospectus and any applicable prospectus supplement, including documents incorporated by reference herein or therein, are forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and
views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements
as contained in Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934 (the &ldquo;Exchange
Act&rdquo;). <FONT STYLE="background-color: white">These forward-looking statements include, but are not limited to, all statements other
than statements of historical facts, including, without limitation, those regarding our future financial position and results of operations,
strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated
regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements
by terminology such as &ldquo;aim&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;continue&rdquo;, &ldquo;could&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;guidance&rdquo;, &ldquo;intend&rdquo;, &ldquo;may&rdquo;,
 &ldquo;plan&rdquo;, &ldquo;potential&rdquo;, &ldquo;predict&rdquo;, &ldquo;projected&rdquo;, &ldquo;should&rdquo; or &ldquo;will&rdquo;
or the negative of such terms or other comparable terminology.</FONT> These forward-looking statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements,
including, but not limited to those described under the headings &ldquo;<I>Risk Factors</I>&rdquo; and &ldquo;<I>Operating and Financial
Review and Prospects</I>&rdquo; in our Annual Report on Form&nbsp;20-F&nbsp;for the year ended December&nbsp;31, 2024. <FONT STYLE="background-color: white">We
believe our primary challenges are:</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            we are unable to maintain the best possible resource utilization rates and productivity levels,
                                            our revenues, profit margins and results of operations may be adversely affected.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            we are unable to manage attrition and attract and retain highly-skilled information technology
                                            professionals, our operating efficiency and productivity may decrease, and we may not have
                                            the necessary resources to maintain client relationships and expand our business.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            we are unable to achieve anticipated growth, our revenues, results of operations, business
                                            and prospects may be adversely affected.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            we are unable to effectively manage the rapid growth of our business, our management personnel,
                                            systems and resources could face significant strains, which could adversely affect our results
                                            of operations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            the pricing structures we use for our client contracts are based on inaccurate expectations
                                            and assumptions regarding the cost and complexity of performing our work, our contracts could
                                            be unprofitable, which could adversely affect our results of operations, financial condition
                                            and cash flows from operations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            we were to lose the services of our senior management team or other key employees, our business
                                            operations, competitive position, client relationships, revenues and results of operations
                                            may be adversely affected.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            we do not continue to innovate and remain at the forefront of emerging technologies and related
                                            market trends, we may lose clients and not remain competitive, which could cause our revenues
                                            and results of operations to suffer.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">We
                                            are subject to numerous risks associated with the evolving market for products with artificial
                                            intelligence capabilities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If
                                            any of our largest clients terminates, decreases the scope of, or fails to renew its business
                                            relationship or short-term contract with us, our revenues, business and results of operations
                                            may be adversely affected.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Our
                                            results of operations could be adversely affected by economic and geopolitical conditions, in particular, in the markets in which we operate.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">You should not
rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus
and any applicable prospectus supplement primarily on our current expectations and projections about future events and trends that we
believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking
statements is subject to risks, uncertainties and other factors described herein.</FONT></P>

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

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The forward-looking
statements made in this prospectus and any applicable prospectus supplement relate only to events or information as of the date on which
the statements are made in this prospectus and any applicable prospectus supplement. You should not put undue reliance on any forward-looking
statements. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various
factors described in this prospectus and any applicable prospectus supplement, including factors beyond our ability to control or predict.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future
results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or
will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence
of unanticipated events. You should read this prospectus and any applicable prospectus supplement, and the documents that we reference
in this prospectus and any applicable prospectus supplement, and have filed as exhibits to the registration statement of which this prospectus
and any applicable prospectus supplement forms a part, completely and with the understanding that our actual future results or performance
may be materially different from what we expect.</FONT></P>

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

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_004"></A><B>PROSPECTUS SUMMARY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>This summary
highlights some of the information contained in, or incorporated by reference into, this prospectus. This summary may not contain all
of the information that may be important to you. For a more complete understanding of our business and this offering, we encourage you
to read this entire prospectus, including the documents incorporated by reference herein, the more detailed information regarding the
Company and our securities being sold in this offering, as well as our consolidated financial statements and the related notes incorporated
by reference into this prospectus, before deciding to invest in our securities. Some of the statements in this prospectus constitute
forward-looking statements. See &ldquo;Special Note Regarding Forward-Looking Statements.&rdquo;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are a digitally
native company that helps organizations reinvent themselves to create a way forward and unleash their potential. We are the place where
innovation, design and engineering meet scale.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For a description
of our business, financial condition, results of operations and other important information regarding us, we refer you to our filings
with the SEC incorporated by reference to this prospectus. For instructions on how to find copies of these documents, see &ldquo;Where
You Can Find More Information; Incorporation by Reference.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We were incorporated
in 2012 as a <I>soci&eacute;te anonyme</I> under the laws of the Grand Duchy of Luxembourg. Our principal executive offices are located
at 37A Avenue J.F. Kennedy, L-1855, Luxembourg. Our telephone number at that address is + 352 20 30 15 96. Our corporate website address
is www.globant.com. Information on our website is deemed not to be a part of this prospectus and is not incorporated herein. Our common
shares began trading on the NYSE under the symbol &ldquo;GLOB&rdquo; in connection with our initial public offering on July&nbsp;18,
2014.</FONT></P>

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

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><FONT STYLE="font-size: 10pt"><B>RISK FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investment in our
securities involves risks. Before making an investment decision, you should carefully consider the risks described under &ldquo;Risk
Factors&rdquo; in our most recent Annual Report on Form&nbsp;20-F, or any updates in our reports on Form&nbsp;6-K, together with all
of the other information appearing in, or incorporated by reference into, this prospectus and any applicable prospectus supplement. The
risks so described are not the only risks facing the Company. Additional risks not presently known to us or that we currently deem immaterial
may also impair our business operations. The occurrence of any of these risks might cause you to lose all or part of your investment
in our securities.</FONT></P>

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

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_006"></A>USE OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the case of a
sale of our securities by us, the use of proceeds will be specified in the applicable prospectus supplement. In the case of a sale of
our securities by any selling securityholder, we will not receive any of the proceeds from such sale.</FONT></P>

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

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

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_007"></A><B>SELLING SECURITYHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Information about
the selling securityholders will be set forth in a prospectus supplement, in a post-effective amendment to the registration statement
of which this prospectus forms a part or in filings we make with the SEC under the Exchange Act, that are incorporated by reference herein.</FONT></P>

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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><FONT STYLE="font-size: 10pt"><B>DESCRIPTION OF
SHARE CAPITAL</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following is
a summary of some of the terms of our common shares, based on our articles of association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following summary
is not complete and is subject to, and is qualified in its entirety by reference to, the provisions of our articles of association, as
amended, the form of which has been filed as an exhibit to our Annual Report on Form&nbsp;20-F, which is incorporated herein by reference,
and applicable Luxembourg law, including the Luxembourg law of August&nbsp;10, 1915 on commercial companies as amended from time to time
(<I>loi du 10 ao&ucirc;t 1915 sur les soci&eacute;t&eacute;s commerciales telle que modifi&eacute;e</I>, the &ldquo;Luxembourg Companies
Law&rdquo;). You may obtain copies of our articles of association as described under &ldquo;Where You Can Find More Information; Incorporation
by Reference&rdquo; in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are a Luxembourg
joint stock company (<I>soci&eacute;t&eacute; anonyme</I>) and our legal name is &ldquo;Globant S.A.&rdquo; We were incorporated on December&nbsp;10,
2012. We are registered with the Luxembourg Trade and Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s de Luxembour</I>g)
under number B 173&nbsp;727 and have our registered office at 37A Avenue J.F. Kennedy, L-1855, Luxembourg, Grand Duchy of Luxembourg.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Share Capital</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As of February 28,
2025, our issued share capital was $53,070,327.60, represented by 44,225,273 common shares with a nominal value of $1.20 each, of which
171,565 were treasury shares held by us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As of February 28,
2025, we had an authorized share capital, excluding the issued share capital, of $9,247,778.40, consisting of 7,706,482 common shares
with a nominal value of $1.20 each.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our shareholders&rsquo;
meeting has authorized our board of directors to issue common shares within the limits of the authorized share capital at such time and
on such terms as our board of directors may decide during a period ending on the fifth anniversary of the extraordinary general meeting
of shareholders held on May&nbsp;10, 2024, which may be renewed. Accordingly, as of February 28,
2025, our board of directors may
issue up to 7,706,482 common shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our authorized share
capital is determined by our articles of association, as amended from time to time, and may be increased or reduced by amending the articles
of association by a two-thirds majority of the vote at a quorate extraordinary general shareholders' meeting. Under Luxembourg law, our
shareholders have no obligation to provide further capital to us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under Luxembourg
law, our shareholders benefit from a pre-emptive subscription right on the issuance of common shares for cash consideration. However,
our shareholders have, in accordance with Luxembourg law authorized our board of directors to waive, suppress or limit, any pre-emptive
subscription rights of shareholders provided by law to the extent our board of directors deems such waiver, suppression or limitation
advisable for any issue or issues of common shares within the scope of our authorized share capital. Such common shares may be issued
above, at or below market value as well as above, at or below nominal value by way of incorporation of available reserves (including
premium).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Form&nbsp;and Transfer of Common
Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common shares
are issued in registered form only and are freely transferable under Luxembourg law and our articles of association. Luxembourg law does
not impose any limitations on the rights of Luxembourg or non-Luxembourg residents to hold or vote our common shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under Luxembourg
law, the ownership of registered shares is established by the entry of the name of the shareholder and the number of shares held by him
or her in the shareholder register. Transfers of common shares not deposited into securities accounts are effective towards us and third
parties either through the recording of a declaration of transfer into the shareholders&rsquo; register, signed and dated by the transferor
and the transferee or their representatives or by us, upon notification of the transfer to, or upon the acceptance of the transfer by,
us. Should the transfer of common shares not be recorded accordingly, the shareholder is entitled to enforce his or her rights by initiating
the relevant proceedings before the competent courts of Luxembourg.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, our
articles of association provide that our common shares may be held through a securities settlement system or a professional depositary
of securities. The depositor of common shares held in such manner has the same rights and obligations as if such depositor held the common
shares directly. Common shares held through a securities settlement system or a professional depositary of securities may be transferred
from one account to another in accordance with customary procedures for the transfer of securities in book-entry form. However, we will
make dividend payments (if any) and any other payments in cash, common shares or other securities (if any) only to the securities settlement
system or the depositary recorded in the shareholders&rsquo; register or in accordance with their instructions.</FONT></P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Issuance of Common Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to Luxembourg
Companies Law, the issuance of common shares requires the amendment of our articles of association by the approval of two-thirds of the
votes at a quorate extraordinary general shareholders' meeting; provided, however, that the general meeting may approve an increase in
the authorized share capital and authorize our board of directors to issue common shares up to the maximum amount of such authorized
unissued share capital for a five year period beginning either on the date of the relevant general meeting or the date of publication
in the <I>Recueil Electronique des Soci&eacute;t&eacute;s et Associations</I> (&ldquo;RESA&rdquo;) of the minutes of the relevant general
meeting approving such authorization. The general meeting may amend or renew such authorized share capital and such authorization of
our board of directors to issue common shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As of February 28,
2025, we had an authorized share capital, excluding the issued share capital, of $9,247,778.40 and our board of directors was authorized
to issue up to 7,706,482 common shares (subject to stock splits, consolidation of common shares or like transactions) with a nominal
value of $1.20 per common share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our articles of
association provide that no fractional shares will be issued or exist.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Pre-emptive Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless limited,
waived or canceled by our board of directors in the context of the authorized share capital or pursuant to a decision of an extraordinary
general meeting of shareholders issued in accordance with the provisions of the articles of association relating to amendments thereof,
holders of our common shares have a pro rata pre-emptive right to subscribe for any new common shares issued for cash consideration.
Our articles of association provide that pre-emptive rights can be waived, suppressed or limited by our board of directors for a period
ending on the fifth anniversary of the date of extraordinary general meeting of shareholders held on May&nbsp;10, 2024, which period
therefore ends on May&nbsp;10, 2029, in the event of an increase of the issued share capital by our board of directors within the limits
of the authorized share capital.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Repurchase of Common Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We cannot subscribe
for our own common shares. We may, however, repurchase issued common shares or have another person repurchase issued common shares for
our account, subject to the following conditions:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            repurchase complies with the principle of equal treatment of all shareholders, except in
                                            the event such repurchase was the result of the unanimous decision of a general meeting at
                                            which all shareholders were present or represented (in addition, listed companies may repurchase
                                            their own shares on the stock exchange without an offer to repurchase having to be made to
                                            the shareholders);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">prior
                                            authorization by a simple majority vote at an ordinary general meeting of shareholders is
                                            granted, which authorization sets forth the terms and conditions of the proposed repurchase,
                                            including the maximum number of common shares to be repurchased, the duration of the period
                                            for which the authorization is given (which may not exceed five years) and, in the case of
                                            a repurchase for consideration, the minimum and maximum consideration per common share;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            repurchase does not reduce our net assets (on a non-consolidated basis) to a level below
                                            the aggregate of the issued share capital and the reserves that we must maintain pursuant
                                            to Luxembourg law or our articles of association; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">only
                                            fully paid-up common shares are repurchased.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">No prior authorization by
our shareholders is required for us to repurchase our own common shares if:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">we
                                            are in imminent and severe danger, in which case our board of directors must inform the general
                                            meeting of shareholders held subsequent to the repurchase of common shares of the reasons
                                            for, and aim of, such repurchase, the number and nominal value of the common shares repurchased,
                                            the fraction of the share capital such repurchased common shares represented and the consideration
                                            paid for such shares; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            common shares are repurchased by us or by a person acting for our account in view of a distribution
                                            of the common shares to our employees.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On May&nbsp;10,
2024, the general meeting of shareholders, according to the conditions set forth in article 430-15 of Luxembourg Companies Law, granted
our board of directors the authorization to repurchase up to a maximum number of shares representing 20% of the issued share capital
of the Company for a net purchase price being (i)&nbsp;no less than 50% of the lowest common share price and (ii)&nbsp;no more than 50%
above the highest common share price, the common share price in all cases being the closing price, as reported by the New York City edition
of the Wall Street Journal, or, if not reported therein, any other authoritative source to be selected by our board of directors, over
the ten trading days preceding the date of the purchase (or as the case may be, the date of the commitment to the transaction). The authorization
is valid for a period ending five years from the date of the general meeting or the date of period&rsquo;s renewal by a subsequent general
meeting of shareholders. Pursuant to such authorization, our board of directors is authorized to acquire and sell our common shares under
the conditions set forth in the minutes of such general meeting of shareholders. Such purchases and sales may be carried out for any
purpose authorized by the general meeting of Globant S.A.</FONT></P>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On May&nbsp;28,
2024, we entered into a 10b5-1 repurchase plan with HSBC Securities (USA) Inc., acting as agent for the Company, for the repurchase
of an aggregate of up to 48,000 common shares in four windows, starting on July&nbsp;16, 2024 and ending on March&nbsp;4,
2025.</FONT> The repurchase plan expired on March 7, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Capital Reduction</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our articles of
association provide that our issued share capital may be reduced by a resolution adopted by a two-thirds majority of the votes at a quorate
extraordinary general shareholders' meeting. If the reduction of capital results in the capital being reduced below the legally prescribed
minimum, the general meeting of the shareholders must, at the same time, resolve to increase the capital up to the required level.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>General Meeting of Shareholders</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any regularly constituted
general meeting of our shareholders represents the entire body of shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each of our common
shares entitles the holder thereof to attend our general meeting of shareholders, either in person or by proxy, to address the general
meeting of shareholders and to exercise voting rights, subject to the provisions of Luxembourg law and our articles of association. Each
common share entitles the holder to one vote at a general meeting of shareholders. Our articles of association provide that our board
of directors shall adopt as it deems fit all other regulations concerning the attendance to the general meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A general meeting
of our shareholders may, at any time, be convened by our board of directors, to be held at such place and on such date as specified in
the convening notice of such meeting. Our articles of association and Luxembourg law provide that a general meeting of shareholders must
be convened by our board of directors, upon request in writing indicating the agenda, addressed to our board of directors by one or more
shareholders representing at least 10% of our issued share capital. In such case, a general meeting of shareholders must be convened
and must be held within a period of one month from receipt of such request. One or more shareholders holding at least 5% of our issued
share capital may request the addition of one or more items to the agenda of any general meeting of shareholders and propose resolutions.
Such requests must be received at our registered office by registered mail at least 22 days before the date of such meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our articles of
association provide that if our common shares are listed on a stock exchange, all shareholders recorded in any register of our shareholders
are entitled to be admitted and vote at the general meeting of shareholders based on the number of shares they hold on a date and time
preceding the general meeting of shareholders as may be established on the record date for admission to the general meeting of shareholders
(the &ldquo;Record Date&rdquo;), which the board of directors will determine in the convening notice. Furthermore, any shareholder, holder
or depositary, as the case may be, who wishes to attend the general meeting must inform us thereof no later than on the third business
day preceding the date of such general meeting, or by any other date which the board of directors may determine and specify the convening
notice, in a manner to be determined by our board of directors in the notice convening the general meeting of the shareholders. In the
case of common shares held through the operator of a securities settlement system or with a depositary, or sub-depositary designated
by such depositary, a shareholder wishing to attend a general meeting of shareholders should receive from such operator or depositary
a certificate certifying the number of common shares recorded in the relevant account on the Record Date. The certificate should be submitted
to us at our registered office no later than three business days prior to the date of such general meeting. In the event that the shareholder
votes by means of a proxy, the proxy must be deposited at our registered office or with any of our agents, duly authorized to receive
such proxies. Our board of directors may set a shorter period for the submission of the certificate or the proxy in which case this will
be specified in the convening notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The convening of,
and attendance to, our general meetings is subject to the provisions of the Luxembourg Companies Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">General meetings
of shareholders will be convened in accordance with the provisions of our articles of association and the Luxembourg Companies Law and
the requirement of any stock exchange on which our shares are listed. The Luxembourg Companies Law provides -<I>inter alia-</I>&nbsp;that
convening notices for every general meeting will contain the agenda and must take the form of announcements filed with the register of
commerce and companies, published on the RESA, and published in a Luxembourg newspaper at least 15 days before the meeting. As all our
common shares are in registered form, we may decide to send the convening notice only by registered mail to the registered address of
each shareholder no less than eight days before the meeting. In that case, the legal requirements regarding the publication of the convening
notice in the RESA and in a Luxembourg newspaper do not apply.</FONT></P>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the event (i)&nbsp;an
extraordinary general meeting of shareholders is convened to vote on an extraordinary resolution (See below under &ldquo;Voting Rights&rdquo;
for additional information), (ii)&nbsp;such meeting is not quorate and/or (iii)&nbsp;a second meeting is convened, the second meeting
will be convened as specified above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to our
articles of association, if all shareholders are present or represented at a general meeting of shareholders and state that they have
been informed of the agenda of the meeting, the general meeting of shareholders may be held without prior notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
annual general meeting is held on the date set forth in the corresponding convening notice within six&nbsp;months of the end of each
financial year at our registered office or such other place as specified in such convening notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Voting Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each share entitles
the holder thereof to one vote at a general meeting of shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Luxembourg law distinguishes
between ordinary resolutions and extraordinary resolutions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ordinary
Resolutions</I></FONT><FONT STYLE="font-size: 10pt">. Pursuant to our articles of association and the Luxembourg Companies Law, ordinary
resolutions shall be adopted by a simple majority of votes validly cast on such resolution at a general meeting. Abstentions and nil
votes will not be taken into account.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Extraordinary
Resolutions</I></FONT><FONT STYLE="font-size: 10pt">. Extraordinary resolutions are required for any of the following matters, among
others: (a)&nbsp;an increase or decrease of the authorized share capital or issued share capital, (b)&nbsp;a limitation or exclusion
of preemptive rights, (c)&nbsp;an approval of a merger (<I>fusion</I>) or de-merger (<I>scission</I>), (d)&nbsp;a dissolution, (e)&nbsp;an
amendment to our articles of association and (f)&nbsp;a change of nationality. Pursuant to Luxembourg law and our articles of association,
for any extraordinary resolutions to be considered at a general meeting, the quorum must be at least 50% of our issued share capital.
Any extraordinary resolution will be adopted at a quorate general meeting upon a two-thirds majority of the votes validly cast on such
resolution. In case such quorum is not reached, a second meeting may be convened by our board of directors in which no quorum is required,
and which must still approve the amendment with two-thirds of the votes validly cast. Abstentions and nil votes will not be taken into
account.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Appointment
and Removal of Directors. </I></FONT><FONT STYLE="font-size: 10pt">Members of our board of directors are elected by ordinary resolution
at a general meeting of shareholders. Under our articles of association, all directors are elected for a period of up to four years,
provided, however, that our directors will be elected on a staggered basis. Any director may be removed with or without cause and with
or without prior notice by a simple majority vote at any general meeting of shareholders. The articles of association provide that, in
case of a vacancy, our board of directors may fill such vacancy on a temporary basis by a person appointed by the remaining members of
our board of directors until the next general meeting of shareholders, which will resolve on a permanent appointment. The directors will
be eligible for re-election indefinitely.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Neither Luxembourg
law nor our articles of association contain any restrictions as to the voting of our common shares by non-Luxembourg residents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Amendment to Articles of Association</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Shareholder
Approval Requirements</I></FONT><FONT STYLE="font-size: 10pt">. Luxembourg law requires that an amendment to our articles of association
be made by extraordinary resolution. The agenda of the general meeting of shareholders must include the proposed amendments to the articles
of association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to Luxembourg
Companies Law and our articles of association, for an extraordinary resolution to be considered at a general meeting, the quorum must
be at least 50% of our issued share capital. Any extraordinary resolution will be adopted at a quorate general meeting (unless otherwise
required by law) upon a two-thirds majority of the votes validly cast on such resolution. If the quorum of 50% is not reached at this
meeting, a second general meeting may be convened, in which no quorum is required, and may approve the resolution at a majority of two-third
of votes validly cast.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Formalities</I></FONT><FONT STYLE="font-size: 10pt">.
Any resolutions to amend the articles of association or to approve a merger, de-merger, change of nationality, dissolution or change
of nationality must be made before a Luxembourg notary and such amendments must be published in accordance with Luxembourg law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Merger and Division</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A merger by absorption
whereby one Luxembourg company, after its dissolution without liquidation, transfers to another company all of its assets and liabilities
in exchange for the issuance of common shares in the acquiring company to the shareholders of the company being acquired, or a merger
effected by transfer of assets to a newly incorporated company, must, in principle, be approved at a general meeting of shareholders
by an extraordinary resolution of the Luxembourg company, and the general meeting of shareholders must be held before a Luxembourg notary.
Further conditions and formalities under Luxembourg law are to be complied with in this respect.</FONT></P>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Liquidation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the event of
our liquidation, dissolution or winding-up, the assets remaining after allowing for the payment of all liabilities will be paid out to
the shareholders pro rata according to their respective shareholdings. Generally, the decisions to liquidate, dissolve or wind-up require
the passing of an extraordinary resolution at a general meeting of our shareholders, and such meeting must be held before a Luxembourg
notary.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mandatory
bid</I></FONT><FONT STYLE="font-size: 10pt">. In accordance with the provisions of article 8 of our articles of association any person
(the &ldquo;Bidder&rdquo;) wishing to acquire by any means (including, but not limited to, the conversion of any financial instrument
convertible into common shares), directly or indirectly, common shares of our Company (which, when aggregated with his/her/its existing
common share holdings, together with any shares held by a person controlling the Bidder, controlled by the Bidder and/or under common
control with the Bidder, represent at least thirty-three point thirty-three percent (33.33%) of the share capital of the Company (the
 &ldquo;Threshold&rdquo;), will have the duty to propose an unconditional takeover bid to acquire the entirety of the then-outstanding
common shares together with any financial instrument convertible into common shares (the &ldquo;Takeover Bid&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The consideration
for each common share and financial instrument convertible into common shares payable to each holder thereof will be the same as, payable
in cash only, and not lower than the highest of the following prices:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
highest price per common shares and financial instrument convertible into common shares paid by the Bidder, or on behalf thereof, in
relation to any acquisition of common shares and the financial instruments convertible into common shares within the twelve months period
immediately preceding the takeover notice, adjusted as a consequence of any division of shares, stock dividend, subdivision or reclassification
affecting or related to common shares and/or the financial instruments convertible into common shares; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
highest closing sale price, during the sixty-day period immediately preceding the takeover notice, of a common share of our Company as
quoted by the New York Stock Exchange, in each case as adjusted as a consequence of any division of shares, stock dividend, subdivision
or reclassification affecting or related to common shares and financial instrument convertible into common shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>No Appraisal Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Neither Luxembourg
law nor our articles of association provide for any appraisal rights of dissenting shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Distributions</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Subject to Luxembourg
law, if and when a dividend is declared by the general meeting of shareholders or an interim dividend is declared by our board of directors,
each common share is entitled to participate equally in such distribution of funds legally available for such purposes. Pursuant to our
articles of association, our board of directors may pay interim dividends, subject to Luxembourg law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Declared and unpaid
distributions held by us for the account of the shareholders will not bear interest. Under Luxembourg law, claims for unpaid distributions
will lapse in our favor five years after the date such distribution became due and payable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any amount payable
with respect to dividends and other distributions declared and payable may be freely transferred out of Luxembourg, except that any specific
transfer may be prohibited or limited by anti-money laundering regulations, freezing orders or similar restrictive measures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Annual Accounts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under Luxembourg
law, our board of directors must prepare annual accounts and consolidated accounts. Except for certain cases as provided for by Luxembourg
law, our board of directors must also annually prepare management reports on the annual accounts and consolidated accounts. The annual
accounts, the consolidated accounts, management reports and auditor's reports must be available for inspection by shareholders at our
registered office and on our website for an uninterrupted period beginning at least eight calendar days prior to the date of the annual
ordinary general meeting of shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The annual accounts
and consolidated accounts are audited by an approved statutory auditor (<I>r&eacute;viseur d'entreprises agr&eacute;&eacute;</I>).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The annual accounts
and the consolidated accounts will be filed with the Luxembourg Trade and Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s</I>&nbsp;of
Luxembourg).</FONT></P>

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

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Information Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Luxembourg law gives
shareholders limited rights to inspect certain corporate records prior to the date of the annual ordinary general meeting of shareholders,
including the annual accounts with the list of directors and auditors, the consolidated accounts, the notes to the annual accounts and
the consolidated accounts, a list of shareholders whose common shares are not fully paid up, the management reports, the auditor's report
and, in case of amendments to the articles of association, the text of the proposed amendments and the draft of the resulting consolidated
articles of association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, any
registered shareholder is entitled to receive, upon request, a copy of the annual accounts, the consolidated accounts, the auditor's
reports and the management reports free of charge prior to the date of the annual ordinary general meeting of shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Board of Directors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Globant S.A. is
managed by our board of directors which is vested with the broadest powers to take any actions necessary or useful to fulfill our corporate
purpose with the exception of actions reserved by law or our articles of association to the general meeting of shareholders. Our articles
of association provide that our board of directors must consist of at least seven members and no more than fifteen members. Our board
of directors meets as often as company interests require.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A majority of the
members of our board of directors present or represented at a board meeting constitutes a quorum, and resolutions are adopted by the
simple majority vote of our board members present or represented. In the case of a tie, the chairman of our board shall have the deciding
vote. Our board of directors may also make decisions by means of resolutions in writing signed by all directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Directors are elected
by the general meeting of shareholders, and appointed for a period of up to four years; provided, however, that directors are elected
on a staggered basis, with one-third of the directors being elected each year; and provided, further, that such term may be exceeded
by a period up to the annual general meeting held following the fourth anniversary of the appointment, and each director will hold office
until his or her successor is elected. The general shareholders' meeting may remove one or more directors at any time, without cause
and without prior notice by a resolution passed by simple majority vote. If our board of directors has a vacancy, such vacancy may be
filled on a temporary basis by a person designated by the remaining members of our board of directors until the next general meeting
of shareholders, which will resolve on a permanent appointment. Any director shall be eligible for re-election indefinitely.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Within the limits
provided for by applicable law and our articles of association, our board of directors may delegate to one or more directors or to any
one or more persons, who need not be shareholders, acting alone or jointly, the daily management of Globant S.A. and the authority to
represent us in connection with such daily management. Our board of directors may also grant special powers to any person(s)&nbsp;acting
alone or jointly with others as agent of Globant S.A.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may establish one or more committees, including without limitation, an audit committee, a nominating and corporate
governance committee, and a compensation committee, and for which it will, if one or more of such committees are set up, appoint members,
determine the purpose, powers and authorities as well as the procedures and such other rules&nbsp;as may be applicable thereto. Our board
of directors has established an audit committee, a compensation committee, and a nominating and corporate governance committee</FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On October&nbsp;3,
2023, our board of directors established the position of lead independent director and adopted the Lead Independent Director Charter,
which governs the lead independent director authority, responsibilities and duties. The charter provides that, in circumstances where
the chairman of the board of directors is not independent, the members of the board of directors may resolve to appoint from among the
independent directors a lead independent director.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No contract or other
transaction between us and any other company or firm will be affected or invalidated by the fact that any one or more of our directors
or officers is interested in, or is a director, associate, officer, agent, adviser or employee of such other company or firm. Any director
or officer who serves as a director, officer or employee or otherwise of any company or firm with which we may contract or otherwise
engage in business will not, by reason of such affiliation with such other company or firm only, be prevented from considering and voting
or acting upon any matters with respect to such contract or other business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any director who
has, directly or indirectly, a conflicting interest in a transaction submitted for approval to our board of directors that conflicts
with our interest, must inform our board of directors thereof and cause a record of his or her statement to be included in the minutes
of the meeting. Such director may not take part in these deliberations and may not vote on the relevant transaction. At the next general
meeting, before any resolution is put to a vote, a special report is to be made on any transactions in which any of the directors may
have had an interest that conflicts with our interest.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No shareholding
qualification for directors is required.</FONT></P>

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

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

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any director and
other officer, past and present, is entitled to indemnification from us to the fullest extent permitted by law against liability and
all expenses reasonably incurred or paid by such director in connection with any claim, action, suit or proceeding in which he or she
is involved as a party or otherwise by virtue of his/her being or having been a director. We may purchase and maintain insurance for
any director or other officer against any such liability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No indemnification
will be provided against any liability to our directors or executive officers by reason of willful misconduct, bad faith, gross negligence
or reckless disregard of the duties of a director or officer. No indemnification will be provided with respect to any matter as to which
the director or officer may have been finally adjudicated to have acted in bad faith and not in our interest, and no indemnification
will be provided in the event of a settlement (unless approved by a court or our board of directors).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Registrars and Registers for Our
Common Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All of our common
shares are in registered form only.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We keep a register
of common shares at our registered office in Luxembourg. This register is available for inspection by any shareholder. In addition, we
may appoint registrars in different jurisdictions who will each maintain a separate register for the registered common shares entered
therein. It is possible for our shareholders to elect the entry of their common shares in one of these registers and the transfer thereof
at any time from one register to any other, including to the register kept at our registered office. However, our board of directors
may restrict such transfers for common shares that are registered, listed, quoted, dealt in or have been placed in certain jurisdictions
in compliance with the requirements applicable therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our articles of
association provide that the ownership of registered common shares is established by inscription in the relevant register. We may consider
the person in whose name the registered common shares are registered in the relevant register as the owner of such registered common
shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Transfer Agent and Registrar</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The transfer agent
and registrar for our common shares is Equiniti Trust Company LLC (formerly known as American Stock Transfer&nbsp;&amp; Trust Company,
LLC), with an address at 6201 15th Avenue Brooklyn, New York, NY 11219.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common shares
are listed on the NYSE under the symbol &ldquo;GLOB&rdquo;.</FONT></P>

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

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_009"></A>DESCRIPTION OF
DEBT SECURITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following description,
together with the additional information we include in any applicable prospectus supplement or free writing prospectus, summarizes certain
general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series
of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the
supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may issue debt
securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described
in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified
in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The debt securities
will be issued under an indenture (the &ldquo;Indenture&rdquo;) between us and the trustee. We have summarized select portions of the
Indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement and
you should read the Indenture for provisions that may be important to you. In the summary below, we have included references to the section
numbers of the Indenture so that you can easily locate these provisions. Capitalized terms used in the summary and not defined herein
have the meanings specified in the Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As used in this
section only, &ldquo;Globant,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo; refer to Globant S.A. excluding our subsidiaries,
unless expressly stated or the context otherwise requires.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The terms of each
series of debt securities will be established by or pursuant to a resolution of our board of directors and set forth or determined in
the manner provided in a resolution of our board of directors, in an officer&rsquo;s certificate or by a supplemental indenture (see
Section&nbsp;2.2 of the Indenture). The particular terms of each series of debt securities will be described in a prospectus supplement
relating to such series (including any pricing supplement or term sheet).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We can issue an
unlimited amount of debt securities under the Indenture that may be in one or more series with the same or various maturities, at par,
at a premium, or at a discount (see Section&nbsp;2.1 of the Indenture). We will set forth in a prospectus supplement (including any pricing
supplement or term sheet) relating to any series of debt securities being offered, the aggregate principal amount and the following terms
of the debt securities, if applicable (see Section&nbsp;2.2 of the Indenture):</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
title and ranking of the debt securities (including the terms of any subordination provisions);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
price or prices (expressed as a percentage of the principal amount) at which we will sell the debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
limit on the aggregate principal amount of the debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
date or dates on which the principal of the securities of the series is payable;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
rate or rates (which may be fixed or variable) per annum or the method used to determine the rate or rates (including any commodity,
commodity index, stock exchange index or financial index) at which the debt securities will bear interest, the date or dates from which
interest will accrue, the date or dates on which interest will commence and be payable and any regular record date for the interest payable
on any interest payment date;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
place or places where principal of, and interest, if any, on the debt securities will be payable (and the method of such payment), where
the securities of such series may be surrendered for registration of transfer or exchange, and where notices and demands to us in respect
of the debt securities may be delivered;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
period or periods within which, the price or prices at which and the terms and conditions upon which we may redeem the debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of
a holder of debt securities and the period or periods within which, the price or prices at which and in the terms and conditions upon
which securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
dates on which and the price or prices at which we will repurchase debt securities at the option of the holders of debt securities and
other detailed terms and provisions of these repurchase obligations;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
denominations in which the debt securities will be issued, if other than denominations of $1,000 and any integral multiple thereof;</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"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">whether
the debt securities will be issued in the form of certificated debt securities or global debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
portion of principal amount of the debt securities payable upon declaration of acceleration of the maturity date, if other than the principal
amount;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
currency of denomination of the debt securities, which may be United States Dollars or any foreign currency, and if such currency of
denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
designation of the currency, currencies or currency units in which payment of principal of, premium and interest on the debt securities
will be made;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
payments of principal of, premium or interest on the debt securities will be made in one or more currencies or currency units other than
that or those in which the debt securities are denominated, the manner in which the exchange rate with respect to these payments will
be determined;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
manner in which the amounts of payment of principal of, premium, if any, or interest on the debt securities will be determined, if these
amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
provisions relating to any security provided for the debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
addition to, deletion of or change in the Events of Default described in this prospectus or in the Indenture with respect to the debt
securities and any change in the acceleration provisions described in this prospectus or in the Indenture with respect to the debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
addition to, deletion of or change in the covenants described in this prospectus or in the Indenture with respect to the debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to any series of the debt
securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
provisions, if any, relating to conversion or exchange of any debt securities of such series, including if applicable, the conversion
or exchange price and period, provisions as to whether conversion or exchange will be mandatory or at the option of the holders of such
series of securities or the Company, the events requiring an adjustment of the conversion or exchange price and provisions affecting
conversion or exchange;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
other terms of the debt securities, which may supplement, modify or delete any provision of the Indenture as it applies to that series,
including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of the securities;
and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">whether
any of our direct or indirect subsidiaries will guarantee the debt securities of that series, including the terms of subordination, if
any, of such guarantees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may issue debt
securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration
of their maturity pursuant to the terms of the Indenture. We will provide you with information on the federal income tax considerations
and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If we denominate
the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal
of and any premium and interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency
unit or units, we will provide you with information on the restrictions, elections, general tax considerations, specific terms and other
information with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in
the applicable prospectus supplement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each debt security
will be represented by either one or more global securities registered in the name of The Depository Trust Company (&ldquo;DTC&rdquo;),
or a nominee of DTC (we will refer to any debt security represented by a global debt security as a &ldquo;book-entry debt security&rdquo;),
or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a
 &ldquo;certificated debt security&rdquo;) as set forth in the applicable prospectus supplement. Except as set forth under the heading
 &ldquo;Global Debt Securities and Book-Entry System&rdquo; below, book-entry debt securities will not be issuable in certificated form.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certificated
Debt Securities.</I></FONT> <FONT STYLE="font-size: 10pt">You may transfer or exchange certificated debt securities at any office we maintain
for this purpose in accordance with the terms of the Indenture (see Section&nbsp;2.4 of the Indenture). No service charge will be made
for any transfer or exchange of certificated debt securities, but we may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with a transfer or exchange (see Section&nbsp;2.7 of the Indenture).</FONT></P>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You may effect the
transfer of certificated debt securities and the right to receive the principal of, premium and interest on certificated debt securities
only by surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the
certificate to the new holder or the issuance by us or the trustee of a new certificate to the new holder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Global
Debt Securities and Book-Entry System.</I></FONT> <FONT STYLE="font-size: 10pt">Each global debt security representing book-entry debt
securities will be deposited with, or on behalf of, DTC, and registered in the name of DTC or a nominee of DTC. Please see &ldquo;Global
Securities.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will set forth
in the applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities (see Article&nbsp;IV of
the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>No Protection
in the Event of a Change of Control</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless we state
otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford holders of the
debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not
such transaction results in a change in control) which could adversely affect holders of debt securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Consolidation,
Merger and Sale of Assets</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may not consolidate
with or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a &ldquo;successor
person&rdquo;) unless:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">we
are the surviving corporation or the successor person (if other than Globant) is a corporation organized and validly existing under the
laws of any U.S. domestic jurisdiction, any country that is a member of the European Union or the United Kingdom and expressly or by
law assumes our obligations on the debt securities and under the Indenture; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
the above, any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to us or to another subsidiary
of the Company (see Section&nbsp;5.1 of the Indenture).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Event of
Default&rdquo; means with respect to any series of debt securities, any of the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">default
in the payment of any interest upon any debt security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of the payment is deposited by us with the trustee or with a paying agent prior to
the expiration of such 30-day period);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">default
in the payment of principal of any security of that series at its maturity;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">default
in the performance or breach of any other covenant or warranty by us in the Indenture (other than defaults pursuant to the previous two
bullets or pursuant to a covenant or warranty that has been included in the Indenture solely for the benefit of a series of debt securities
other than that series), which default continues uncured for a period of 60 days after written notice has been given to the Company by
the trustee or to the trustee and the Company by the holders of not less than 25% in principal amount of the outstanding debt securities
of that series as provided in the Indenture;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">certain
voluntary or involuntary events of bankruptcy, insolvency or reorganization of Globant;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
other Event of Default provided with respect to debt securities of that series that is described in the applicable prospectus supplement
(see Section&nbsp;6.1 of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No Event of Default
with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily
constitutes an Event of Default with respect to any other series of debt securities (see Section&nbsp;6.1 of the Indenture). The occurrence
of certain Events of Default or an acceleration under the Indenture may constitute an event of default under certain indebtedness of
ours or our subsidiaries outstanding from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will provide
the trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event
of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action we are taking
or propose to take in respect thereof (see Section&nbsp;6.1 of the Indenture).</FONT></P>

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

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If an Event of Default
with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not
less than 25% in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee
if given by the holders), declare to be due and payable immediately the principal of (or, if the debt securities of that series are discount
securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if
any, on all debt securities of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency
or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities
will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding
debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before
a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of
the outstanding debt securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment
of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided
in the Indenture (see Section&nbsp;6.2 of the Indenture). We refer you to the prospectus supplement relating to any series of debt securities
that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount
securities upon the occurrence of an Event of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture provides
that the trustee may refuse to perform any duty or exercise any of its rights or powers under the Indenture unless the trustee receives
indemnity satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising
such right or power (see Section&nbsp;7.1(e)&nbsp;of the Indenture). Subject to certain rights of the trustee, the holders of a majority
in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the
debt securities of that series (see Section&nbsp;6.12 of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No holder of any
debt security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or
for the appointment of a receiver or trustee, or for any remedy under the Indenture, unless:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
holder has previously given to the trustee written notice of a continuing Event of Default with respect to debt securities of that series;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
holders of not less than 25% in principal amount of the outstanding debt securities of that series have made written request, and offered
indemnity or security satisfactory to the trustee, to the trustee to institute the proceeding as trustee;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
trustee has not received from the holders of not less than a majority in principal amount of the outstanding debt securities of that
series a direction inconsistent with that request; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
trustee has failed to institute the proceeding within 60 days of receipt of the holder&rsquo;s written notice (see Section&nbsp;6.7 of
the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provision in the Indenture, the holder of any debt security will have an absolute and unconditional right to receive payment
of the principal of, premium and any interest on that debt security on or after the due dates expressed in that debt security and to
institute suit for the enforcement of payment, and such right shall not be impaired without the consent of such holder (see Section&nbsp;6.8
</FONT><FONT STYLE="font-size: 10pt">of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with
the Indenture (see Section&nbsp;4.3</FONT> <FONT STYLE="font-size: 10pt">of the Indenture). If a Default or Event of Default occurs and
is continuing with respect to the securities of any series and if it is known to a responsible officer of the trustee, the trustee shall
mail to each Securityholder of the securities of that series notice of a Default or Event of Default within 90 days after it occurs or,
if later, after a responsible officer of the trustee has knowledge of such Default or Event of Default. The Indenture provides that the
trustee may withhold notice to the holders of debt securities of any series of any Default or Event of Default (except in payment on
any debt securities of that series) with respect to debt securities of that series if the trustee determines in good faith that withholding
notice is in the interest of the holders of those debt securities (see Section&nbsp;7.5 of the Indenture).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We and the trustee
may modify, amend or supplement the Indenture or the debt securities of any series without the consent of any holder of any debt security:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
cure any ambiguity, defect or inconsistency;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
comply with covenants in the Indenture described above under the heading &ldquo;Consolidation, Merger and Sale of Assets&rdquo;;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for uncertificated securities in addition to or in place of certificated securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
add guarantees with respect to debt securities of any series or secure debt securities of any series;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
surrender any of our rights or powers under the Indenture;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
add covenants or events of default for the benefit of the holders of debt securities of any series;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
comply with the applicable procedures of the applicable depositary;</FONT></P>

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

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
make any change that does not adversely affect the rights of any holder of debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the Indenture;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
effect the appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions
of the Indenture to provide for or facilitate administration by more than one trustee; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act (see
Section&nbsp;9.1 of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may also modify
and amend the Indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities
of each series affected by the modifications or amendments. We may not make any modification or amendment without the consent of the
holders of each affected debt security then outstanding if that amendment will:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the amount of debt securities whose holders must consent to an amendment, supplement or waiver;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the rate of or extend the time for payment of interest (including default interest) on any debt security;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the principal of or premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the principal amount of discount securities payable upon acceleration of maturity;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">waive
a default in the payment of the principal of, premium or interest on any debt security (except a rescission of acceleration of the debt
securities of any series by the holders of at least a majority in aggregate principal amount of the then outstanding debt securities
of that series and a waiver of the payment default that resulted from such acceleration);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any change to certain provisions of the Indenture relating to, among other things, the right of holders of debt securities to receive
payment of the principal of, premium and interest on those debt securities and to institute suit for the enforcement of any such payment
and to waivers or amendments; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">waive
a redemption payment with respect to any debt security (see Section&nbsp;9.3 of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series
may on behalf of the holders of all debt securities of that series waive our compliance with provisions of the Indenture (see Section&nbsp;9.2
</FONT><FONT STYLE="font-size: 10pt">of the Indenture). The holders of a majority in principal amount of the outstanding debt securities
of any series may on behalf of the holders of all the debt securities of such series waive any past default under the Indenture with
respect to that series and its consequences, except a default in the payment of the principal of, premium or any interest on any debt
security of that series; provided, however, that the holders of a majority in principal amount of the outstanding debt securities of
any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration
(see Section&nbsp;6.13 of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Defeasance of
Debt Securities and Certain Covenants in Certain Circumstances</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Legal
Defeasance.</I></FONT> <FONT STYLE="font-size: 10pt">The Indenture provides that, unless otherwise provided by the terms of the applicable
series of debt securities, we may be discharged from any and all obligations in respect of the debt securities of any series (subject
to certain exceptions). We will be so discharged upon the irrevocable deposit with the trustee, in trust, of money and/or U.S. government
obligations or, in the case of debt securities denominated in a single currency other than U.S. Dollars, government obligations of the
government that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their
terms, will provide money or U.S. government obligations in an amount sufficient in the opinion of a nationally recognized firm of independent
public accountants or investment bank to pay and discharge each installment of principal of and interest on and any mandatory sinking
fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms
of the Indenture and those debt securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received
from, or there has been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the Indenture,
there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon
such opinion shall confirm that, the holders of the debt securities of that series will not recognize income, gain or loss for United
States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal
income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and
discharge had not occurred (see Section&nbsp;8.3 </FONT><FONT STYLE="font-size: 10pt">of the Indenture).</FONT></P>

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

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Defeasance
of Certain Covenants.</I></FONT> <FONT STYLE="font-size: 10pt">The Indenture provides that, unless otherwise provided by the terms of
the applicable series of debt securities, upon compliance with certain conditions:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">we
may omit to comply with the covenant described under the heading &ldquo;Consolidation, Merger and Sale of Assets&rdquo; and certain other
covenants set forth in the Indenture, as well as any additional covenants which may be set forth in the applicable prospectus supplement;
and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
omission to comply with those covenants will not constitute a Default or an Event of Default with respect to the debt securities of that
series (&ldquo;covenant defeasance&rdquo;).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">depositing
with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than
U.S. Dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment of
interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized
firm of independent public accountants or investment bank to pay and discharge each installment of principal of and interest on and any
mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance
with the terms of the Indenture and those debt securities; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">delivering
to the trustee an opinion of counsel to the effect that the holders of the debt securities of that series will not recognize income,
gain or loss for United States federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject
to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the
deposit and related covenant defeasance had not occurred (see Section&nbsp;8.4 of the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>No Personal Liability
of Directors, Officers, Employees or Shareholders</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">None of our past,
present or future directors, officers, employees or shareholders, as such, will have any liability for any of our obligations under the
debt securities or the Indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting
a debt security, each holder waives and releases all such liability. This waiver and release are part of the consideration for the issue
of the debt securities (see Section&nbsp;10.8 of the Indenture). However, this waiver and release may not be effective to waive liabilities
under U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture and
the debt securities, including any claim or controversy arising out of or relating to the Indenture or the securities, will be governed
by the laws of the State of New York.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture will
provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to the Indenture, the debt securities or the transactions contemplated thereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture will
provide that any legal suit, action or proceeding arising out of or based upon the Indenture or the transactions contemplated thereby
may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of
New York in each case located in the City of New York, and we, the trustee and the holder of the debt securities (by their acceptance
of the debt securities) irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The
Indenture will further provide that service of any process, summons, notice or document by mail (to the extent allowed under any applicable
statute or rule&nbsp;of court) to such party&rsquo;s address set forth in the Indenture will be effective service of process for any
suit, action or other proceeding brought in any such court. The Indenture will further provide that we, the trustee and the holders of
the debt securities (by their acceptance of the debt securities) irrevocably and unconditionally waive any objection to the laying of
venue of any suit, action or other proceeding in the courts specified above and irrevocably and unconditionally waive and agree not to
plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum (see Section&nbsp;10.10 of the Indenture).</FONT></P>

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

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_010"></A><B>DESCRIPTION OF
OTHER SECURITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Warrants</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">We
may issue warrants to purchase our debt or equity securities or securities of third parties or other rights, including rights to receive
payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices,
or any combination of the foregoing. Warrants may be issued independently or together with any other securities and may be attached to,
or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between
us and a warrant agent. The terms of any warrants to be issued and a description of the material provisions of the applicable warrant
agreement will be set forth in the applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">The
applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of such warrants;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate number of such warrants;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price or prices at which such warrants will be
    issued;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the currency or currencies, in which the price of such
    warrants will be payable;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the securities or other rights, including rights to
    receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities
    or indices, or any combination of the foregoing, purchasable upon exercise of such warrants;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price at which and the currency or currencies,
    in which the securities or other rights purchasable upon exercise of such warrants may be purchased;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which the right to exercise such warrants
    shall commence and the date on which such right shall expire;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, the minimum or maximum amount of such
    warrants which may be exercised at any one time;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, the designation and terms of the securities
    with which such warrants are issued and the number of such warrants issued with each such security;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, the date on and after which such warrants
    and the related securities will be separately transferable;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information with respect to book-entry procedures,
    if any;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, a discussion of any material U.S. federal
    income tax considerations; and</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of such warrants, including terms,
    procedures and limitations relating to the exchange and exercise of such warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Rights</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">We
may issue rights to purchase our equity securities. These rights may be issued independently or together with any other security offered
by this prospectus and may or may not be transferable by the shareholder receiving the rights in the rights offering. In connection with
any rights offering, we may enter into a standby underwriting agreement with one or more underwriters pursuant to which the underwriter
will purchase any securities that remain unsubscribed for upon completion of the rights offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">The
applicable prospectus supplement relating to any rights will describe the terms of the offered rights, including, where applicable, the
following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the exercise price for the rights;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of rights issued to each shareholder;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the extent to which the rights are transferable;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of the rights, including terms, procedures
    and limitations relating to the exchange and exercise of the rights;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which the right to exercise the rights
    will commence and the date on which the rights will expire;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of rights outstanding;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the extent to which the rights include an over-subscription
    privilege with respect to unsubscribed securities; and</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the material terms of any standby underwriting arrangement
    entered into by us in connection with the rights offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">The
description in the applicable prospectus supplement of any rights we offer will not necessarily be complete and will be qualified in
its entirety by reference to the applicable rights certificate or rights agreement, which will be filed with the SEC if we offer rights.
For more information on how you can obtain copies <FONT STYLE="background-color: white">of any rights certificate or rights agreement
if we offer rights, see &ldquo;Where You Can Find More Information; Incorporation By Reference&rdquo; of this prospectus. We urge you
to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in their entirety.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Units</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">As
specified in the applicable prospectus supplement, we may issue units consisting of one or more rights, warrants, debt securities, common
shares or any combination of such securities. The applicable prospectus supplement will describe:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms of the units and of the rights, warrants,
    debt securities and common shares comprising the units, including whether and under what circumstances the securities comprising
    the units may be traded separately;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a description of the terms of any unit agreement governing
    the units; and</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a description of the provisions for the payment, settlement,
    transfer or exchange of the units.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A><FONT STYLE="font-size: 10pt"><B>GLOBAL SECURITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Book-Entry, Delivery and Form</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless we indicate
differently in any applicable prospectus supplement or free writing prospectus, the securities initially will be issued in book-entry
form and certain of the securities may be represented by one or more global notes or global securities, or, collectively, global securities.
Any global securities will be deposited with, or on behalf of, The Depository Trust Company, New York, New York, as depositary, or DTC,
and registered in the name of Cede&nbsp;&amp; Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing
securities under the limited circumstances described below, a global security may not be transferred except as a whole by the depositary
of such global security to its nominee or by the nominee to the depositary of such global security, or by the depositary or its nominee
to a successor depositary of such global security or to a nominee of the successor depositary of such global security.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">DTC has advised
us that it is:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">a
                                            limited-purpose trust company organized under the New York Banking Law;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">a
                                            &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">a
                                            member of the Federal Reserve System;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                            &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial
                                            Code; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">a
                                            &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section&nbsp;17A of
                                            the Exchange Act.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">DTC holds securities
that its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, such as
transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants&rsquo; accounts, thereby
eliminating the need for physical movement of securities certificates. &ldquo;Direct participants&rdquo; in DTC include securities brokers
and dealers, including underwriters, banks, trust companies, clearing corporations and other organizations. DTC is a wholly-owned subsidiary
of The Depository Trust&nbsp;&amp; Clearing Corporation, or DTCC. DTCC is the holding company for DTC, National Securities Clearing Corporation
and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Access to the DTC system is also available to others, which we sometimes refer to as indirect participants, that clear through or maintain
a custodial relationship with a direct participant, either directly or indirectly. The rules&nbsp;applicable to DTC and its participants
are on file with the SEC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Purchases of securities
under the DTC system must be made by or through direct participants, which will receive a credit for the securities on DTC&rsquo;s records.
The ownership interest of the actual purchaser of a security, which we sometimes refer to as a beneficial owner, is in turn recorded
on the direct and indirect participants&rsquo; records. Beneficial owners of securities will not receive written confirmation from DTC
of their purchases. However, beneficial owners are expected to receive written confirmations providing details of their transactions,
as well as periodic statements of their holdings, from the direct or indirect participants through which they purchased securities. Transfers
of ownership interests in global securities are to be accomplished by entries made on the books of participants acting on behalf of beneficial
owners. Beneficial owners will not receive certificates representing their ownership interests in the global securities, except under
the limited circumstances described below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">To facilitate subsequent
transfers, all global securities deposited by direct participants with DTC will be registered in the name of DTC&rsquo;s partnership
nominee, Cede&nbsp;&amp; Co., or such other name as may be requested by an authorized representative of DTC. The deposit of securities
with DTC and their registration in the name of Cede&nbsp;&amp; Co. or such other nominee will not change the beneficial ownership of
the securities. DTC has no knowledge of the actual beneficial owners of the securities. DTC&rsquo;s records reflect only the identity
of the direct participants to whose accounts the securities are credited, which may or may not be the beneficial owners. The participants
are responsible for keeping account of their holdings on behalf of their customers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">So long as the securities
are in book-entry form and represented by one or more global securities, you will receive payments and may transfer securities only through
the facilities of the depositary of the global securities and its direct and indirect participants. We will maintain an office or agency
in the location specified in the prospectus supplement for the applicable securities represented by one or more global securities, where
notices and demands in respect of the securities and the indenture may be delivered to us and where certificated securities may be surrendered
for payment, registration of transfer or exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Conveyance of notices
and other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and
indirect participants to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from
time to time.</FONT></P>

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

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Redemption notices
with respect to securities represented by one or more global securities will be sent to DTC. If less than all of the securities represented
by one or more global securities of a particular series are being redeemed, DTC&rsquo;s practice is to determine by lot the amount of
the interest of each direct participant in the securities of such series to be redeemed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Neither DTC nor
Cede&nbsp;&amp; Co. (or such other DTC nominee) will consent or vote with respect to the securities represented by one or more global
securities. Under its usual procedures, DTC will mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy
assigns the consenting or voting rights of Cede&nbsp;&amp; Co. to those direct participants to whose accounts the securities of such
series are credited on the record date, identified in a listing attached to the omnibus proxy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">So long as securities
are in book-entry form and represented by one or more global securities, we will make payments on those securities to the depositary
of the global securities or its nominee, as the registered owner of such securities, by wire transfer of immediately available funds.
If securities represented by one or more global securities are issued in definitive certificated form under the limited circumstances
described below and unless if otherwise provided in the description of the applicable securities herein or in the applicable prospectus
supplement, we will have the option of making payments by check mailed to the addresses of the persons entitled to payment or by wire
transfer to bank accounts in the United States designated in writing to the applicable trustee or other designated party at least 15
days before the applicable payment date by the persons entitled to payment, unless a shorter period is satisfactory to the applicable
trustee or other designated party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Redemption proceeds,
distributions and dividend payments on the securities represented by one or more global securities will be made to Cede&nbsp;&amp; Co.,
or such other nominee as may be requested by an authorized representative of DTC. DTC&rsquo;s practice is to credit direct participants&rsquo;
accounts upon DTC&rsquo;s receipt of funds and corresponding detail information from us on the payment date in accordance with their
respective holdings shown on DTC records. Payments by participants to beneficial owners will be governed by standing instructions and
customary practices, as is the case with securities held for the account of customers in bearer form or registered in &ldquo;street name.&rdquo;
Those payments will be the responsibility of participants and not of DTC or us, subject to any statutory or regulatory requirements in
effect from time to time. Payment of redemption proceeds, distributions and dividend payments to Cede&nbsp;&amp; Co., or such other nominee
as may be requested by an authorized representative of DTC, is our responsibility, disbursement of payments to direct participants is
the responsibility of DTC, and disbursement of payments to the beneficial owners is the responsibility of direct and indirect participants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except under the
limited circumstances described below, purchasers of securities represented by one or more global securities will not be entitled to
have securities registered in their names and will not receive physical delivery of securities. Accordingly, each beneficial owner of
securities represented by one or more global securities must rely on the procedures of DTC and its participants to exercise any rights
under the securities and the indenture. The laws of some jurisdictions may require that some purchasers of securities take physical delivery
of securities in definitive form. Those laws may impair the ability to transfer or pledge beneficial interests in securities represented
by one or more global securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">DTC may discontinue
providing its services as securities depositary with respect to the securities represented by one or more global securities at any time
by giving reasonable notice to us. Under such circumstances, in the event that a successor depositary is not obtained, securities certificates
are required to be printed and delivered for securities represented by one or more global securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As noted above,
beneficial owners of a particular series of securities represented by one or more global securities generally will not receive certificates
representing their ownership interests in those securities. However, if:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">DTC
                                            notifies us that it is unwilling or unable to continue as a depositary for the global security
                                            or securities representing such series of securities or if DTC ceases to be a clearing agency
                                            registered under the Exchange Act at a time when it is required to be registered and a successor
                                            depositary is not appointed within 90 days of the notification to us or of our becoming aware
                                            of DTC&rsquo;s ceasing to be so registered, as the case may be;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">we
                                            determine, in our sole discretion, not to have such securities represented by one or more
                                            global securities; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; background-color: white">an
                                            event of default has occurred and is continuing with respect to such series of securities
                                            represented by one or more global securities,</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: white">we
will prepare and deliver certificates for such securities in exchange for beneficial interests in the global securities. Any beneficial
interest in a global security that is exchangeable under the circumstances described in the preceding sentence will be exchangeable for
securities in definitive certificated form or book-entry form registered in the names that the depositary of such global security directs.
It is expected that these directions will be based upon directions received by the depositary of the global securities from its participants
with respect to ownership of beneficial interests in the global securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>Euroclear and Clearstream</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If so provided in
the applicable prospectus supplement, you may hold interests in a global security through Clearstream Banking S.A., which we refer to
as &ldquo;Clearstream,&rdquo; or Euroclear Bank S.A./N.V., as operator of the Euroclear System, which we refer to as &ldquo;Euroclear,&rdquo;
either directly if you are a participant in Clearstream or Euroclear or indirectly through organizations which are participants in Clearstream
or Euroclear. Clearstream and Euroclear will hold interests on behalf of their respective participants through customers&rsquo; securities
accounts in the names of Clearstream and Euroclear, respectively, on the books of their respective U.S. depositaries, which in turn will
hold such interests in customers&rsquo; securities accounts in such depositaries&rsquo; names on DTC&rsquo;s books.</FONT></P>

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

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Clearstream and
Euroclear are securities clearance systems in Europe. Clearstream and Euroclear hold securities for their respective participating organizations
and facilitate the clearance and settlement of securities transactions between those participants through electronic book-entry changes
in their accounts, thereby eliminating the need for physical movement of certificates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Payments, deliveries,
transfers, exchanges, notices and other matters relating to beneficial interests in global securities owned through Euroclear or Clearstream
must comply with the rules&nbsp;and procedures of those systems. Transactions between participants in Euroclear or Clearstream, on one
hand, and other participants in DTC, on the other hand, are also subject to DTC&rsquo;s rules&nbsp;and procedures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investors will be
able to make and receive through Euroclear and Clearstream payments, deliveries, transfers and other transactions involving any beneficial
interests in global securities held through those systems only on days when those systems are open for business. Those systems may not
be open for business on days when banks, brokers and other institutions are open for business in the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Cross-market transfers
between participants in DTC, on the one hand, and participants in Euroclear or Clearstream, on the other hand, will be effected through
DTC in accordance with the DTC&rsquo;s rules&nbsp;on behalf of Euroclear or Clearstream, as the case may be, by their respective U.S.
depositaries; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case
may be, by the counterparty in such system in accordance with the rules&nbsp;and procedures and within the established deadlines (European
time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver
instructions to its U.S. depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the
global securities through DTC, and making or receiving payment in accordance with normal procedures for&nbsp;same-day&nbsp;fund settlement.
Participants in Euroclear or Clearstream may not deliver instructions directly to their respective U.S. depositaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Due to time zone
differences, the securities accounts of a participant in Euroclear or Clearstream purchasing an interest in a global security from a
direct participant in DTC will be credited, and any such crediting will be reported to the relevant participant in Euroclear or Clearstream,
during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the
settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through
a participant in Euroclear or Clearstream to a direct participant in DTC will be received with value on the settlement date of DTC but
will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following
DTC&rsquo;s settlement date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>Other</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The information
in this section of this prospectus concerning DTC, Clearstream, Euroclear and their respective book-entry systems has been obtained from
sources that we believe to be reliable, but we do not take responsibility for this information. This information has been provided solely
as a matter of convenience. The rules&nbsp;and procedures of DTC, Clearstream and Euroclear are solely within the control of those organizations
and could change at any time. Neither we nor the trustee nor any agent of ours or of the trustee has any control over those entities
and none of us takes any responsibility for their activities. You are urged to contact DTC, Clearstream and Euroclear or their respective
participants directly to discuss those matters. In addition, although we expect that DTC, Clearstream and Euroclear will perform the
foregoing procedures, none of them is under any obligation to perform or continue to perform such procedures and such procedures may
be discontinued at any time. Neither we nor any agent of ours will have any responsibility for the performance or nonperformance by DTC,
Clearstream and Euroclear or their respective participants of these or any other rules&nbsp;or procedures governing their respective
operations.</FONT></P>

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

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

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_012"></A>PLAN OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We or any selling
securityholders may sell the securities directly to purchasers or to or through underwriters, broker-dealers, agents or any other method
permitted by applicable law and described in the applicable prospectus supplement, in one or more transactions at any time at fixed prices,
at market prices prevailing at the time of sale, at varying prices determined at the time of sale or at negotiated prices, or through
any combination of the foregoing. Such sales may be effected in transactions on any national securities exchange or quotation service
on which the securities may be listed or quoted at the time of sale, in the over-the-counter market or in transactions other than on
such exchanges or services or in the over-the-counter market. We or any selling securityholders may use any one or more of the following
methods when selling securities:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">underwritten
                                            public offerings;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">block
                                            trades in which the broker-dealer so engaged will attempt to sell the securities as agent,
                                            but may position or resell a portion of the block, as principal, in order to facilitate the
                                            transaction;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">purchases
                                            by a broker-dealer, as principal, and resale by such broker-dealer for its account;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ordinary
                                            brokerage transactions and transactions in which the broker solicits purchasers;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">sales
                                            &ldquo;at the market&rdquo; to or through a market maker or into an existing trading market,
                                            on an exchange or otherwise;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in
                                            privately negotiated transactions; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">through
                                            a combination of any of these methods of sale or by any other legally available means.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We or any selling
securityholders may enter into hedging transactions from time to time in which a selling securityholder may:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">enter
                                            into transactions with a broker-dealer or any other person in connection with which such
                                            broker-dealer or other person will engage in short sales of the shares, in which case such
                                            broker-dealer or other person may use the shares received from us or any selling securityholders
                                            to close out its short positions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">sell
                                            securities short and re-deliver shares offered by this prospectus to close out its short
                                            positions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">enter
                                            into options or other types of transactions that require us or any selling securityholder
                                            to deliver the shares to a broker-dealer, affiliate or third party, who will then resell
                                            or transfer the shares under this prospectus;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">loan
                                            or pledge the shares to a broker-dealer or any other person, who may sell the loaned shares
                                            or, in an event of default in the case of a pledge, sell the pledged shares under this prospectus;
                                            or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                            combination of the foregoing.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A prospectus supplement
or supplements (and any related free writing prospectus that we may authorize to be provided to you) will describe the terms of the offering
of the securities, including, to the extent applicable:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            name or names of any underwriters, dealers or agents;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            method of distribution;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            public offering price or purchase price and the proceeds to us from that sale;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            expenses of the offering;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            discounts to be allowed or paid to the underwriters, dealers or agents;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">all
                                            other items constituting underwriting compensation and the discounts to be allowed or paid
                                            to dealers, if any; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            other information regarding the distribution of the securities that we believe to be material.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We or any selling
securityholders may also sell shares under Rule&nbsp;144 of the Securities Act, if available, rather than under this prospectus.</FONT></P>

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

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

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Underwriters may
offer and sell the securities at a fixed price or prices, which may be changed, or from time to time at market prices prevailing at the
time of sale, at prices related to prevailing market prices or at negotiated prices. We or any selling securityholders may, from time
to time, authorize agents acting on a best or reasonable efforts basis as our agents to solicit or receive offers to purchase the securities
upon the terms and conditions as are set forth in the applicable prospectus supplement. In connection with the sale of securities, underwriters
or agents may be deemed to have received compensation from us or any selling securityholders in the form of underwriting discounts and
may also receive commissions from purchasers of securities for whom they may act as agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Underwriters may
sell securities to or through dealers, and dealers may receive compensation in the form of discounts or concessions from the underwriters
and commissions from the purchasers for whom they may act as agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Underwriters, dealers
and agents who participate in the distribution of securities and their controlling persons may be entitled, under agreements that may
be entered into with us, to indemnification by us against certain liabilities, including liabilities under the&nbsp;Securities Act, or
to contribution with respect to payments that the underwriters, dealers or agents and their controlling persons may be required to make
in respect of those liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We or any selling
securityholders may also make direct sales through subscription rights distributed to our existing shareholders on a pro rata basis,
which may or may not be transferable. In any distribution of subscription rights to our shareholders, if all of the underlying securities
are not subscribed for, we may then sell the unsubscribed securities directly to third parties or may engage the services of one or more
underwriters, dealers or agents, including standby underwriters, to sell the unsubscribed securities to third parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each series of
securities will be a new issue of securities and will have no established trading market, other than our common shares, which are listed
on the NYSE. Any underwriters to whom securities are sold for public offering and sale may make a market in the securities, but such
underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The securities, other than
our common shares, may or may not be listed on a national securities exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Selling Securityholders</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The selling securityholders,
and their pledgees, donees, transferees or other successors in interest, may offer our securities in one or more offerings, and if required
by applicable law or in connection with an underwritten offering, pursuant to one or more prospectus supplements, and any such prospectus
supplement will set forth the terms of the relevant offering as described above. To the extent our shares offered by a selling securityholder
pursuant to a prospectus supplement remain unsold, the selling securityholder may offer those shares on different terms pursuant to another
prospectus supplement. Sales by the selling securityholders may not require the provision of a prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition to the
foregoing, each of the selling securityholders may offer our securities at various times in one or more of the following transactions:
through short sales, derivative and hedging transactions; by pledge to secure debts and other obligations; through offerings of securities
exchangeable, convertible or exercisable for our securities; under forward purchase contracts with trusts, investment companies or other
entities (which may, in turn, distribute their own securities); through distribution to its members, partners or shareholders; in exchange
or over-the-counter market transactions; and/or in private transactions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">There can be no
assurance that any selling securityholder will sell any or all of the securities covered by this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are required
to pay all fees and expenses incident to the registration of our securities. We or any selling securityholders will bear the fees, discounts,
concessions and commissions incurred by the selling securityholders in connection with resales of the securities. We may agree to indemnify
the selling securityholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act and
the Exchange Act, or the selling securityholders may be entitled to contribution. The selling securityholders may agree to indemnify
us against certain losses, claims, damages and liabilities, including liabilities under the Securities Act that may arise from written
information furnished to us by the selling securityholders specifically for use in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In certain circumstances,
we may restrict or suspend offers and sales or other dispositions of our securities under the registration statement of which this prospectus
forms a part after the date of this prospectus. In the event of such restriction or suspension, the selling securityholders will not
be able to offer or sell or otherwise dispose of our securities under the registration statement of which this prospectus forms a part.</FONT></P>

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

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

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We or any selling
securityholders and any other person participating in the sale of our securities will be subject to the rules&nbsp;of the Exchange Act.
The Exchange Act rules&nbsp;include, without limitation, Regulation M, which may limit the timing of purchases and sales of our securities
by us and selling securityholders. In addition, Regulation M may restrict the ability of any person engaged in the distribution of the
securities to engage in market-making activities with respect to the particular securities being distributed. This may affect the marketability
of our securities and the ability of any person or entity to engage in market-making activities with respect to our securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Once sold under
the registration statement of which this prospectus forms a part, our securities will be freely tradable in the hands of persons other
than our affiliates.</FONT></P>

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

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

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><FONT STYLE="font-size: 10pt"><B>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are a Luxembourg
joint stock company (<I>soci&eacute;t&eacute; anonyme</I>). The majority of our assets are located outside the United States. Furthermore,
the majority of our directors and officers and some experts named in this prospectus reside outside the United States and a substantial
portion of their assets are located outside the United States. As a result, investors may not be able to effect service of process within
the United States upon us or these persons or to enforce judgments obtained against us or these persons in U.S. courts, including judgments
in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for
an investor to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the U.S.,
including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It may also be difficult
for an investor to bring an original action in a Luxembourg court predicated solely upon the civil liability provisions of the U.S. federal
securities laws against us, our directors or our officers. There is doubt as to whether Luxembourg courts would permit such actions or
enforce any civil liabilities thereon. Furthermore, Luxembourg law does not recognize a shareholder&rsquo;s right to bring a derivative
action on our behalf, except in limited cases.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As there is no treaty
in force on the reciprocal recognition and enforcement of judgments in civil and commercial matters between the United States and the
Grand Duchy of Luxembourg, courts in Luxembourg will not automatically recognize and enforce a final judgment rendered by a U.S. court.
A valid judgment in civil or commercial matters obtained from a court of competent jurisdiction in the United States may be entered and
enforced through a court of competent jurisdiction in Luxembourg, subject to compliance with the enforcement procedures (<I>exequatur</I>).
The enforceability in Luxembourg courts of judgments rendered by U.S. courts will be subject, prior to any enforcement in Luxembourg,
to the procedure and the conditions set forth in the Luxembourg procedural code, which conditions may include the following as of the
date of this prospectus:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            judgment of the U.S. court is final and enforceable (<I>ex&eacute;cutoire</I>) in the United
                                            States;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            U.S. court had jurisdiction over the subject matter leading to the judgment (that is, its
                                            jurisdiction was in compliance both with Luxembourg private international law rules&nbsp;and
                                            with the applicable domestic U.S. federal or state jurisdictional rules);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            U.S. court has applied to the dispute the substantive law that would have been applied by
                                            Luxembourg courts;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            judgment was granted following proceedings where the counterparty had the opportunity to
                                            appear and, if it appeared, to present a defense, and the decision of the foreign court must
                                            not have been obtained by fraud, but in compliance with the rights of the defendant;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            U.S. court has acted in accordance with its own procedural laws; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            judgment of the U.S. court does not contravene Luxembourg international public policy or
                                            rules, nor has the judgment been given in proceedings of a tax or criminal nature or rendered
                                            subsequent to an evasion of Luxembourg law (<I>fraude a la loi</I>).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, awards
of damages made under civil liabilities provisions of the U.S. federal securities laws, or other laws, which are classified by Luxembourg
courts as being of a penal or punitive nature (for example, fines or punitive damages) may not be recognized by Luxembourg courts). While
an ordinary award of monetary damages would not be considered as a penalty, if an award of monetary damages includes punitive damages,
a Luxembourg court may consider such punitive damages a penalty.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under
our articles of association and pursuant to separate indemnification agreements, we indemnify our directors for and hold them harmless
against all claims, actions, suits or proceedings brought against them, subject to limited exceptions. The rights and obligations among
or between us and any of our current or former directors and officers are generally governed by the laws of the Grand Duchy of Luxembourg
and subject to the jurisdiction of the Luxembourg courts, unless such rights or obligations do not relate to or arise out of their capacities
listed above. Although there is doubt as to whether U.S. courts would enforce this indemnification provision in an action brought in
the United States under U.S. federal or state securities laws, this provision could make it more difficult to obtain judgments outside
Luxembourg or from non-Luxembourg jurisdictions that would apply Luxembourg law against our assets in Luxembourg.</FONT></P>

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

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

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><FONT STYLE="font-size: 10pt"><B>LEGAL MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Arendt&nbsp;&amp;
Medernach S.A., Luxembourg, our Luxembourg counsel, will pass upon the validity of the securities offered by this prospectus for us with
respect to the laws of the Grand Duchy of Luxembourg. Certain matters under U.S. federal and New York state law will be passed upon for
us by DLA Piper LLP (US), New York, New York, our United States counsel. Counsel for any underwriters or agents, if any, will be named
in the applicable prospectus supplement.</FONT></P>

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

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

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="a_015"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which is
included in Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the
Annual Report on Form 20-F for the year ended December 31, 2024, have been so incorporated in reliance on the report (which contains a
paragraph relating to the effectiveness of internal control over financial reporting due to the exclusion of Codebay Innovation, S.L.,
Common Management Solutions, S.L., Omnia Holdings Ltd, Exusia LLC and Blankfactor Group Holdings Limited because they were acquired by
the Company in purchase business combinations during 2024) of Price Waterhouse &amp; Co. S.R.L., an independent registered public accounting
firm, given on the authority of said firm as experts in auditing and accounting.</P>

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

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

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_016"></A><B>WHERE YOU CAN
FIND MORE INFORMATION; INCORPORATION BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are subject to
the information and periodic reporting requirements of the Exchange Act applicable to &ldquo;foreign private issuers&rdquo; (as such
term is defined in Rule&nbsp;405 under the Securities Act), and we fulfill our obligations with respect to these requirements by filing
or furnishing reports with the SEC. Our filings with the SEC are available to the public on the SEC&rsquo;s website at www.sec.gov. Those
filings are also available to the public on, or accessible through, our corporate website at www.globant.com. The information contained
on or accessible through our corporate website or any other website that we may maintain is not part of this prospectus or the registration
statement of which this prospectus is a part.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The SEC allows us
to &ldquo;incorporate by reference&rdquo; the information we file with them, which means that we can disclose important information to
you by referring you to those documents. The information incorporated by reference is an important part of this prospectus, and later
information that we file with the SEC will automatically update and supersede the information included in this prospectus and the documents
listed below. We incorporate by reference the documents listed below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Annual
Report on Form&nbsp;20-F (File No.&nbsp;001-36535) for the year ended December&nbsp;31, 2024, filed with the SEC on February&nbsp;28,
2025;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt">Report on Form 6-K furnished to the SEC on March 28, 2025; and</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                            description of our common shares contained in our Registration Statement on Form&nbsp;8-A
                                            (File No.&nbsp;001-36535), filed with the SEC on July&nbsp;11, 2014, including all amendments
                                            and reports filed for the purpose of updating such description.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All documents subsequently
filed by the Company with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, and, to the extent designated
therein, Reports of Foreign Private Issuer on Form&nbsp;6-K furnished by the Company to the SEC that are identified in such forms as
being incorporated into this Registration Statement, in each case, subsequent to the initial filing date of this Registration Statement
and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters
all securities remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part of
this Registration Statement from the date of filing of such documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any statement contained
in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed modified, superseded
or replaced for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement, or in
any subsequently filed document that also is deemed to be incorporated by reference in this Registration Statement, modifies, supersedes
or replaces such statement. Any statement so modified, superseded or replaced shall not be deemed, except as so modified, superseded
or replaced, to constitute a part of this Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will provide
without charge, a copy of any and all of the documents referred to herein, to each person who makes a written or oral request, by writing
or calling us at the following address or telephone number:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">37A Avenue J.F.
Kennedy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">L-1855, Luxembourg</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Attn: Patricio Pablo
Rojo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Tel: + 352 20 30
15 96</FONT></P>

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

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

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2431187d1_f3asrimg002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Globant S.A.</B></FONT></P>

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INFORMATION NOT
REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Item 8. Indemnification of Directors
and Officers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our directors are
not held personally liable for the indebtedness or other obligations of the Company. As agents of the Company, they are responsible for
the performance of their duties. Subject to the exceptions and limitations set forth below and mandatory provisions of law, every person
who is, or has been, a director or officer of the Company will be indemnified by the Company to the fullest extent permitted by law against
liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding
which he or she becomes involved as a party or otherwise by virtue of his or her being or having been such a director or officer and
against amounts paid or incurred by him or her in the settlement thereof. The words &ldquo;claim,&rdquo; &ldquo;action,&rdquo; &ldquo;suit&rdquo;
or &ldquo;proceeding&rdquo; refer to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual
or threatened and the words &ldquo;liability&rdquo; and &ldquo;expenses&rdquo; include without limitation attorneys&rsquo; fees, costs,
judgments, amounts paid in settlement and other liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No indemnification,
however, will be provided to any director or officer: (i)&nbsp;against any liability to the Company or its shareholders by reason of
willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; (ii)&nbsp;with
respect to any matter as to which he or she shall have been finally adjudicated to have acted in bad faith and not in the interest of
the Company; or (iii)&nbsp;in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction
or by the Company&rsquo;s board of directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The rights of indemnification
described above are severable, do not affect any other rights to which any director or officer may otherwise be entitled, continue as
to a person who has ceased to be such director or officer and inures to the benefit of the heirs, executors and administrators of such
a person. Nothing contained in the Company&rsquo;s Articles of Association affect any rights to indemnification to which corporate personnel,
including directors and officers, may be entitled by contract or otherwise under law. With respect to the liabilities and expenses, and
subject to the limitations, in each case as described above, the Company is specifically entitled to provide contractual indemnification
to, and may purchase and maintain insurance for any corporate personnel, including directors and officers of the Company, as the Company
may decide from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Expenses in connection
with the preparation and representation of a defense of any claim, action, suit or proceeding of the character described above will be
advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director,
who must repay such amount if it is ultimately determined that he or she is not entitled to indemnification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company maintains
an insurance policy that protects its directors and officers from liabilities incurred as a result of actions taken in their official
capacity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Item 9. Exhibits</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">The list of exhibits is incorporated
herein by reference to the Exhibit&nbsp;Index following the signature pages.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Item 10. Undertakings</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in
the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth
in the &ldquo;Calculation of Filing Fee Tables&rdquo; or &ldquo;Calculation of Registration Fee&rdquo; table, as applicable, in the effective
registration statement; and</FONT></P>

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

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

<!-- Field: Page; Sequence: 38; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement; <I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i), (ii)&nbsp;and
(iii)&nbsp;above do not apply if the registration statement is on Form&nbsp;F-3 and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form&nbsp;20-F
at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by
Section&nbsp;10(a)(3)&nbsp;of the Securities Act need not be furnished, <I>provided</I> that the Registrant includes in the prospectus,
by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4)&nbsp;and other information necessary
to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding
the foregoing, with respect to registration statements on Form&nbsp;F-3, a post-effective amendment need not be filed to include financial
statements and information required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act or Item 8.A of Form&nbsp;20-F if such financial
statements and information are contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to
Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the Form&nbsp;F-3.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining liability under the Securities Act to any purchaser:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance
on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the
information required by section 10(a)&nbsp;of the Securities Act shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person
that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the
securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately prior to such effective date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the
securities:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The undersigned
Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the
undersigned Registrant;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant; and</FONT></P>

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

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

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated
by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act
under subsection (a)&nbsp;of Section&nbsp;310 of the Trust Indenture Act in accordance with the rules&nbsp;and regulations prescribed
by the SEC under Section&nbsp;305(b)(2)&nbsp;of the Trust Indenture Act.</FONT></P>

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

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

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; width: 3%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; font-size: 10pt; width: 87%"><FONT STYLE="font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form&nbsp;of Underwriting Agreement</FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1*</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form&nbsp;of Warrant Agreement, including a form of warrant certificate</FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form&nbsp;of Rights Agreement, including a form of rights certificate</FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form&nbsp;of Unit Agreement, including a form of unit certificate</FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_ex4-4.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_ex4-4.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of Indenture</FONT> <FONT STYLE="font-size: 10pt"></FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Arendt&nbsp;&amp; Medernach S.A., Luxembourg counsel to the Registrant</FONT> <FONT STYLE="font-size: 10pt"></FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-2.htm"><FONT STYLE="font-size: 10pt">Opinion of DLA Piper LLP (US), US counsel to the Registrant</FONT> <FONT STYLE="font-size: 10pt"></FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Arendt&nbsp;&amp; Medernach S.A. (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of DLA Piper (US) LLP (included in Exhibit 5.2)</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_ex23-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_ex23-3.htm"><FONT STYLE="font-size: 10pt">Consent of Price Waterhouse&nbsp;&amp; Co. S.R.L.</FONT> <FONT STYLE="font-size: 10pt"></FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="#poa" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="#poa" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Powers of Attorney (included on signature page&nbsp;of this Registration Statement)</FONT> <FONT STYLE="font-size: 10pt"></FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1*</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Statement of Eligibility of Trustee under the Indenture on Form&nbsp;T-1</FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="padding-top: 3pt; font-size: 10pt; text-align: right; padding-bottom: 3pt"><A HREF="tm2431187d1_exfilingfees.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 3pt; font-size: 10pt; padding-bottom: 3pt"><A HREF="tm2431187d1_exfilingfees.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
</TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<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-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be filed by amendment or as
an exhibit to a document to be incorporated by reference herein in connection with an offering of the offered securities.</FONT></TD>
</TR></TABLE>



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

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

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Buenos Aires, Argentina, on April 1,
2025.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>GLOBANT S.A.</B></FONT> <FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Juan Ignacio Urthiague</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Juan Ignacio Urthiague</FONT> <FONT STYLE="font-size: 10pt"><BR>
Chief Financial Officer</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A><FONT STYLE="font-size: 10pt"><B>POWER OF ATTORNEY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">KNOW ALL PERSONS
BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints, severally and not jointly, each of Mart&iacute;n
Migoya, Mart&iacute;n Gonzalo Umaran and Juan Ignacio Urthiague, with full power to act alone, as his or her true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for such person and in such person&rsquo;s name, place and stead, in any
and all capacities, to sign any or all amendments (including post-effective amendments) and supplements to this registration statement
and any and all related registration statements pursuant to&nbsp;Rule&nbsp;462(b)&nbsp;of the&nbsp;Securities Act, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the Securities Exchange Commission, granting unto each said
attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done
as fully to all intents and purposes as each such person might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
and agent, or its substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following
persons in the capacities and on the dates indicated.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; width: 35%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; width: 40%; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 21%"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Mart&iacute;n
Migoya</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive Officer</FONT> <FONT STYLE="font-size: 10pt"><BR>
(Principal Executive Officer)</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mart&iacute;n Migoya</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top">/s/ Juan Ignacio Urthiague</TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Financial Officer<BR>
</FONT> <FONT STYLE="font-size: 10pt">(Principal Financial Officer)</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan Ignacio Urthiague</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Yanina
Maria Conti</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Accounting Officer</FONT> <FONT STYLE="font-size: 10pt"><BR>
(Principal Accounting Officer)</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yanina Maria Conti</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="background-color: white">Mart&iacute;n
Gonzalo Umaran</FONT></FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chief Corporate Development Officer and President for EMEA</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Mart&iacute;n Gonzalo Umaran</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Guibert Andr&eacute;s Englebienne</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and President of Globant X and Globant Ventures &ndash; President for Latin America</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guibert Andr&eacute;s Englebienne</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="background-color: white">Francisco
 &Aacute;lvarez-Demalde</FONT></FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francisco &Aacute;lvarez-Demalde</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Andrea Mayumi Petroni Merhy</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea Mayumi Petroni Merhy</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Andrew McLaughlin</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew McLaughlin</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="font-size: 10pt; vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; width: 35%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; vertical-align: top; width: 40%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
<TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 21%"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Maria Pinelli</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maria Pinelli</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Alejandro Nicol&aacute;s Aguzin</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alejandro Nicol&aacute;s Aguzin</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Linda Rottenberg</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Lead Independent Director</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD ROWSPAN="2" STYLE="font-size: 10pt; text-align: center">April 1, 2025</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Linda Rottenberg</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of the
Registrant, has signed this Registration Statement in the City of New York, State of New York, on April 1,
2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nicol&aacute;s Pablo Kaplun</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicol&aacute;s Pablo Kaplun</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative in the United States</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"></P>

<!-- Field: Page; Sequence: 44; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>2
<FILENAME>tm2431187d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Exhibit 4.4</B></P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Dated as of [&#9679;], 20[&#9679;]</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[&#9679;]</P>

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

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

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


<P STYLE="border-top: Black 1pt solid; 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"></P>

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></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: bottom">
    <TD STYLE="width: 94%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.1.1. Definitions</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.1.2. Other Definitions</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.1.3. Incorporation by Reference of Trust Indenture Act</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.1.4. Rules of Construction</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">ARTICLE II. THE SECURITIES</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.1. Issuable in Series</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.2. Establishment of Terms of Series of Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.3. Execution and Authentication</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.4. Registrar and Paying Agent</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.5. Paying Agent to Hold Money in Trust</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.6. Securityholder Lists</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.7. Transfer and Exchange</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.8. Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.9. Outstanding Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.10. Treasury Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.11. Temporary Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.12. Cancellation</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.13. Defaulted Interest</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.14. Global Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.2.15. CUSIP Numbers</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">ARTICLE III. REDEMPTION</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.3.1. Notice to Trustee</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.3.2. Selection of Securities to be Redeemed</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.3.3. Notice of Redemption</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.3.4. Effect of Notice of Redemption</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.3.5. Deposit of Redemption Price</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">13</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; width: 94%; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.3.6. Securities Redeemed in Part</FONT></TD>
    <TD STYLE="padding-top: 3pt; width: 6%; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">ARTICLE <FONT STYLE="text-transform: uppercase">IV. COVENANTS</FONT></FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.4.1. Payment of Principal and Interest</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.4.2. SEC Reports</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.4.3. Compliance Certificate</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.4.4. Stay, Extension and Usury Laws</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE V. SUCCESSORS</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.5.1. When Company May Merge, Etc.</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.5.2. Successor Corporation Substituted</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE VI. DEFAULTS AND REMEDIES</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.1. Events of Default</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.2. Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.3. Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.4. Trustee May File Proofs of Claim</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.5. Trustee May Enforce Claims Without Possession of Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.6. Application of Money Collected</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.7. Limitation on Suits</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.8. Unconditional Right of Holders to Receive Principal and Interest</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.9. Restoration of Rights and Remedies</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.10. Rights and Remedies Cumulative</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.11. Delay or Omission Not Waiver</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.12. Control by Holders</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.13. Waiver of Past Defaults</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.6.14. Undertaking for Costs</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE VII. TRUSTEE</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.1. Duties of Trustee</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.2. Rights of Trustee</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.3. Individual Rights of Trustee</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">22</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"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; width: 93%; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.4. Trustee&rsquo;s Disclaimer</FONT></TD>
    <TD STYLE="padding-top: 3pt; width: 7%; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.5. Notice of Defaults</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.6. Reports by Trustee to Holders</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.7. Compensation and Indemnity</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.8. Replacement of Trustee</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.9. Successor Trustee by Merger, Etc.</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.10. Eligibility; Disqualification</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.7.11. Preferential Collection of Claims Against Company</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.8.1. Satisfaction and Discharge of Indenture</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.8.2. Application of Trust Funds; Indemnification</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.8.3. Legal Defeasance of Securities of any Series</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.8.4. Covenant Defeasance</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.8.5. Repayment to Company</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.8.6. Reinstatement</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE IX. AMENDMENTS AND WAIVERS</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.1. Without Consent of Holders</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.2. With Consent of Holders</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.3. Limitations</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.4. Compliance with Trust Indenture Act</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.5. Revocation and Effect of Consents</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.6. Notation on or Exchange of Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.9.7. Trustee Protected</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE X. MISCELLANEOUS</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.1. Trust Indenture Act Controls</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.2. Notices</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.3. Communication by Holders with Other Holders</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.4. Certificate and Opinion as to Conditions Precedent</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; width: 93%; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.5. Statements Required in Certificate or Opinion</FONT></TD>
    <TD STYLE="padding-top: 3pt; width: 7%; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.6. Rules by Trustee and Agents</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.7. Legal Holidays</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.8. No Recourse Against Others</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.9. Counterparts</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.11. No Adverse Interpretation of Other Agreements</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.12. Successors</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.13. Severability</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.14. Table of Contents, Headings, Etc.</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.15. Securities in a Foreign Currency</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.16. Judgment Currency</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.17. Force Majeure</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.10.18. U.S.A. Patriot Act</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">ARTICLE XI. SINKING FUNDS</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.11.1. Applicability of Article</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.11.2. Satisfaction of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-left: 0.25in; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Section.11.3. Redemption of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GLOBANT
S.A.</B></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-align: center">Reconciliation and tie between Trust Indenture
Act of 1939 and<BR>
Indenture, dated as of<U>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,20______</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="padding-top: 4pt; width: 15%; text-align: center; padding-bottom: 4pt">&sect; 310(a)(1)</TD>
    <TD STYLE="padding-top: 4pt; width: 70%; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; width: 15%; text-align: center; padding-bottom: 4pt">7.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(2)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(3)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(4)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(5)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 311(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 312(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">2.6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">10.3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">10.3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 313(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)(1)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)(2)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)(1)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(d)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 314(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">4.2, 10.5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)(1)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">10.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)(2)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">10.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)(3)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(d)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(e)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">10.5</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->v<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-top: 4pt; text-align: center; width: 15%; padding-bottom: 4pt">(f)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; width: 70%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; width: 15%; padding-bottom: 4pt">Not Applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 315(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(c)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(d)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">7.1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(e)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">6.14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 316(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">2.10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(1)(A)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">6.12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(1)(B)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">6.13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">6.8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 317(a)(1)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">6.3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(a)(2)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">6.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">(b)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">2.5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&sect; 318(a)</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt">10.1</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 part of the Indenture.</P>

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vi<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Indenture dated as of _______, 20__ between Globant
S.A., a <I>soci&eacute;t&eacute; anonyme</I>&nbsp;incorporated under the laws of the Grand Duchy of Luxembourg, having its registered
office at 37A, avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg trade and companies register under number B 173727
(the &ldquo;<I>Company</I>&rdquo;), and [&#9679;] (&ldquo;<I>Trustee</I>&rdquo;).</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">Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the Holders of the Securities issued under this 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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;I.<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</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: 0.5in">Section.1.1.<U>Definitions</U>.</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">&ldquo;<I>Additional Amounts</I>&rdquo; means any
additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company
in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.</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">&ldquo;<I>Affiliate</I>&rdquo; of any specified person
means any other person directly or indirectly controlling or controlled by or under common control with such specified person. For the
purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlled by&rdquo; and &ldquo;under
common control with&rdquo;), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement
or otherwise.</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">&ldquo;<I>Agent</I>&rdquo; means any Registrar, Paying
Agent or Notice Agent.</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">&ldquo;<I>Applicable Accounting Standards</I>&rdquo;
means the International Financial Reporting Standards as issued by the International Accounting Standards Board.</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">&ldquo;<I>Board of Directors</I>&rdquo; means the
board of directors of the Company or any duly authorized committee thereof.</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">&ldquo;<I>Board Resolution</I>&rdquo; means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or
pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to
the Trustee.</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">&ldquo;<I>Business Day</I>&rdquo; means, unless otherwise
provided by a Board Resolution, Officer&rsquo;s Certificate or supplemental indenture hereto for a particular Series, any day except a
Saturday, Sunday or a legal holiday in The City of New York, New York or Luxembourg (or in connection with any payment, the place of payment)
on which banking institutions are authorized or required by law, regulation or executive order to close.</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">&ldquo;<I>Capital Stock</I>&rdquo; means any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.</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">&ldquo;<I>Company</I>&rdquo; means the party named
as such above until a successor replaces it and thereafter means the successor.</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">&ldquo;<I>Company Order</I>&rdquo; means a written
order signed in the name of the Company by an Officer.</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">&ldquo;<I>Corporate Trust Office</I>&rdquo; means
the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally
administered.</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">&ldquo;<I>Default</I>&rdquo; means any event which
is, or after notice or passage of time or both would be, an 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"></P>

<!-- Field: Page; Sequence: 8; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<I>Depositary</I>&rdquo; means, with respect
to the Securities of any Series&nbsp;issuable or issued in whole or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series&nbsp;by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and
if at any time there is more than one such person, &ldquo;Depositary&rdquo; as used with respect to the Securities of any Series&nbsp;shall
mean the Depositary with respect to the Securities of such Series.</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">&ldquo;<I>Discount Security</I>&rdquo; means any
Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section&nbsp;6.2.</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-indent: 1in">&ldquo;<I>Dollars</I>&rdquo; and &ldquo;<I>$</I>&rdquo;
means the currency of the United States of America.</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">&ldquo;<I>Exchange Act</I>&rdquo; means the Securities
Exchange Act of 1934, as amended.</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">&ldquo;<I>Foreign Currency</I>&rdquo; means any currency
or currency unit issued by a government other than the government of The United States of America.</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">&ldquo;<I>Foreign Government Obligations</I>&rdquo;
means, with respect to Securities of any Series&nbsp;that are denominated in a Foreign Currency, direct obligations of, or obligations
guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged and which are not callable or redeemable at the option of the issuer thereof.</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">&ldquo;<I>Global Security</I>&rdquo; or &ldquo;<I>Global
Securities</I>&rdquo; means a Security or Securities, as the case may be, in the form established pursuant to Section&nbsp;2.2 evidencing
all or part of a Series&nbsp;of Securities, issued to the Depositary for such Series&nbsp;or its nominee, and registered in the name of
such Depositary or nominee.</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">&ldquo;<I>Holder</I>&rdquo; or &ldquo;<I>Securityholder</I>&rdquo;
means a person in whose name a Security is registered.</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">&ldquo;<I>Indenture</I>&rdquo; means this Indenture
as amended or supplemented from time to time and shall include the form and terms of particular Series&nbsp;of Securities established
as contemplated hereunder.</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">&ldquo;<I>interest</I>&rdquo; with respect to any
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.</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">&ldquo;<I>Maturity</I>,&rdquo; when used with respect
to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether
at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</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">&ldquo;<I>Officer</I>&rdquo; means the Chairman of
the Board, Chief Executive Officer, Vice Chairman, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President,
the Secretary and any Assistant Secretary.</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">&ldquo;<I>Officer&rsquo;s Certificate</I>&rdquo;
means a certificate signed by any Officer.</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">&ldquo;<I>Opinion of Counsel</I>&rdquo; means a written
opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may
contain customary limitations, conditions and exceptions.</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">&ldquo;<I>person</I>&rdquo; means any individual,
corporation, partnership, joint venture, association, limited liability company, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<I>principal</I>&rdquo; of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.</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>

<!-- Field: Page; Sequence: 9; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<I>Responsible Officer</I>&rdquo; means any
officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also means, 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 a particular subject.</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">&ldquo;<I>SEC</I>&rdquo; means the Securities and
Exchange Commission.</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">&ldquo;<I>Securities</I>&rdquo; means the debentures,
notes or other debt instruments of the Company of any Series&nbsp;authenticated and delivered under this 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; text-indent: 1in">&ldquo;<I>Series</I>&rdquo; or &ldquo;<I>Series&nbsp;of
Securities</I>&rdquo; means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1
and 2.2 hereof.</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">&ldquo;<I>Stated Maturity</I>&rdquo; when used with
respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest
is due and payable.</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">&ldquo;<I>Subsidiary</I>&rdquo; of any specified
person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or
a combination thereof.</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">&ldquo;<I>TIA</I>&rdquo; means the Trust Indenture
Act of 1939 (15 U.S. Code &sect;&sect; 77aaa-77bbbb) as in effect on the date of this Indenture; <U>provided</U>, <U>however</U>, that
in the event the Trust Indenture Act of 1939 is amended after such date, &ldquo;TIA&rdquo; means, to the extent required by any such amendment,
the Trust Indenture Act as so amended.</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">&ldquo;<I>Trustee</I>&rdquo; means the person named
as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include each person who is then a Trustee
hereunder, and if at any time there is more than one such person, &ldquo;Trustee&rdquo; as used with respect to the Securities of any
Series&nbsp;shall mean the Trustee with respect to Securities of that Series.</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">&ldquo;<I>U.S. Government Obligations</I>&rdquo;
means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith
and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, <I>provided</I>
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary
receipt.</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: 0.5in">Section.1.2.<U>Other Definitions</U>.</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: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">TERM</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">DEFINED IN<BR> SECTION</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Bankruptcy Law&rdquo;</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: 15%; font-size: 10pt; text-align: right">6.1</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; font-style: italic; padding-left: 0.25pt">&ldquo;Custodian&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.1</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; font-style: italic; padding-left: 0.25pt">&ldquo;Event of Default&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Judgment Currency&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.16</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; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Legal Holiday&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.7</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;mandatory sinking fund payment&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11.1</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; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;New York Banking Day&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.16</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Notice Agent&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.4</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; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;optional sinking fund payment&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11.1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Paying Agent&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.4</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; font-style: italic; padding-left: 0.25pt">&ldquo;Registrar&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Required Currency&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.16</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; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;Specified Courts&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-left: 0.25pt">&ldquo;successor person&rdquo;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.1</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.1.3.<U>Incorporation by Reference of Trust
Indenture Act</U>.</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">Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:</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">&ldquo;<I>Commission</I>&rdquo; means the SEC.</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">&ldquo;<I>indenture securities</I>&rdquo; means the
Securities.</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">&ldquo;<I>indenture security holder</I>&rdquo; means
a Securityholder.</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">&ldquo;<I>indenture to be qualified</I>&rdquo; means
this 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; text-indent: 1in">&ldquo;<I>indenture trustee</I>&rdquo; or &ldquo;<I>institutional
trustee</I>&rdquo; means the Trustee.</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">&ldquo;<I>obligor</I>&rdquo; on the indenture securities
means the Company and any successor obligor upon the Securities.</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">All other terms used in this Indenture that are defined
by the TIA, defined by TIA reference to another statute or defined by SEC rule&nbsp;under the TIA and not otherwise defined herein are
used herein as so defined.</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: 0.5in">Section.1.4.<U>Rules&nbsp;of Construction</U>.</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">Unless the context otherwise requires:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;a term has the meaning assigned
to 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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;an accounting term not otherwise
defined has the meaning assigned to it in accordance with Applicable Accounting Standards;</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;&ldquo;<I>or</I>&rdquo; is not
exclusive;</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;words in the singular include
the plural, and in the plural include the singular; and</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 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;provisions apply to successive
events and transactions.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;II.<BR>
THE SECURITIES</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: 0.5in">Section.2.1.<U>Issuable in Series</U>.</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 aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities
of a Series&nbsp;shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental
indenture or an Officer&rsquo;s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.
In the case of Securities of a Series&nbsp;to be issued from time to time, the Board Resolution, Officer&rsquo;s Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method
by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series&nbsp;in respect of any matters, provided that all Series&nbsp;of Securities shall be equally and
ratably entitled to the benefits 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"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.2.2.<U>Establishment of Terms of Series&nbsp;of
Securities</U>.</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">At or prior to the issuance of any Securities within
a Series, the following shall be established (as to the Series&nbsp;generally, in the case of Subsection 2.2.1 and either as to such Securities
within the Series&nbsp;or as to the Series&nbsp;generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution,
and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate:</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">2.2.1.the title (which shall distinguish the Securities
of that particular Series&nbsp;from the Securities of any other Series) and ranking (including the terms of any subordination provisions)
of the Series;</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">2.2.2.the price or prices (expressed as a percentage
of the principal amount thereof) at which the Securities of the Series&nbsp;will be issued;</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">2.2.3.any limit upon the aggregate principal amount
of the Securities of the Series&nbsp;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&nbsp;pursuant to Section&nbsp;2.7,
2.8, 2.11, 3.6 or 9.6);</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">2.2.4.the date or dates on which the principal of
the Securities of the Series&nbsp;is payable;</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">2.2.5.the rate or rates (which may be fixed or variable)
per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity
index, stock exchange index or financial index) at which the Securities of the Series&nbsp;shall bear interest, if any, the date or dates
from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any
regular record date for the interest payable on any interest payment 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; text-indent: 1in">2.2.6.the place or places where the principal of
and interest, if any, on the Securities of the Series&nbsp;shall be payable, where the Securities of such Series&nbsp;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 such Series&nbsp;and
this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means;</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">2.2.7.if applicable, the period or periods within
which, the price or prices at which and the terms and conditions upon which the Securities of the Series&nbsp;may be redeemed, in whole
or in part, at the option of the Company;</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">2.2.8.the obligation, if any, of the Company to redeem
or purchase the Securities of the Series&nbsp;pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof
and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series&nbsp;shall
be redeemed or purchased, in whole or in part, pursuant to such obligation;</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">2.2.9.the dates, if any, on which and the price or
prices at which the Securities of the Series&nbsp;will be repurchased by the Company at the option of the Holders thereof and other detailed
terms and provisions of such repurchase obligations;</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">2.2.10.other than denominations of $1,000 and any
integral multiple thereof, the denominations in which the Securities of the Series&nbsp;shall be issuable;</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">2.2.11.the forms of the Securities of the Series&nbsp;and
whether the Securities will be issuable as Global Securities;</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>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.2.12.if other than the principal amount thereof,
the portion of the principal amount of the Securities of the Series&nbsp;that shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section&nbsp;6.2;</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-indent: 1in">2.2.13.the currency of denomination of the Securities
of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency
or organization, if any, responsible for overseeing such composite currency;</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">2.2.14.the designation of the currency, currencies
or currency units in which payment of the principal of and interest, if any, on the Securities of the Series&nbsp;will be made;</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">2.2.15.if payments of principal of or interest, if
any, on the Securities of the Series&nbsp;are to be made in one or more currencies or currency units other than that or those in which
such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;</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">2.2.16.the manner in which the amounts of payment
of principal of or interest, if any, on the Securities of the Series&nbsp;will be determined, if such amounts may be determined by reference
to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;</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">2.2.17.the provisions, if any, relating to any security
provided for the Securities of the Series;</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">2.2.18.any addition to, deletion of or change in
the Events of Default which applies to any Securities of the Series&nbsp;and any change in the right of the Trustee or the requisite Holders
of such Securities to declare the principal amount thereof due and payable pursuant to Section&nbsp;6.2;</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-indent: 1in">2.2.19.any addition to, deletion of or change in
the covenants set forth in Articles IV or V which applies to Securities of the Series;</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">2.2.20.Depositaries, interest rate calculation agents,
exchange rate calculation agents or other agents with respect to Securities of such Series&nbsp;if other than those appointed herein;</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">2.2.21.the provisions, if any, relating to conversion
or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period,
provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company,
the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series&nbsp;of
Securities are redeemed;</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">2.2.22.any other terms of the Series&nbsp;(which
may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be
required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and</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">2.2.23.whether any of the Company&rsquo;s direct
or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination, if any, of such guarantees.</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">All Securities of any one Series&nbsp;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, supplemental indenture hereto or Officer&rsquo;s Certificate referred to above.</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: 0.5in">Section.2.3.<U>Execution and Authentication</U>.</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">An Officer shall sign the Securities for the Company
by manual, facsimile or electronic 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; text-indent: 1in">If an Officer whose signature is on a Security no
longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.</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>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this 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; text-indent: 1in">The Trustee shall at any time, and from time to time,
authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officer&rsquo;s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication.</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 aggregate principal amount of Securities of any
Series&nbsp;outstanding at any time may not exceed any limit upon the maximum principal amount for such Series&nbsp;set forth in the Board
Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate delivered pursuant to Section&nbsp;2.2, except as provided in
Section&nbsp;2.8.</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">Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section&nbsp;7.2) shall be fully protected in relying on: (a)&nbsp;the Board Resolution,
supplemental indenture hereto or Officer&rsquo;s Certificate establishing the form of the Securities of that Series&nbsp;or of Securities
within that Series&nbsp;and the terms of the Securities of that Series&nbsp;or of Securities within that Series, (b)&nbsp;an Officer&rsquo;s
Certificate complying with Section&nbsp;10.4, and (c)&nbsp;an Opinion of Counsel complying with Section&nbsp;10.4.</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 Trustee shall have the right to decline to authenticate
and deliver any Securities of such Series: (a)&nbsp;if the Trustee, being advised by counsel, determines that such action may not be taken
lawfully; or (b)&nbsp;if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of
directors and/or vice-presidents or a committee of Responsible Officers shall determine that such action would expose the Trustee to personal
liability to Holders of any then outstanding Series&nbsp;of Securities.</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 Trustee may appoint an authenticating agent acceptable
to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights
as an Agent to deal with the Company or an Affiliate of the Company.</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: 0.5in">Section.2.4.<U>Registrar and Paying Agent</U>.</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 shall maintain, with respect to each
Series&nbsp;of Securities, at the place or places specified with respect to such Series&nbsp;pursuant to Section&nbsp;2.2, an office or
agency where Securities of such Series&nbsp;may be presented or surrendered for payment (&ldquo;<I>Paying Agent</I>&rdquo;), where Securities
of such Series&nbsp;may be surrendered for registration of transfer or exchange (&ldquo;<I>Registrar</I>&rdquo;) and where notices and
demands to or upon the Company in respect of the Securities of such Series&nbsp;and this Indenture may be delivered (&ldquo;<I>Notice
Agent</I>&rdquo;). The Registrar shall keep a register with respect to each Series&nbsp;of Securities and to their transfer and exchange.
The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar,
Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent
or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands; provided, however, that any appointment of the Trustee as the Notice Agent shall exclude the appointment
of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company.</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 may also from time to time designate
one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; <U>provided</U>,
<U>however</U>, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Notice Agent in each place so specified pursuant to Section&nbsp;2.2 for Securities of any Series&nbsp;for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address
of any such co-registrar, additional paying agent or additional notice agent. The term &ldquo;<I>Registrar</I>&rdquo; includes any co-registrar;
the term &ldquo;<I>Paying Agent</I>&rdquo; includes any additional paying agent; and the term &ldquo;<I>Notice Agent</I>&rdquo; includes
any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.</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>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company hereby appoints the Trustee the initial
Registrar, Paying Agent and Notice Agent for each Series&nbsp;unless another Registrar, Paying Agent or Notice Agent, as the case may
be, is appointed prior to the time Securities of that Series&nbsp;are first issued.</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: 0.5in">Section.2.5.<U>Paying Agent to Hold Money in Trust</U>.</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 shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series&nbsp;of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series&nbsp;of Securities,
and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of
the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of Securityholders of any Series&nbsp;of Securities all money held by it as
Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities.</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: 0.5in">Section.2.6.<U>Securityholder Lists</U>.</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 Trustee shall preserve in as current a form as
is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series&nbsp;of Securities
and shall otherwise comply with TIA &sect; 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least
ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of
such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series&nbsp;of Securities.</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: 0.5in">Section.2.7.<U>Transfer and Exchange</U>.</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">Where Securities of a Series&nbsp;are presented to
the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar&rsquo;s request. No service
charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).</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">Neither the Company nor the Registrar shall be required
(a)&nbsp;to issue, register the transfer of, or exchange Securities of any Series&nbsp;for the period beginning at the opening of business
15 days immediately preceding the sending of a notice of redemption of Securities of that Series&nbsp;selected for redemption and ending
at the close of business on the day such notice is sent, or (b)&nbsp;to register the transfer of or exchange Securities of any Series&nbsp;selected,
called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called
for redemption in part.</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: 0.5in">Section.2.8.<U>Mutilated, Destroyed, Lost and Stolen
Securities</U>.</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">If any mutilated Security is surrendered to the Trustee,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series&nbsp;and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.</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">If there shall be delivered to the Company and the
Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such security or indemnity
bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order
the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series&nbsp;and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</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>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&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 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.</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">Upon the issuance of any new Security under this
Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</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">Every new Security of any Series&nbsp;issued pursuant
to this Section&nbsp;in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series&nbsp;duly issued hereunder.</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 provisions of this Section&nbsp;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.</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: 0.5in">Section.2.9.<U>Outstanding Securities</U>.</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 Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section&nbsp;as
not outstanding.</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">If a Security is replaced pursuant to Section&nbsp;2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.</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">If the Paying Agent (other than the Company, a Subsidiary
of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series&nbsp;money sufficient to pay such Securities
payable on that date, then on and after that date such Securities of the Series&nbsp;cease to be outstanding and interest on them ceases
to accrue.</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 may purchase or otherwise acquire the
Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Security (but see Section&nbsp;2.10 below).</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 determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section&nbsp;6.2.</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-indent: 0.5in">Section.2.10.<U>Treasury Securities</U>.</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 determining whether the Holders of the required
principal amount of Securities of a Series&nbsp;have concurred in any request, demand, authorization, direction, notice, consent or waiver,
Securities of a Series&nbsp;owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or
waiver only Securities of a Series&nbsp;that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.</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>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.2.11.<U>Temporary Securities</U>.</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">Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities
of the same Series&nbsp;and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have
the same rights under this Indenture as the definitive Securities.</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: 0.5in">Section.2.12.<U>Cancellation</U>.</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 at any time may deliver Securities to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or
cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee)
and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities
to replace Securities that it has paid or delivered to the Trustee for cancellation.</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: 0.5in">Section.2.13.<U>Defaulted Interest</U>.</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">If the Company defaults in a payment of interest
on a Series&nbsp;of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the
defaulted interest, to the persons who are Securityholders of the Series&nbsp;on a subsequent special record date. The Company shall fix
the record date and payment date. At least 10 days before the special record date, the Company shall send to the Trustee and to each Securityholder
of the Series&nbsp;a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may
pay defaulted interest in any other lawful manner.</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: 0.5in">Section.2.14.<U>Global Securities</U>.</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">2.14.1.<U>Terms of Securities</U>. A Board Resolution,
a supplemental indenture hereto or an Officer&rsquo;s Certificate shall establish whether the Securities of a Series&nbsp;shall be issued
in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.</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">2.14.2.<U>Transfer and Exchange</U>. Notwithstanding
any provisions to the contrary contained in Section&nbsp;2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable
pursuant to Section&nbsp;2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security
or its nominee only if (i)&nbsp;such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such
Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case,
the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event
or (ii)&nbsp;the Company executes and delivers to the Trustee an Officer&rsquo;s Certificate to the effect that such Global Security shall
be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered
in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security
with like tenor and terms.</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">Except as provided in this Section&nbsp;2.14.2, a
Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary,
by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor Depositary.</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">2.14.3.<U>Legends</U>. Any Global Security issued
hereunder shall bear a legend in substantially the following form:</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>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;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. THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.&rdquo;</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 addition, so long as the Depository Trust Company
(&ldquo;DTC&rdquo;) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially
the following form:</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">&ldquo;UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.&rdquo;</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">2.14.4.<U>Acts of Holders</U>. The Depositary, as
a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice,
consent, waiver or other action which a Holder is entitled to give or take under 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; text-indent: 1in">2.14.5.<U>Payments</U>. Notwithstanding the other
provisions of this Indenture, unless otherwise specified as contemplated by Section&nbsp;2.2, payment of the principal of and interest,
if any, on any Global Security shall be made to the Holder thereof.</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">2.14.6.<U>Consents, Declaration and Directions</U>.
The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series&nbsp;represented
by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of the Depositary
with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given
by the Holders pursuant to this 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; text-indent: 0.5in">Section.2.15.<U>CUSIP Numbers</U>.</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 in issuing the Securities may use &ldquo;CUSIP&rdquo;
numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo; numbers in notices of redemption as a convenience
to Holders; <U>provided</U> that any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements
of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;III.<BR>
REDEMPTION</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: 0.5in">Section.3.1.<U>Notice to Trustee</U>.</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 may, with respect to any Series&nbsp;of
Securities, reserve the right to redeem and pay the Series&nbsp;of Securities or may covenant to redeem and pay the Series&nbsp;of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series&nbsp;of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series&nbsp;of
Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount
of Series&nbsp;of Securities to be redeemed. The Company shall give the notice at least 15 days before the redemption date, unless a shorter
period is satisfactory to the Trustee.</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>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.3.2.<U>Selection of Securities to be Redeemed</U>.</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">Unless otherwise indicated for a particular Series&nbsp;by
a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, if less than all the Securities of a Series&nbsp;are
to be redeemed, the Securities of the Series&nbsp;to be redeemed will be selected as follows: (a)&nbsp;if the Securities are in the form
of Global Securities, in accordance with the procedures of the Depositary, (b)&nbsp;if the Securities are listed on any national securities
exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed,
or (c)&nbsp;if not otherwise provided for under clause (a)&nbsp;or (b)&nbsp;in the manner that the Trustee deems fair and appropriate,
including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of
Global Securities, to the applicable rules&nbsp;and procedures of the Depositary. The Securities to be redeemed shall be selected from
Securities of the Series&nbsp;outstanding not previously called for redemption. Portions of the principal of Securities of the Series&nbsp;that
have denominations larger than $1,000 may be selected for redemption. Securities of the Series&nbsp;and portions of them it selected for
redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series&nbsp;issuable in other
denominations pursuant to Section&nbsp;2.2.10, the minimum principal denomination for each Series&nbsp;and the authorized integral multiples
thereof. Provisions of this Indenture that apply to Securities of a Series&nbsp;called for redemption also apply to portions of Securities
of that Series&nbsp;called for redemption.</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: 0.5in">Section.3.3.<U>Notice of Redemption</U>.</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">Unless otherwise indicated for a particular Series&nbsp;by
Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, at least 15 days but not more than 60 days before
a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures
of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.</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 notice shall identify the Securities of the Series&nbsp;to
be redeemed and shall state:</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 0pt 0.5in; text-indent: 0.5in">(a)the redemption 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 0pt 0.5in; text-indent: 0.5in">(b)the redemption price;</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 0pt 0.5in; text-indent: 0.5in">(c)the name and address of the Paying
Agent;</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 0pt 0.5in; text-indent: 0.5in">(d)if any Securities are being redeemed
in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender
of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued
in the name of the Holder thereof upon cancellation of the original Security;</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 0pt 0.5in; text-indent: 0.5in">(e)that Securities of the Series&nbsp;called
for redemption must be surrendered to the Paying Agent to collect the redemption price;</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 0pt 0.5in; text-indent: 0.5in">(f)that interest on Securities of the
Series&nbsp;called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the
redemption price;</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 0pt 0.5in; text-indent: 0.5in">(g)the CUSIP number, if any; and</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 0pt 0.5in; text-indent: 0.5in">(h)any other information as may be required
by the terms of the particular Series&nbsp;or the Securities of a Series&nbsp;being redeemed.</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">At the Company&rsquo;s request, the Trustee shall
give the notice of redemption in the Company&rsquo;s name and at its expense, provided, however, that the Company has delivered to the
Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer&rsquo;s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice.</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>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.3.4.<U>Effect of Notice of Redemption</U>.</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">Once notice of redemption is sent as provided in
Section&nbsp;3.3, Securities of a Series&nbsp;called for redemption become due and payable on the redemption date and at the redemption
price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer&rsquo;s Certificate for a Series, a notice
of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued
interest to the redemption 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; text-indent: 0.5in">Section.3.5.<U>Deposit of Redemption Price</U>.</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">On or before 11:00 a.m., New York City time, on the
redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest,
if any, on all Securities to be redeemed on that 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; text-indent: 0.5in">Section.3.6.<U>Securities Redeemed in Part</U>.</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">Upon surrender of a Security that is redeemed in
part, the Trustee shall authenticate for the Holder a new Security of the same Series&nbsp;and the same maturity equal in principal amount
to the unredeemed portion of the Security surrendered.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;IV.<BR>
COVENANTS</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: 0.5in">Section.4.1.<U>Payment of Principal and Interest</U>.</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 covenants and agrees for the benefit
of the Holders of each Series&nbsp;of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series&nbsp;in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on
the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if
any, on the Securities of each Series&nbsp;in accordance with the terms of such Securities and this 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; text-indent: 0.5in">Section.4.2.<U>SEC Reports</U>.</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">To the extent any Securities of a Series&nbsp;are
outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC 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 SEC may by rules&nbsp;and
regulations prescribe) which the Company is required to file with the SEC pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act.
The Company also shall comply with the other provisions of TIA &sect; 314(a). Reports, information and documents filed with the SEC via
the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section&nbsp;4.2.</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-indent: 1in">Delivery of reports, information and documents to
the Trustee under this Section&nbsp;4.2 is for informational purposes only and the Trustee&rsquo;s receipt of the foregoing shall not
constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including
the Company&rsquo;s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer&rsquo;s
Certificates). All such reports, information or documents referred to in this Section&nbsp;4.2 that the Company files with the SEC via
the SEC&rsquo;s EDGAR system shall be deemed to be filed with the Trustee and transmitted to Holders at the time such reports, information
or documents are filed via the EDGAR system (or any successor system).</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>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.4.3.<U>Compliance Certificate</U>.</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">To the extent any Securities of a Series&nbsp;are
outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer&rsquo;s
Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her
knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge).</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: 0.5in">Section.4.4.<U>Stay, Extension and Usury Laws</U>.</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 covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;V.<BR>
SUCCESSORS</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: 0.5in">Section.5.1.<U>When Company May&nbsp;Merge, Etc</U>.</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 shall not consolidate with or merge with
or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a &ldquo;<I>successor person</I>&rdquo;)
unless:</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 0pt 0.5in; text-indent: 0.5in">(a)the Company is the surviving corporation
or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic
jurisdiction, the United Kingdom or any country that is a member of the European Union and expressly or by law assumes the Company&rsquo;s
obligations on the Securities and under this Indenture; and</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 0pt 0.5in; text-indent: 0.5in">(b)immediately after giving effect to
the transaction, no Default or Event of Default, shall have occurred and be continuing.</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 shall deliver to the Trustee prior to
the consummation of the proposed transaction an Officer&rsquo;s Certificate to the foregoing effect and an Opinion of Counsel stating
that the proposed transaction and any supplemental indenture comply with this 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; text-indent: 1in">Notwithstanding the above, any Subsidiary of the
Company may consolidate with, merge into or transfer all or part of its properties to the Company or to another Subsidiary of the Company.
Neither an Officer&rsquo;s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.</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: 0.5in">Section.5.2.<U>Successor Corporation Substituted</U>.</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">Upon any consolidation or merger, or any sale, lease,
conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section&nbsp;5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other
disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor person has been named as the Company herein; <U>provided</U>, <U>however</U>, that the predecessor
Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants
under this Indenture and the Securities.</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>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;VI.<BR>
DEFAULTS AND REMEDIES</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: 0.5in">Section.6.1.<U>Events of Default</U>.</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">&ldquo;<I>Event of Default</I>,&rdquo; wherever used
herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
indenture or Officer&rsquo;s Certificate, it is provided that such Series&nbsp;shall not have the benefit of said Event of Default:</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 0pt 0.5in; text-indent: 0.5in">(a)default in the payment of any interest
on any Security of that Series&nbsp;when it becomes due and payable, and continuance of such default for a period of 30 days (unless the
entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time,
on the 30<SUP>th</SUP> day of such period); or</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 0pt 0.5in; text-indent: 0.5in">(b)default in the payment of principal
of any Security of that Series&nbsp;at its Maturity; or</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 0pt 0.5in; text-indent: 0.5in">(c)default in the performance or breach
of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a)&nbsp;or (b)&nbsp;above or
pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series&nbsp;of Securities other
than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding
Securities of that Series&nbsp;a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a &ldquo;Notice of Default&rdquo; hereunder; or</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 0pt 0.5in; text-indent: 0.5in">(d)the Company pursuant to or within
the meaning of any Bankruptcy Law:</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 0pt 1in; text-indent: 0.5in">(i)&nbsp;commences a voluntary case,</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 0pt 1in; text-indent: 0.5in">(ii)&nbsp;consents to the entry of an order
for relief against it in an involuntary case,</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 0pt 1in; text-indent: 0.5in">(iii)&nbsp;consents to the appointment
of a Custodian of it or for all or substantially all of its property,</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 0pt 1in; text-indent: 0.5in">(iv)&nbsp;makes a general assignment for
the benefit of its creditors, or</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 0pt 1in; text-indent: 0.5in">(v)&nbsp;generally is unable to pay its
debts as the same become due; or</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 0pt 0.5in; text-indent: 0.5in">(e)a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that:</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 0pt 1in; text-indent: 0.5in">(i)&nbsp;is for relief against the Company
in an involuntary case,</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 0pt 1in; text-indent: 0.5in">(ii)&nbsp;appoints a Custodian of the Company
or for all or substantially all of its property, or</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 0pt 1in; text-indent: 0.5in">(iii)&nbsp;orders the liquidation of the
Company, and the order or decree remains unstayed and in effect for 60 days; or</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 0pt 0.5in; text-indent: 0.5in">(f)any other Event of Default provided
with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s
Certificate, in accordance with Section&nbsp;2.2.18.</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 term &ldquo;<I>Bankruptcy Law</I>&rdquo; means
Title 11, U.S. Code or any similar U.S. Federal or State law or any foreign law for the relief of debtors. The term &ldquo;<I>Custodian</I>&rdquo;
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</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>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will provide the Trustee written notice
of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice
will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to
take in respect thereof.</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: 0.5in">Section.6.2.<U>Acceleration of Maturity; Rescission
and Annulment</U>.</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">If an Event of Default with respect to Securities
of any Series&nbsp;at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section&nbsp;6.1(d)&nbsp;or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that
Series&nbsp;may declare the principal amount (or, if any Securities of that Series&nbsp;are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
Series&nbsp;to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due
and payable. If an Event of Default specified in Section&nbsp;6.1(d)&nbsp;or (e)&nbsp;shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall <I>ipso facto</I> become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holder.</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">At any time after such a declaration of acceleration
with respect to any Series&nbsp;has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as hereinafter in this Article&nbsp;provided, the Holders of a majority in principal amount of the outstanding Securities of that Series,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default
with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series&nbsp;which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section&nbsp;6.13.</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">No such rescission shall affect any subsequent Default
or impair any right consequent thereon.</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: 0.5in">Section.6.3.<U>Collection of Indebtedness and Suits
for Enforcement by Trustee</U>.</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 covenants that if</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;default is made in the payment
of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;default is made in the payment
of principal of any Security at the Maturity thereof, or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;default
is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,</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>then,</I> the Company will, upon demand of the Trustee, pay to it,
for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest
at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and advances of the Trustee, its
agents and counsel.</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">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, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated.</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>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If an Event of Default with respect to any Securities
of any Series&nbsp;occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such Series&nbsp;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: 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">Section.6.4.<U>Trustee May&nbsp;File Proofs of
Claim</U>.</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 case of the pendency of any 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 of 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;to file and prove a claim for
the whole amount of principal and 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 compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section&nbsp;7.7.</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">Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.</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: 0.5in">Section.6.5.<U>Trustee May&nbsp;Enforce Claims
Without Possession of Securities</U>.</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">All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities 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 compensation, reasonable expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.</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: 0.5in">Section.6.6.<U>Application of Money Collected</U>.</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">Any money or property collected by the Trustee pursuant
to this Article&nbsp;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 or property on account of principal or interest, upon presentation of the Securities 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">&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&nbsp;7.7; and</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>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Second: To the payment of the amounts then due and
unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest,
respectively; and</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">Third: To the Company.</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: 0.5in">Section.6.7.<U>Limitation on Suits</U>.</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">No Holder of any Security of any Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;such Holder has previously given
written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;the Holders of not less than
25% in principal amount of the outstanding Securities of that Series&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;such Holder or Holders have
offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred
by the Trustee in compliance with such request;</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</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 0pt 0.5in; text-indent: 0.5in">(e)&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 of that Series;</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">it being understood, intended and expressly covenanted by the Holder
of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders,
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 the applicable Series.</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: 0.5in">Section.6.8.<U>Unconditional Right of Holders to
Receive Principal and Interest</U>.</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">Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of
redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.</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: 0.5in">Section.6.9.<U>Restoration of Rights and Remedies</U>.</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">If the Trustee or any Holder 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, subject to any determination in such proceeding, the
Company, the Trustee and the Holders shall 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 had been instituted.</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>

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.6.10.<U>Rights and Remedies Cumulative</U>.</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">Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section&nbsp;2.8, no right or remedy herein conferred upon
or reserved to the Trustee or to the Holders 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, to the extent
permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.</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: 0.5in">Section.6.11.<U>Delay or Omission Not Waiver</U>.</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">No delay or omission of the Trustee or of any Holder
of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article&nbsp;or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the
case may be.</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: 0.5in">Section.6.12.<U>Control by Holders</U>.</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 Holders of a majority in principal amount of
the outstanding Securities of any Series&nbsp;shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such
Series, provided that:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;such direction shall not be
in conflict with any rule&nbsp;of law or with this 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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such direction,</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;subject to the provisions of
Section&nbsp;7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible
Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;prior to taking any action as
directed under this Section&nbsp;6.12, the Trustee shall be entitled to indemnity satisfactory to it against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction.</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: 0.5in">Section.6.13.<U>Waiver of Past Defaults</U>.</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 Holders of not less than a majority in principal
amount of the outstanding Securities of any Series&nbsp;may on behalf of the Holders of all the Securities of such Series, by written
notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series&nbsp;and its consequences, except
a Default in the payment of the principal of or interest on any Security of such Series&nbsp;(provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series&nbsp;may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.</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>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.6.14.<U>Undertaking for Costs</U>.</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">All parties to this Indenture agree, and each Holder
of any Security by his 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&nbsp;shall
not apply to any suit instituted by the Company, 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 for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security,
including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption 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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;VII.<BR>
TRUSTEE</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: 0.5in">Section.7.1.<U>Duties of Trustee</U>.</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 0pt 0.5in; text-indent: 0.5in">(a)If an Event of Default has occurred
and is continuing, the Trustee shall exercise 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 person would exercise or use under the circumstances in the conduct of such person&rsquo;s own affairs.</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;Except during the continuance
of an Event of Default:</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 0pt 1in; text-indent: 0.5in">(i)&nbsp;The Trustee need perform only
those duties that are specifically set forth in this Indenture and no others.</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 0pt 1in; text-indent: 0.5in">(ii)&nbsp;In the absence of bad faith on
its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon Officer&rsquo;s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture;
<U>however</U>, in the case of any such Officer&rsquo;s Certificates or Opinions of Counsel which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine such Officer&rsquo;s Certificates and Opinions of Counsel to determine
whether or not they conform to the form requirements of this 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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;The Trustee may not be relieved
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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;This paragraph does not limit
the effect of paragraph (b)&nbsp;of this Section.</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 0pt 1in; text-indent: 0.5in">(ii)&nbsp;The Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining
the pertinent facts.</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 0pt 1in; text-indent: 0.5in">(iii)&nbsp;The Trustee shall not be liable
with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series&nbsp;in good faith in
accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series&nbsp;relating
to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Securities of such Series&nbsp;in accordance with Section&nbsp;6.12.</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraph (a), (b)&nbsp;and (c)&nbsp;of this Section.</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 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;The Trustee may refuse to perform
any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in performing such duty or exercising such right or power.</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"></P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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 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">(f)&nbsp;The Trustee shall not be liable
for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law.</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 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;No provision of this Indenture
shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or
in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction.</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 0pt 0.5in; text-indent: 0.5in">(h)&nbsp;The Paying Agent, the Registrar
and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs (e), (f)&nbsp;and (g)&nbsp;of
this Section&nbsp;and in Section&nbsp;7.2, each with respect to the Trustee.</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: 0.5in">Section.7.2.<U>Rights of Trustee</U>.</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;The Trustee may rely on and
shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) believed by it to
be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the
document.</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;Before the Trustee acts or refrains
from acting, it may require an Officer&rsquo;s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on such Officer&rsquo;s Certificate or Opinion of Counsel.</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;The Trustee may act through
agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed
an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;The Trustee shall not be liable
for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that
the Trustee&rsquo;s conduct does not constitute willful misconduct or negligence.</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 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;The Trustee may consult with
counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon.</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 0pt 0.5in; text-indent: 0.5in">(f)&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 or direction of any of the Holders of
Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction.</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 0pt 0.5in; text-indent: 0.5in">(g)&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, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.</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 0pt 0.5in; text-indent: 0.5in">(h)&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 the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities generally or the Securities of a particular Series&nbsp;and this 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 0pt 0.5in; text-indent: 0.5in">(i)&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.</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 0pt 0.5in; text-indent: 0.5in">(j)&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.</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>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.7.3.<U>Individual Rights of Trustee</U>.</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 Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights
it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.</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: 0.5in">Section.7.4.<U>Trustee&rsquo;s Disclaimer</U>.</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 Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company&rsquo;s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its authentication.</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: 0.5in">Section.7.5.<U>Notice of Defaults</U>.</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">If a Default or Event of Default occurs and is continuing
with respect to the Securities of any Series&nbsp;and if it is known to a Responsible Officer of the Trustee, the Trustee shall send to
each Securityholder of the Securities of that Series&nbsp;notice of a Default or Event of Default within 90 days after it occurs or, if
later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or
Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long
as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in
the interests of Securityholders of that Series.</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: 0.5in">Section.7.6.<U>Reports by Trustee to Holders</U>.</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">Within 60 days after each anniversary of the date
of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept
by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA &sect; 313.</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">A copy of each report at the time of its mailing
to Securityholders of any Series&nbsp;shall be filed with the SEC and each national securities exchange on which the Securities of that
Series&nbsp;are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series&nbsp;are listed on any
national securities exchange.</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: 0.5in">Section.7.7.<U>Compensation and Indemnity</U>.</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 shall pay to the Trustee from time to
time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee&rsquo;s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request
for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the
Trustee&rsquo;s agents and counsel.</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 shall indemnify each of the Trustee and
any predecessor Trustee (including for the cost of defending itself) against any cost, expense or liability, including taxes (other than
taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in
the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder,
unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate
in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.
The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This indemnification
shall apply to officers, directors, employees, shareholders and agents of the Trustee.</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 need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
willful misconduct or negligence.</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>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To secure the Company&rsquo;s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series&nbsp;on all money or property held or collected by
the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.</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">When the Trustee incurs expenses or renders services
after an Event of Default specified in Section&nbsp;6.1(d)&nbsp;or (e)&nbsp;occurs, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The provisions of this Section&nbsp;shall survive
the termination of this 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; text-indent: 0.5in">Section.7.8.<U>Replacement of Trustee</U>.</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">A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee&rsquo;s acceptance of appointment as provided in this Section.</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 Trustee may resign with respect to the Securities
of one or more Series&nbsp;by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of
a majority in principal amount of the Securities of any Series&nbsp;may remove the Trustee with respect to that Series&nbsp;by so notifying
the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series&nbsp;if:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;the Trustee fails to comply
with Section&nbsp;7.10;</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;the Trustee is adjudged a bankrupt
or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;a Custodian or public officer
takes charge of the Trustee or its property; or</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;the Trustee becomes incapable
of acting.</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">If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee
to replace the successor Trustee appointed by the Company.</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">If a successor Trustee with respect to the Securities
of any one or more Series&nbsp;does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series&nbsp;may petition any
court of competent jurisdiction for the appointment of a successor Trustee.</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">A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property
held by it as Trustee to the successor Trustee subject to the lien provided for in Section&nbsp;7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect
to each Series&nbsp;of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its
succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section&nbsp;7.8, the
Company&rsquo;s obligations under Section&nbsp;7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses
and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture
prior to such replacement.</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: 0.5in">Section.7.9.<U>Successor Trustee by Merger, Etc</U>.</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">If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without
any further act shall be the successor Trustee, subject to Section&nbsp;7.10.</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>

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.7.10.<U>Eligibility; Disqualification</U>.</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">This Indenture shall always have a Trustee who satisfies
the requirements of TIA &sect; 310(a)(1), (2)&nbsp;and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000
as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA &sect; 310(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-indent: 0.5in">Section.7.11.<U>Preferential Collection of Claims
Against Company</U>.</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 Trustee is subject to TIA &sect; 311(a), excluding
any creditor relationship listed in TIA &sect; 311(b). A Trustee who has resigned or been removed shall be subject to TIA &sect; 311(a)&nbsp;to
the extent indicated.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;VIII.<BR>
SATISFACTION AND DISCHARGE; DEFEASANCE</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: 0.5in">Section.8.1.<U>Satisfaction and Discharge of Indenture</U>.</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">This Indenture shall upon Company Order be discharged
with respect to the Securities of any Series&nbsp;and cease to be of further effect as to all Securities of such Series&nbsp;(except as
hereinafter provided in this Section&nbsp;8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging
satisfaction and discharge of this Indenture, when</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;either</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 0pt 1in; text-indent: 0.5in">(i)&nbsp;all Securities of such Series&nbsp;theretofore
authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have
been delivered to the Trustee for cancellation; or</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 0pt 1in; text-indent: 0.5in">(ii)&nbsp;all such Securities of such Series&nbsp;not
theretofore delivered to the Trustee for cancellation</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 0pt 1.5in; text-indent: 0.5in">(1)&nbsp;have become due and payable
by reason of sending a notice of redemption or otherwise, or</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 0pt 1.5in; text-indent: 0.5in">(2)&nbsp;will become due and payable
at their Stated Maturity within one year, or</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 0pt 1.5in; text-indent: 0.5in">(3)&nbsp;have been called for redemption
or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, or</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 0pt 1.5in; text-indent: 0.5in">(4)&nbsp;are deemed paid and discharged
pursuant to Section&nbsp;8.3, as applicable;</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 the Company, in the case of (1), (2)&nbsp;or (3)&nbsp;above, shall
have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations,
which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking
fund or analogous payments) of and interest on all the Securities of such Series&nbsp;on the dates such installments of principal or interest
are due;</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;the Company has paid or caused
to be paid all other sums payable hereunder by the Company; and</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 0pt 0.5in; text-indent: 0.5in">(c)&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 provided for relating
to the satisfaction and discharge contemplated by this Section&nbsp;have been complied with.</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>

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Company to the Trustee under Section&nbsp;7.7, and, if money shall have been deposited with the
Trustee pursuant to clause (a)&nbsp;of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.</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: 0.5in">Section.8.2.<U>Application of Trust Funds; Indemnification</U>.</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;Subject to the provisions of
Section&nbsp;8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section&nbsp;8.1,
8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited
with the Trustee pursuant to Section&nbsp;8.1, 8.3 or 8.4 shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such
money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated
by Sections 8.1, 8.3 or 8.4.</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;The Company shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government
Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other
than any payable by or on behalf of Holders.</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;The Trustee shall deliver or
pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held
by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants
or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which
then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this 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; text-indent: 0.5in">Section.8.3.<U>Legal Defeasance of Securities of
any Series</U>.</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">Unless this Section&nbsp;8.3 is otherwise specified,
pursuant to Section&nbsp;2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series&nbsp;on the 91st day after the date of the deposit referred to
in subparagraph (d)&nbsp;hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall
no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging
the same), except as to:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;the rights of Holders of Securities
of such Series&nbsp;to receive, from the trust funds described in subparagraph (d)&nbsp;hereof, (i)&nbsp;payment of the principal of and
each installment of principal of and interest on the outstanding Securities of such Series&nbsp;on the Maturity of such principal or installment
of principal or interest and (ii)&nbsp;the benefit of any mandatory sinking fund payments applicable to the Securities of such Series&nbsp;on
the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;the provisions of Sections 2.4,
2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;the rights, powers, trusts and
immunities of the Trustee hereunder and the Company&rsquo;s obligations in connection therewith;</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;provided that, the following
conditions shall have been satisfied:</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>

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;the Company shall have irrevocably
deposited or caused to be deposited (except as provided in Section&nbsp;8.2(c)) with the Trustee as trust funds specifically pledged as
security for and dedicated solely to the benefit of the Holders of such Securities (i)&nbsp;in the case of Securities of such Series&nbsp;denominated
in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii)&nbsp;in the case of Securities of such Series&nbsp;denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest
and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in
the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification
thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory sinking fund
payments in respect of all the Securities of such Series&nbsp;on the dates such installments of principal or interest and such sinking
fund payments are due;</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 0pt 0.5in; text-indent: 0.5in">(f)&nbsp;such deposit will 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;no Default or Event of Default
with respect to the Securities of such Series&nbsp;shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such 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 0pt 0.5in; text-indent: 0.5in">(h)&nbsp;the Company shall have delivered
to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel to the effect that (i)&nbsp;the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of execution of this Indenture, there
has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the Securities of such Series&nbsp;will not recognize income, gain or loss for Federal income tax purposes
as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</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 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;the Company shall have delivered
to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; and</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 0pt 0.5in; text-indent: 0.5in">(j)&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 provided for relating
to the defeasance contemplated by this Section&nbsp;have been complied with.</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: 0.5in">Section.8.4.<U>Covenant Defeasance</U>.</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">Unless this Section&nbsp;8.4 is otherwise specified
pursuant to Section&nbsp;2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series&nbsp;with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified
therein, any additional covenants specified in a supplemental indenture for such Series&nbsp;of Securities or a Board Resolution or an
Officer&rsquo;s Certificate delivered pursuant to Section&nbsp;2.2 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series&nbsp;under Section&nbsp;6.1) and the occurrence of any event specified in a
supplemental indenture for such Series&nbsp;of Securities or a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant to
Section&nbsp;2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the
Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;with reference to this Section&nbsp;8.4,
the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section&nbsp;8.2(c)) 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)&nbsp;in the case of Securities of such Series&nbsp;denominated in Dollars, cash in Dollars
and/or U.S. Government Obligations, or (ii)&nbsp;in the case of Securities of such Series&nbsp;denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect
thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized
firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee,
to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
Securities of such Series&nbsp;on the dates such installments of principal or interest are due;</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>

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;no Default or Event of Default
with respect to the Securities of such Series&nbsp;shall have occurred and be continuing on the date of such deposit;</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;the Company shall have delivered
to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel to the effect that the Holders of the Securities of such Series&nbsp;will
not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject
to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and
covenant defeasance had not occurred;</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 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;The Company shall have delivered
to the Trustee an Officer&rsquo;s Certificate stating the deposit was not made by the Company with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; and</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 0pt 0.5in; text-indent: 0.5in">(f)&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 herein provided for
relating to the covenant defeasance contemplated by this Section&nbsp;have been complied with.</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: 0.5in">Section.8.5.<U>Repayment to Company</U>.</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">Subject to applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that
remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another person.</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: 0.5in">Section.8.6.<U>Reinstatement</U>.</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">If the Trustee or the Paying Agent is unable to apply
any money deposited with respect to Securities of any Series&nbsp;in accordance with Section&nbsp;8.1 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the obligations of the Company under this Indenture with respect to the Securities of such Series&nbsp;and under the Securities of such
Series&nbsp;shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;8.1 until such time as the Trustee
or the Paying Agent is permitted to apply all such money in accordance with Section&nbsp;8.1; <U>provided</U>, <U>however</U>, that if
the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment
from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;IX.<BR>
AMENDMENTS AND WAIVERS</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: 0.5in">Section.9.1.<U>Without Consent of Holders</U>.</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 may amend or supplement
this Indenture or the Securities of one or more Series&nbsp;without the consent of any Securityholder:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;to cure any ambiguity, defect
or inconsistency;</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>

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;to comply with Article&nbsp;V;</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;to provide for uncertificated
Securities in addition to or in place of certificated Securities;</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;to add guarantees with respect
to Securities of any Series&nbsp;or secure Securities of any Series;</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 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;to surrender any of the Company&rsquo;s
rights or powers under this 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 0pt 0.5in; text-indent: 0.5in">(f)&nbsp;to add covenants or events of
default for the benefit of the holders of Securities of any Series;</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 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;to comply with the applicable
procedures of the applicable depositary;</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 0pt 0.5in; text-indent: 0.5in">(h)&nbsp;to make any change that does
not adversely affect the rights of any Securityholder;</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 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;to provide for the issuance
of and establish the form and terms and conditions of Securities of any Series&nbsp;as permitted by this 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 0pt 0.5in; text-indent: 0.5in">(j)&nbsp;to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series&nbsp;and to 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; or</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 0pt 0.5in; text-indent: 0.5in">(k)&nbsp;to comply with requirements
of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.</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: 0.5in">Section.9.2.<U>With Consent of Holders</U>.</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 may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series&nbsp;affected
by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series), 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 Securityholders of each such Series. Except as provided
in Section&nbsp;6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series&nbsp;by notice
to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may
waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</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">It shall not be necessary for the consent of the
Holders of Securities under this Section&nbsp;9.2 to approve the particular form of any proposed supplemental indenture or waiver, but
it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes
effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture
or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture or waiver.</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: 0.5in">Section.9.3.<U>Limitations</U>.</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">Without the consent of each Securityholder affected,
an amendment or waiver may not:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;reduce the principal amount
of Securities whose Holders must consent to an amendment, supplement or waiver;</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;reduce the rate of or extend
the time for payment of interest (including default interest) on any Security;</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>

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;reduce the principal or change
the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;reduce the principal amount
of Discount Securities payable upon acceleration of the maturity thereof;</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 0pt 0.5in; text-indent: 0.5in">(e)&nbsp;waive a Default or Event of
Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities
of any Series&nbsp;by the Holders of at least a majority in principal amount of the outstanding Securities of such Series&nbsp;and a waiver
of the payment default that resulted from such acceleration);</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 0pt 0.5in; text-indent: 0.5in">(f)&nbsp;make the principal of or premium
or interest, if any, on any Security payable in any currency other than that stated in the Security;</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 0pt 0.5in; text-indent: 0.5in">(g)&nbsp;make any change in Sections
6.8, 6.13 or 9.3 (this sentence); or</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 0pt 0.5in; text-indent: 0.5in">(h)&nbsp;waive a redemption payment with
respect to any Security, provided that such redemption is made at the Company&rsquo;s option.</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: 0.5in">Section.9.4.<U>Compliance with Trust Indenture
Act</U>.</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">Every amendment to this Indenture or the Securities
of one or more Series&nbsp;shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.</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: 0.5in">Section.9.5.<U>Revocation and Effect of Consents</U>.</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">Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&rsquo;s Security, even if notation
of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or
portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver
becomes effective.</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">Any amendment or waiver once effective shall bind
every Securityholder of each Series&nbsp;affected by such amendment or waiver unless it is of the type described in any of clauses (a)&nbsp;through
(h)&nbsp;of Section&nbsp;9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&rsquo;s Security.</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 may, but shall not be obligated to, fix
a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required
or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled
to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more than 120 days after such record 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; text-indent: 0.5in">Section.9.6.<U>Notation on or Exchange of Securities</U>.</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 or the Trustee may place an appropriate
notation about an amendment or waiver on any Security of any Series&nbsp;thereafter authenticated. The Company in exchange for Securities
of that Series&nbsp;may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section&nbsp;2.3 new
Securities of that Series&nbsp;that reflect the amendment or waiver.</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>

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.9.7.<U>Trustee Protected</U>.</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 executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article&nbsp;or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section&nbsp;7.1) shall be fully protected in relying upon, an Officer&rsquo;s
Certificate or an Opinion of Counsel or both complying with Section&nbsp;10.4. The Trustee shall sign all supplemental indentures upon
delivery of such an Officer&rsquo;s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights, duties, liabilities or immunities under this 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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;X.<BR>
MISCELLANEOUS</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: 0.5in">Section.10.1.Trust Indenture Act Controls.</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">If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision
shall control.</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: 0.5in">Section.10.2.<U>Notices</U>.</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">Any notice or communication by the Company or the
Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class
mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day
delivery, to the others&rsquo; address:</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">if to the Company:</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 0pt 1.5in">Globant S.A.<BR>
37A Avenue J.F. Kennedy, L-1855,<BR>
Luxembourg, Grand Duchy of Luxembourg<BR>
Attention: Patricio Pablo Rojo, General Counsel<BR>
Telephone: + 352 20 30 15 96</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">with a copy to:</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 0pt 1.5in">DLA Piper LLP (US)</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 0pt 1.5in">1251 Avenue of the Americas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10020-1104</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 0pt 1.5in">Attention: Christopher C. Paci; Stephen P. Alicanti&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Telephone: +1 (212) 335-4500</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">if to the Trustee:</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 0pt 1.5in">[_____]<BR>
Attention: [____]<BR>
Telephone: [____]</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">with a copy to:</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 0pt 1.5in">[_____]<BR>
Attention: [____]<BR>
Telephone: [____]</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 or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.</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>

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any notice or communication to a Securityholder shall
be sent electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar, in accordance with
the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series&nbsp;or any defect in it
shall not affect its sufficiency with respect to other Securityholders of that or any other Series.</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">If a notice or communication is sent or published
in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives 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; text-indent: 1in">If the Company sends a notice or communication to
Securityholders, it shall send a copy to the Trustee and each Agent at the same time.</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">Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder
of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its
designee) pursuant to the customary procedures of such Depositary.</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: 0.5in">Section.10.3.<U>Communication by Holders with Other
Holders</U>.</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">Securityholders of any Series&nbsp;may communicate
pursuant to TIA &sect; 312(b)&nbsp;with other Securityholders of that Series&nbsp;or any other Series&nbsp;with respect to their rights
under this Indenture or the Securities of that Series&nbsp;or all Series. The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA &sect; 312(c).</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: 0.5in">Section.10.4.<U>Certificate and Opinion as to Conditions
Precedent</U>.</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">Upon any request or application by the Company to
the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;an Officer&rsquo;s Certificate
stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent have been complied with.</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: 0.5in">Section.10.5.<U>Statements Required in Certificate
or Opinion</U>.</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">Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA &sect; 314(a)(4)) shall
comply with the provisions of TIA &sect; 314(e)&nbsp;and shall include:</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 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or condition;</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 0pt 0.5in; text-indent: 0.5in">(b)&nbsp;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;</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 0pt 0.5in; text-indent: 0.5in">(c)&nbsp;a statement that, in the opinion
of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion
as to whether or not such covenant or condition has been complied with; and</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 0pt 0.5in; text-indent: 0.5in">(d)&nbsp;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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.10.6.<U>Rules&nbsp;by Trustee and Agents</U>.</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 Trustee may make reasonable rules&nbsp;for action
by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules&nbsp;and set reasonable requirements for
its functions.</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: 0.5in">Section.10.7.<U>Legal Holidays</U>.</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">Unless otherwise provided by Board Resolution, Officer&rsquo;s
Certificate or supplemental indenture hereto for a particular Series, a &ldquo;<I>Legal Holiday</I>&rdquo; is any day that is not a Business
Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday and no interest shall accrue for the intervening period.</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: 0.5in">Section.10.8.<U>No Recourse Against Others</U>.</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">A director, officer, employee or stockholder (past
or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.</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: 0.5in">Section.10.9.<U>Counterparts</U>.</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">This Indenture may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages&nbsp;by facsimile
or electronic format (e.g., &ldquo;.pdf&rdquo; or &ldquo;.tif&rdquo;) transmission shall 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 electronic format (e.g., &ldquo;.pdf&rdquo; or &ldquo;.tif&rdquo;) shall be deemed to be their original
signatures for all purposes.</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">Unless otherwise provided herein or in any other
Securities, the words &ldquo;execute&rdquo;, &ldquo;execution&rdquo;, &ldquo;signed&rdquo; and &ldquo;signature&rdquo; and words of similar
import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated
hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein
to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.</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: 0.5in">Section.10.10.<U>Governing Law; Waiver of Jury
Trial; Consent to Jurisdiction</U>.</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"><B>THIS INDENTURE AND THE SECURITIES,&nbsp;INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK.</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-indent: 1in"><B>THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR
ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.</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"></P>

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any legal suit, action or proceeding arising out
of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United States of
America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively,
the &ldquo;<I>Specified Courts</I>&rdquo;), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any
such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable
statute or rule&nbsp;of court) to such party&rsquo;s address set forth above shall be effective service of process for any suit, action
or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in
an inconvenient forum.</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: 0.5in">Section.10.11.<U>No Adverse Interpretation of Other
Agreements</U>.</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">This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be
used to interpret this 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; text-indent: 0.5in">Section.10.12.<U>Successors</U>.</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">All agreements of the Company in this Indenture and
the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.</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: 0.5in">Section.10.13.<U>Severability</U>.</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 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.10.14.<U>Table of Contents, Headings, Etc</U>.</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 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 hereof, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.10.15.<U>Securities in a Foreign Currency</U>.</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">Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer&rsquo;s Certificate delivered pursuant to Section&nbsp;2.2 of this Indenture with respect
to a particular Series&nbsp;of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series&nbsp;or all Series&nbsp;affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series&nbsp;which are denominated in more than one currency, then
the principal amount of Securities of such Series&nbsp;which shall be deemed to be outstanding for the purpose of taking such action shall
be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series&nbsp;of
Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate delivered
pursuant to Section&nbsp;2.2 of this Indenture with respect to a particular Series&nbsp;of Securities, such conversion shall be at the
spot rate for the purchase of the designated currency as published in The Financial Times in the &ldquo;Currency Rates&rdquo; section
(or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining
the equivalent principal amount in respect of Securities of a Series&nbsp;denominated in currency other than Dollars in connection with
any action taken by Holders of Securities pursuant to the terms of this 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"></P>

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All decisions and determinations provided for in
the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably
binding upon the Trustee and all Holders.</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: 0.5in">Section.10.16.<U>Judgment Currency</U>.</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 agrees, to the fullest extent that it
may effectively do so under applicable law, that (a)&nbsp;if for the purpose of obtaining judgment in any court it is necessary to convert
the sum due in respect of the principal of or interest or other amount on the Securities of any Series&nbsp;(the &ldquo;<I>Required Currency</I>&rdquo;)
into a currency in which a judgment will be rendered (the &ldquo;<I>Judgment Currency</I>&rdquo;), the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day,
then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable
judgment is entered and (b)&nbsp;its obligations under this Indenture to make payments in the Required Currency (i)&nbsp;shall not be
discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)),
in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii)&nbsp;shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii)&nbsp;shall not be affected
by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, &ldquo;<I>New York Banking Day</I>&rdquo;
means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required
by law, regulation or executive order to close.</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: 0.5in">Section.10.17.<U>Force Majeure</U>.</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 best 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: 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">Section.10.18.<U>U.S.A. Patriot Act</U>.</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 parties hereto acknowledge that in accordance
with Section&nbsp;326 of the U.S.A. Patriot Act, the Trustee 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 U.S.A.
Patriot Act.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;XI.<BR>
SINKING FUNDS</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: 0.5in">Section.11.1.<U>Applicability of Article</U>.</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 provisions of this Article&nbsp;shall be applicable
to any sinking fund for the retirement of the Securities of a Series&nbsp;if so provided by the terms of such Securities pursuant to Section&nbsp;2.2
and except as otherwise permitted or required by any form of Security of such Series&nbsp;issued pursuant to this 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; text-indent: 1in">The minimum amount of any sinking fund payment provided
for by the terms of the Securities of any Series&nbsp;is herein referred to as a &ldquo;<I>mandatory sinking fund payment</I>&rdquo; and
any other amount provided for by the terms of Securities of such Series&nbsp;is herein referred to as an &ldquo;<I>optional sinking fund
payment</I>.&rdquo; If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section&nbsp;11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series&nbsp;as
provided for by the terms of the Securities of such Series.</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>

<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section.11.2.<U>Satisfaction of Sinking Fund Payments
with Securities</U>.</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 may, in satisfaction of all or any part
of any sinking fund payment with respect to the Securities of any Series&nbsp;to be made pursuant to the terms of such Securities (1)&nbsp;deliver
outstanding Securities of such Series&nbsp;to which such sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2)&nbsp;apply as credit Securities of such Series&nbsp;to which such sinking fund payment
is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of
such Series&nbsp;of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking
fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously
so credited. Such Securities shall be received by the Trustee, together with an Officer&rsquo;s Certificate with respect thereto, not
later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash
payments pursuant to this Section&nbsp;11.2, the principal amount of Securities of such Series&nbsp;to be redeemed in order to exhaust
the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series&nbsp;for redemption, except
upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, <U>provided</U>, <U>however</U>, that the Trustee or such Paying Agent shall from time to
time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that Series&nbsp;purchased by the Company having an unpaid principal
amount equal to the cash payment required to be released to the Company.</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: 0.5in">Section.11.3.<U>Redemption of Securities for Sinking
Fund</U>.</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">Not less than 45 days (unless otherwise indicated
in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate in respect of a particular Series&nbsp;of Securities)
prior to each sinking fund payment date for any Series&nbsp;of Securities, the Company will deliver to the Trustee an Officer&rsquo;s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series&nbsp;pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting of Securities of that Series&nbsp;pursuant to Section&nbsp;11.2, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer&rsquo;s Certificate or supplemental indenture in respect
of a particular Series&nbsp;of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section&nbsp;3.2 and the Company shall send or cause to be sent a notice
of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in accordance with
Section&nbsp;3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.4, 3.5 and 3.6.</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>

<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 50%">&nbsp;</TD>
<TD STYLE="width: 50%">GLOBANT S.A.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&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%">&nbsp;</TD>
<TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;], as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 43; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2431187d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<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 5.85pt 0pt 0; text-align: right; text-indent: 0in">Exhibit 5.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right; text-indent: 0in"><IMG SRC="tm2431187d1_ex5-1img001.jpg" ALT="">&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 55.75pt 0pt 0">To the Board of Directors of <B>Globant S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 55.75pt 0pt 0">37A, avenue J.F. Kennedy,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 55.75pt 0pt 0">L-1855 Luxembourg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grand Duchy of Luxembourg,</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 ref.: /</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ref.: 017966-70017/# 43279066</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.05pt 0pt 0"><U>serge.zeien@arendt.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.05pt 0pt 0">Tel.: +352 40 78 78 3108</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.05pt 0pt 0">Luxembourg, 1 April 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>LUXEMBOURG &#8211; Form F-3 OPINION &#8211;
GLOBANT S.A.</U></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 453.95pt 0pt 0">Dear Madam or Sir,</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 5.85pt 0pt 0; text-align: justify">We are acting as Luxembourg counsel
for <B>Globant S.A.</B>, a <I>soci&eacute;t&eacute; anonyme</I>, having its registered office at 37A, avenue J.F. Kennedy, L-1855 Luxembourg,
Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s
de Luxembourg</I>) under number B 173727 (the &#8220;<B>Company</B>&#8221;), in connection with the Company&#8217;s filing of a Registration
Statement on Form F-3 with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the &#8220;<B>Registration
Statement</B>&#8221;), relating to the offering from time to time, as set forth in the base prospectus, dated 1 April 2025, contained in the Registration Statement (including the documents incorporated by reference therein, the (&#8220;<B>Prospectus</B>&#8221;))
of <B>(i)</B> common shares of the Company (the &#8220;<B>Common Shares</B>&#8221;) to be issued via and within the limits currently set
in the Company Articles (as defined below) for the Company&#8217;s authorized share capital, each Common Share with a nominal value of
USD1.20 (one dollar of the United States of America and twenty cents); <B>(ii)</B> debt securities of the Company, to be issued under
an indenture (the &#8220;<B>Debt Securities</B>&#8221;); <B>(iii)</B> warrants to purchase Debt Securities, Common Shares or securities
of third parties or other rights, to be issued under a warrant agreement (the &#8220;<B>Warrants</B>&#8221;); <B>(iv)</B> rights to purchase
Company&#8217;s Common Shares, to be issued under a rights agreement (the &#8220;<B>Rights</B>&#8221;); and <B>(v)</B> units consisting
in one or more Rights, Warrants, Debt Securities, Common Shares or any combination thereof, to be issued under a unit agreement (the &#8220;<B>Units</B>&#8221;,
and together with the Common Shares, Debt Securities, Warrants and Rights, the &#8220;<B>Securities</B>&#8221;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.7pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>Scope</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 5.85pt 0pt 5.7pt; text-align: justify">In arriving to the opinions expressed
below, we have examined and relied on the documents identified in <U>Appendix A</U> hereto as well as on such corporate records as have
been disclosed to us and such certifications made to us, which we deemed necessary and appropriate as a basis for the opinions hereinafter
expressed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.75pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Assumptions</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 5.85pt 0pt 5.7pt; text-align: justify">In connection with the
issuance, offer and sale of Common Shares, we have assumed for the purposes hereof that the Company will at all times continue to
have a sufficient authorized unissued share capital and sufficient authorized unissued Common Shares with the relevant waivers in
force, to issue the Common Shares to be offered under the Registration Statement. We further assume that the board of directors of
the Company, or its duly authorized delegates, will duly pass the relevant resolutions for the issuance of the Securities, in
accordance with the Restated Articles of Association (as defined below), the Resolutions (as defined below) and applicable law.</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 5.85pt 0pt 5.7pt; text-align: justify">For the purposes of the
present opinion we have further assumed <B>(i)</B> the genuineness of all signatures, seals and stamps and that all documents
reviewed are duly signed by the persons purported to have signed them; <B>(ii)</B> the completeness and conformity to originals of
all documents supplied to us as certified, photostatic, scanned, electronically transmitted copies or other copies of the documents
reviewed and the authenticity of the originals of such documents and the conformity to originals of the latest drafts reviewed by
us; <B>(iii)</B> that each of the documents is true, complete, up-to-date and has not been rescinded or supplemented and there have
been no amendments to the documents in the form delivered to us for the purposes of this opinion; <B>(iv) </B>that there is no other
resolutions, decisions, agreement or undertaking and no other arrangement (whether legally binding or not) which renders any of the
documents or information reviewed or provided to us inaccurate, incomplete or misleading or which affects the conclusions stated in
this opinion and that the documents reviewed accurately record the whole of the terms agreed between the parties thereto relevant to
this opinion; <B>(v)</B> that no proceedings have been instituted or injunction granted against the Company to restrain it from
issuing any of the Securities and performing any of its obligations thereunder; <B>(vi)</B> that the terms used in the documents
reviewed carry the meaning ascribed to them in vernacular English; <B>(vii)</B> that the Registration Document including any
exhibits thereto and the Prospectus and all prospectus supplements and any free writing prospectuses included therein are legal,
valid and binding under their respective applicable laws; <B>(viii)</B> that the corporate bodies of the Company have approved the
Registration Statement, including any exhibits thereto, the Prospectus included therein, all prospectus supplements and any free
writing prospectuses relating to the registration for public offering by the Company of the Securities pursuant to which the
Securities will be issued, in accordance with applicable laws and that each resolution of the board of directors of the Company was
properly adopted as reflected in the Resolutions; the Resolutions were properly passed and each director has properly performed its
duties; <B>(ix)</B> that upon issue of any Common Shares the Company will receive payment in cash of an issue price at least equal
to the nominal value thereof; <B>(x)</B> that the Common Shares will be issued within the limits of the authorized share capital of
the Company; <B>(xi) </B>that there will be no amendments to the authorized share capital of the Company which would adversely
affect the issue of the Common Shares and the conclusions stated in this opinion; <B>(xii)</B> that the head office (administration
centrale), the place of effective management (<I>si&egrave;ge de direction effective</I>), and, for the purposes of the regulation
(EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), the center of main
interests (<I>centre des int&eacute;r&ecirc;ts principaux</I>) of the Company are located at the place of its registered office
(<I>si&egrave;ge statutaire</I>) in Luxembourg; and <B>(xiii)</B> that during the search made on the date hereof on the Luxembourg
Trade and Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s de Luxembourg</I>), the information published
with respect to the Company was complete, up-to-date and accurate at the time of such search and has not been modified since such
search.</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"></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: 33%"><IMG SRC="tm2431187d1_ex5-1img002.jpg" ALT=""></TD>
  <TD STYLE="vertical-align: bottom; text-align: center; width: 34%"><IMG SRC="tm2431187d1_ex5-1img003.jpg" ALT=""></TD>
  <TD STYLE="text-align: right; width: 33%"><IMG SRC="tm2431187d1_ex5-1img004.jpg" ALT=""></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->/4</FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><IMG SRC="tm2431187d1_ex5-1img001.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.7pt; text-align: justify">We express no opinion as to any
laws other than the laws of the Grand Duchy of Luxembourg and this opinion is to be construed under Luxembourg law and is subject to the
exclusive jurisdiction of the courts of Luxembourg.</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 5.85pt 0pt 5.7pt; text-align: justify">The opinions expressed herein are
subject to all limitations by reason of the commencement of any insolvency proceedings such as administrative dissolution without liquidation
(<I>dissolution administrative sans liquidation</I>), bankruptcy (<I>faillite</I>), insolvency, winding-up, liquidation, moratorium, suspension
of payment (<I>sursis de paiement)</I>, conciliation (<I>conciliation</I>), reorganisation procedure in the form of a mutual agreement
(<I>r&eacute;organisation par accord amiable</I>), judicial reorganisation proceedings in the form of a mutual agreement (<I>r&eacute;organisation
judiciaire par accord amiable</I>), a collective agreement (<I>r&eacute;organisation judiciaire par accord collectif</I>) or a transfer
by court order (<I>r&eacute;organisation judiciaire par transfert par d&eacute;cision de justice</I>), fraudulent conveyance, general
settlement with creditors, reorganisation or similar measures, orders or proceedings affecting the rights of creditors generally.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.75pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Opinion</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 5.85pt 0pt 5.7pt; text-align: justify">Based on the foregoing, and having
regard for such legal considerations as we have deemed relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 70.9pt; text-align: justify; text-indent: 0.8pt"><B>(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B>In
connection with the issuance, offer and sale of Common Shares, the Common Shares to be offered by the Company, will be validly
issued, fully paid and non-assessable (within the meaning that the holder of such shares shall not be liable, solely because of his
or her or its shareholder status, for additional payments to the Company or the Company&#8217;s creditors) provided that <B>(u)</B>
the provisions of the Restated Articles of Association and Luxembourg act dated 10 August 1915 on commercial companies, as amended
(the &#8220;<B>Companies Act 1915</B>&#8221;) with respect to the issuance, subscription and allocation of the Common Shares have
been complied with <B>(v)</B> the board of directors of the Company has validly authorised the issue of the Common Shares (the
 &#8220;<B>Authorisation</B>&#8221;) and that such Authorisation is compliant with the conditions set out under article 6.2 of the
Restated Articles of Association, <B>(w)</B> the shareholders of the Company have not revoked the authorisation for the Board to
increase the share capital pursuant to article 6.2 of the Restated Articles of Association, <B>(x)</B> the Company has received the
full amount of the subscription price of the Common Shares, <B>(y)</B> the issue of the Common Shares is duly recorded in the
register of the shareholders of the Company, and <B>(z)</B> a recording deed (<I>acte de constatation d&#8217;augmentation de
capital</I>) is passed in front of a Luxembourg notary public within three months after the issuance of the Common Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 71.7pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 70.9pt; text-align: justify; text-indent: 0.8pt"><B>(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In connection with the issuance, offer and sale of Debt Securities, Warrants, Rights and Units, upon the due authorization by all necessary corporate actions of the Company and the due execution of all necessary agreements
by the respective parties, and when payment for them has been duly made in full, and the certificates for them have been duly signed by
the Company, duly authenticated and delivered, and other necessary procedures have been completed, each in accordance with and in the
manner contemplated in all related agreements, Luxembourg law and the Restated Articles of Association, and assuming that they will constitute
valid and legally binding obligations of the Company enforceable in accordance with their terms under their governing law, to which they
are subject and as to which we render no opinion, the Debt Securities, the Warrants, the Rights and the Units, to be offered will be validly
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 70.9pt; text-align: justify; text-indent: 0.8pt">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2431187d1_ex5-1img003.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->/4</FONT></P></DIV>
    <DIV STYLE="break-before: page; 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 5.85pt 0pt 0; text-align: right"><B>&nbsp;<IMG SRC="tm2431187d1_ex5-1img001.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.75pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Qualifications</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 5.85pt 0pt 5.7pt; text-align: justify">This opinion speaks as of the date
hereof and is subject to all limitations by reason of national or foreign bankruptcy, insolvency, winding-up, liquidation, moratorium,
controlled management, suspension of payment, voluntary arrangement with creditors, fraudulent conveyance, general settlement with creditors,
reorganization or similar laws affecting the rights of creditors generally. No obligation is assumed to update this opinion or to inform
any person of any changes of law or other matters coming to our knowledge and occurring after the date hereof which may affect the opinion
in any respect.</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 5.85pt 0pt 5.7pt; text-align: justify">This opinion is issued solely for
the purposes of the filing of the Registration Statement. It may not be used, circulated, quoted, referred to or relied upon for any other
purpose without our written consent in each instance. We hereby consent to filing of this opinion as an exhibit to the Registration Statement.
We also consent to the reference to our firm under the heading &#8220;Legal Matters&#8221; in 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 U.S. Securities
Act of 1933, as amended.</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 5.85pt 0pt 5.7pt; text-align: justify">This opinion is issued by and signed
on behalf of Arendt &amp; Medernach SA, admitted to practice in the Grand-Duchy of Luxembourg and registered on the list V of lawyers
of the Luxembourg bar association.</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 0.1pt 0pt 0; text-align: center">Yours faithfully,</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 0.1pt 0pt 0; text-align: center">By and on behalf of Arendt &amp; Medernach
SA</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 212.65pt 0pt 212.5pt; text-align: center"><U>/s/ Serge Zeien</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center"><B>Serge Zeien </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center">Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center"><IMG SRC="tm2431187d1_ex5-1img003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->/4</FONT></P></DIV>
    <DIV STYLE="break-before: page; 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-top: 0pt; margin-bottom: 0pt; text-align: right"><IMG SRC="tm2431187d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 212.65pt 0pt 212.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center; text-indent: 0in"><U>APPENDIX A
 &#8211; DOCUMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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: 23.7pt"></TD><TD STYLE="width: 25.2pt">1.</TD><TD STYLE="text-align: justify; padding-right: 5.8pt">A copy of the updated articles of association of the Company dated 19 February 2025 (the
 &#8220;<B>Restated Articles of Association</B>&#8221;).</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt">2.</TD><TD STYLE="text-align: justify; padding-right: 5.85pt">A scanned copy of the signed written resolutions of the board of directors of the
Company dated 21 October 2024 approving, among others, the preparation and filing before the Securities &amp; Exchange Commission of the
Registration Statement, the Prospectus, including all exhibits thereto, and the issuance and sale of the Securities (the &#8220;<B>Resolutions</B>&#8221;).</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt">3.</TD><TD STYLE="text-align: justify; padding-right: 5.85pt">A copy of the certificate of non-registration of a judicial decision or administrative
dissolution without liquidation (<I>certificat de non-inscription d&#8217;une d&eacute;cision judiciaire ou de dissolution administrative
sans liquidation</I>) in relation to the Company dated 1 April 2025 and issued in
electronic form by the <I>Registre de l&#8217;Insolvabilit&eacute; de Luxembourg</I> maintained by and available on the website of the
Luxembourg Trade and Companies Register.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.4pt">An excerpt dated 1 April 2025
in respect of the Company issued in electronic form by the Luxembourg Trade and Companies Register.</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">&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; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2431187d1_ex5-1img003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->/4</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm2431187d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><B>Exhibit 5.2</B></P>

<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 ROWSPAN="6" STYLE="width: 65%; font-size: 10pt"><IMG SRC="tm2431187d1_ex5-2img001.jpg" ALT=""></TD>
    <TD STYLE="width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DLA Piper LLP (US) </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1251 Avenue of the Americas </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">New York, NY 10020-1104 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">www.dlapiper.com </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">T: 212.335.4500 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">F: 212.335.4501 </FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 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">April 1, 2025</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">Globant S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">37A, Avenue J.F. Kennedy</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">L-1855, Luxembourg</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: 0.5in"><FONT STYLE="font-size: 10pt">Re:</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Globant
S.A. -- Registration Statement on Form&nbsp;F-3</U></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-align: justify">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">We have acted as United States counsel to Globant S.A., a <I>soci&eacute;t&eacute;
anonyme</I> organized under the laws of the Grand Duchy of Luxembourg (the &ldquo;Company&rdquo;), in connection with the preparation
and filing of a registration statement on Form&nbsp;F-3 (the &ldquo;Registration Statement&rdquo;) by the Company with the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) on April 1, 2025, including a base prospectus (the &ldquo;Prospectus&rdquo;),
which provides that it will be supplemented by one or more prospectus supplements (each such prospectus supplement, together with the
Base Prospectus, a &ldquo;Prospectus&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Registration
Statement relates to the issuance and sale, from time to time on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities
Act, by the Company of the Company&rsquo;s:</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: 0.5in">(i)</TD><TD>common shares, nominal value $1.20 per share (&ldquo;Common Shares&rdquo;);</TD></TR></TABLE>

<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: 0.5in">(ii)</TD><TD>debt securities (&ldquo;Debt Securities&rdquo;) under an indenture, in the form attached as an exhibit to the Registration Statement,
to be entered into by the Company with a trustee pursuant to the Trust Indenture Act of 1939, as amended (the &ldquo;Indenture&rdquo;);</TD></TR></TABLE>

<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: 0.5in">(iii)</TD><TD>warrants (&ldquo;Warrants&rdquo;) to purchase Common Shares and/or Debt Securities;</TD></TR></TABLE>

<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: 0.5in">(iv)</TD><TD>rights (&ldquo;Rights&rdquo;) to purchase Common Shares;</TD></TR></TABLE>

<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: 0.5in">(v)</TD><TD>units (&ldquo;Units&rdquo;) consisting of any combination of Common Shares, Debt Securities, Warrants and Rights;</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">(collectively, Common Shares, Debt Securities, Warrants, Rights and
Units are referred to herein as the &ldquo;Securities&rdquo;).</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: right"></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">We have reviewed such documents and made such examination of law as
we have deemed appropriate to give the opinions expressed below. We express no opinion as to the laws of any jurisdiction other than the
laws of the State of New York and the federal laws of the United States of America, as in effect on the date hereof. With respect to the
laws of the Grand Duchy of Luxembourg, we understand that you are relying upon the opinion, dated the date hereof, of Arendt&nbsp;&amp;
Medernach SA, counsel to the Company in Luxembourg, and our opinion is subject to the same assumptions, qualifications and limitations
with respect to such law as are contained in such opinion of Arendt&nbsp;&amp; Medernach SA.</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt"><IMG SRC="tm2431187d1_img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: right; width: 30%; vertical-align: middle">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Globant S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 1, 2025</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page Two</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">For purposes of this opinion letter, we have assumed that (i)&nbsp;the
Company shall continue to be validly existing; (ii)&nbsp;the Company shall have obtained any consent, approval, license or exemption by,
or order or authorization of, and shall have made any filing, recording or registration with, any governmental or regulatory authority,
in each case to the extent required by applicable law; (iii)&nbsp;with respect to Debt Securities, (a)&nbsp;the Indenture and any supplemental
indenture relating to such Debt Securities shall have been duly authorized, executed and delivered in accordance with applicable law,
(b)&nbsp;the Indenture and any supplemental indenture relating to such Debt Securities shall be governed by the laws of the State of New
York, (c)&nbsp;the terms of such Debt Securities shall have been established in conformity with the Indenture and any supplemental indenture
and the laws of the State of New York and (d)&nbsp;such Debt Securities shall have been duly authorized, executed and delivered in accordance
with the Indenture and any supplemental indenture and applicable law; (iv)&nbsp;with respect to Warrants, (a)&nbsp;the Warrants and each
of the agreements pursuant to which such Warrants will be issued shall be governed by the laws of the State of New York and shall have
been duly authorized, executed and delivered in accordance with applicable law, (b)&nbsp;the terms of such Warrants shall have been established
in conformity with applicable law and each of the agreements pursuant to which such Warrants will be issued and (c)&nbsp;such Warrants
shall have been duly authorized, executed and delivered in accordance with applicable law and the applicable agreement pursuant to which
such Warrants will be issued; (v)&nbsp;with respect to Rights, (a)&nbsp;the Rights and each of the agreements pursuant to which such Rights
will be issued shall be governed by the laws of the State of New York and shall have been duly authorized, executed and delivered in accordance
with applicable law, (b)&nbsp;the terms of such Rights shall have been established in conformity with applicable law and each of the agreements
pursuant to which such Rights will be issued and (c)&nbsp;such Rights shall have been duly authorized, executed and delivered in accordance
with applicable law and the applicable agreement pursuant to which such Rights will be issued; and (vi)&nbsp;with respect to Units, (a)&nbsp;the
Units and each of the agreements pursuant to which such Units will be issued shall be governed by the laws of the State of New York and
shall have been duly authorized, executed and delivered in accordance with applicable law, (b)&nbsp;the terms of such Units shall have
been established in conformity with applicable law and each of the agreements pursuant to which such Units will be issued and (c)&nbsp;such
Units shall have been duly authorized, executed and delivered in accordance with applicable law and the applicable agreement pursuant
to which such Units will be issued.</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">Based upon the foregoing, and subject to the additional qualifications
set forth below, we are of the opinion that:</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>The Debt Securities will be valid and binding obligations of the Company.</TD></TR></TABLE>

<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">2.</TD><TD>The Warrants will be valid and binding obligations of the Company.</TD></TR></TABLE>

<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">3.</TD><TD>The Rights will be valid and binding obligations of the Company.</TD></TR></TABLE>

<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">4.</TD><TD>The Units will be valid and binding obligations of the Company.</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">The foregoing opinions are qualified to the extent that the enforceability
of any document, instrument or the Securities may be limited by or subject to bankruptcy, insolvency, fraudulent transfer or conveyance,
reorganization, moratorium or other similar laws relating to or affecting creditors&rsquo; rights generally, and general equitable or
public policy principles.</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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt"><IMG SRC="tm2431187d1_img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: right; width: 30%; vertical-align: middle">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Globant S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 1, 2025</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page Three</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: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our opinion is expressly limited to the matters set forth above, and
we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Securities or the Registration
Statement.</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">The opinions and statements expressed herein are as of the date hereof.
We assume no obligation to update or supplement this opinion letter to reflect any facts or circumstances that may hereafter come to our
attention or any changes in applicable law which may hereafter occur.</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">We hereby consent to the filing of this opinion as Exhibit&nbsp;5.2
to the Registration Statement and the reference to DLA Piper LLP (US) under the caption &ldquo;Legal Matters&rdquo; in the prospectus
included in the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent
is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 50%"></TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: justify">/s/ DLA Piper LLP (US)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: justify"><B>DLA PIPER LLP (US)</B></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"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- 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">&nbsp;</P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>tm2431187d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0 0pt 0in"><B>Exhibit 23.3</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>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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-right: 0; margin-bottom: 0pt; text-align: justify">We hereby consent to the
incorporation by reference in this Registration Statement on Form F-3 of <B>Globant S.A.</B> of our report dated
February 28, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting,
which appears in Globant S.A.&rsquo;s Annual Report on Form 20-F for the year ended December&nbsp;31, 2024. We also consent to the
reference to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alejandro Javier Rosa (Partner)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Autonomous City of Buenos Aires, Argentina</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">April 1, 2025</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: right; margin: 0pt">1/<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2431187d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2025" xmlns:ffd="http://xbrl.sec.gov/ffd/2025">
  <head>
    <title>EX-FILING FEES</title>
  </head>
  <body>
    <div style="display: none">
      <ix:header>
        <ix:hidden>
          <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-300">F-3</ix:nonNumeric>
          <ix:nonNumeric name="ffd:SubmissnTp" contextRef="rc" id="ixv-301">F-3ASR</ix:nonNumeric>
          <ix:nonNumeric name="ffd:FeeExhibitTp" contextRef="rc" id="ixv-302">EX-FILING FEES</ix:nonNumeric>
          <ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="rc" id="ixv-303">0001557860</ix:nonNumeric>
          <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-304">Globant S.A.</ix:nonNumeric>
        </ix:hidden>
        <ix:references>
          <link:schemaRef xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd" xlink:type="simple"/>
        </ix:references>
        <ix:resources>
          <xbrli:context id="rc">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001557860</xbrli:identifier>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-03-19</xbrli:startDate>
              <xbrli:endDate>2025-03-19</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_1">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001557860</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-03-19</xbrli:startDate>
              <xbrli:endDate>2025-03-19</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_2">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001557860</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>2</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-03-19</xbrli:startDate>
              <xbrli:endDate>2025-03-19</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_3">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001557860</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>3</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-03-19</xbrli:startDate>
              <xbrli:endDate>2025-03-19</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_4">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001557860</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>4</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-03-19</xbrli:startDate>
              <xbrli:endDate>2025-03-19</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_5">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001557860</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>5</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-03-19</xbrli:startDate>
              <xbrli:endDate>2025-03-19</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:unit id="USD">
            <xbrli:measure>iso4217:USD</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="pure">
            <xbrli:measure>xbrli:pure</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="Shares">
            <xbrli:measure>xbrli:shares</xbrli:measure>
          </xbrli:unit>
        </ix:resources>
      </ix:header>
    </div>
    <div>
      <table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
        <tr>
          <td colspan="4" style="padding-bottom: .5em">
            <p>
              <b>Calculation of Filing Fee Tables</b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-365">F-3</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-366">Globant S.A.</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: center; width: 90%; word-wrap: break-word">
            <p style="margin: 0pt; text-align: center;">
              <b>Table 1: Newly Registered and Carry Forward Securities</b>
            </p>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 12%;">
            <!-- BLANK -->
          </th>
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 12%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 14%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 2%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation or Carry Forward Rule</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
          <th style="width: 1%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Form Type</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward File Number</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Initial Effective Date</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-367">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-368">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-369">Common shares, nominal value $1.20 per share</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457rFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-370">457(r)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-371">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_2" format="ixt:booleanfalse" id="ixv-372">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		2
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_2" id="ixv-373">Debt</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_2" id="ixv-374">Debt securities</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457rFlg" contextRef="offrl_2" format="ixt:booleantrue" id="ixv-375">457(r)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-376">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_3" format="ixt:booleanfalse" id="ixv-377">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		3
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_3" id="ixv-378">Other</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_3" id="ixv-379">Warrants</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457rFlg" contextRef="offrl_3" format="ixt:booleantrue" id="ixv-380">457(r)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_3" id="ixv-381">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_4" format="ixt:booleanfalse" id="ixv-382">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		4
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_4" id="ixv-383">Other</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_4" id="ixv-384">Units</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457rFlg" contextRef="offrl_4" format="ixt:booleantrue" id="ixv-385">457(r)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_4" id="ixv-386">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_5" format="ixt:booleanfalse" id="ixv-387">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		5
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_5" id="ixv-388">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_5" id="ixv-389">Preference shares</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457rFlg" contextRef="offrl_5" format="ixt:booleantrue" id="ixv-390">457(r)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_5" id="ixv-391">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-392">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-393">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-394">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-395">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-396">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-397">An indeterminate aggregate initial offering price or principal amount or number of securities is being registered as may from time to time be sold at indeterminate prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units. In addition, securities registered hereunder may be sold either separately or as units comprised of one or more types of securities registered hereunder. This registration statement also covers any additional securities that may be offered or issued in connection with any share split, share dividend or pursuant to anti-dilution provisions of any of the securities. An unspecified amount of these securities is also being registered as may from time to time be offered hereunder by selling shareholders at indeterminate prices. In accordance with Rules 456(b) and 457(r) under the Securities Act, the Registrant is deferring payment of all of the registration fee. Any subsequent registration fees will be paid on a pay-as-you-go basis based on the fee rate in effect on the date of such fee payment. </ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">2</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_2" id="ixv-398">See Offering Note 1.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">3</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_3" id="ixv-399">See Offering Note 1.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">4</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_4" id="ixv-400">See Offering Note 1.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">5</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_5" id="ixv-401">See Offering Note 1.</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2431187d1_f3asrimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_f3asrimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !' 3$# 2(  A$! Q$!_\0
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MH/2@ HKRR7X^^#H97C<WFY&*G$)ZBO0M"UFV\0:+::K9[OLUU'YD>\8./<4
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MR33M1M;Z(*9;:9)D#=,J01G\JZ)-%\7^/[ZZU>&QO=2D=_WDZH2H/H#T'TH
M^HM*^*G@W6+CR+;6H%E) 59OW98^V>M=@CJZAE(93T(.17P=J6EW^CWLEGJ-
MI-:W,?#1RJ5(_/\ "O:?@3\1+Q=5B\)ZG,TMO.&-G(YRR.!G9GT(!Q[_ %H
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MIIPE:&YNS.T4 )>9RJJ%..H&WIZFI-1\ ^*]*L)+Z^T&^@MHQEY'B("CW]*
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MY=O_ /D(W7_75_YFOIS]GBSDM_AU//(N!<ZA)(A]5"(O\U:OF.__ .0C=?\
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MN@<$,,@\$>M 'POX?\0:EX9UB'5-+N6@N8NXZ,.ZD=P?2O<-._:2M_LRC4=
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MOABVL=VFVM[=W++E8W01JI_VCD_H#7SCKVL77B#7+S5KUMUQ=RF1\=!GH![
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KGIC^M,LM/@L(RD6XY.2S8R:**R=&FY^T:][N!;HHHK4 HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2431187d1_f3asrimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_f3asrimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !" 2\# 2(  A$! Q$!_\0
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MS^(+\N>>)2H_(<5TN@_'#QAH\R?:[I-2MQ@&.=0#CV8=_KFOHZ/P/X/L]/\
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M@,4I&: /A74O#FN:-=/!?Z7=V\D9P=T1Q^!'!_"G:;X:UW6+F.WL=*O)Y'(
MVQ''/J3P/QK[D>"*3[\:/_O*#2I#'']R-5_W1B@#QSX6?!EO#5XFN>(/+DU*
M,YMX8VRD61C<3W;G\*ZKXQ:?=ZG\,-4M+&VEN+AVAVQ1+N8XE4G ^@KO*3%
M'Q;I'P]\1WNLV-K=:+J$%O-<1QRRF!AL1F +?@#FG>*_A[XD\(Z@T%U932PG
M_5W-NI9''U'0^QK[0*YIKQ)(,.H8>A&: /AG3/#>N:U>1VMAIEW/+(P48B.
M?<]!^-?3?PH^%R>"+:2_U$1RZS."I="2L4?'RCWSU->E)!%']R-$_P!U0*DQ
MB@#B_B?X);QSX3-A Z1WL$HGMW?[NX @@^Q!/XXKY/U7PIX@T"^>VOM+NX98
MVQN$9*GW##@U]R4QXHY/OHK?[PS0!\36.C>+/$]U!96]KJ-VWW4#AMJ#W)X
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00 4444 %%%% !1110!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2431187d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$"6 )8  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !: )P# 2(  A$! Q$!_\0
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M&$GE7#^,A2C2ED6.J)PQ&)Q%17Q=1<U6<KMRM'\?_P#AR_\ LV?]%=_:U_\
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MAP#_ ,DCDO\ V#8G_P!6V:'Z_P#2 _Y/3XA?]C;!?^L_PR?G=^TE_P %@?\
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M_HAWP?\ _#:>"_\ Y25]/_;''/\ )P3_ .".*?\ Y<>=_P 0.\*/^ASXF_\
M@' '_P I/U;_ .&]OV*_^CJO@-_X<?PQ_P#+"C_AO;]BO_HZKX#?^''\,?\
MRPK\I/\ AGKX!?\ 1#O@_P#^&T\%_P#RDH_X9Z^ 7_1#O@__ .&T\%__ "DH
M_MCCG^3@G_P1Q3_\N#_B!WA1_P!#GQ-_\ X _P#E)^K?_#>W[%?_ $=5\!O_
M  X_AC_Y84?\-[?L5_\ 1U7P&_\ #C^&/_EA7Y2?\,]? +_HAWP?_P##:>"_
M_E)1_P ,]? +_HAWP?\ _#:>"_\ Y24?VQQS_)P3_P"".*?_ )<'_$#O"C_H
M<^)O_@' '_RD_5O_ (;V_8K_ .CJO@-_X<?PQ_\ +"C_ (;V_8K_ .CJO@-_
MX<?PQ_\ +"ORD_X9Z^ 7_1#O@_\ ^&T\%_\ RDH_X9Z^ 7_1#O@__P"&T\%_
M_*2C^V..?Y."?_!'%/\ \N#_ (@=X4?]#GQ-_P# . /_ )2?=7[2G[:_[(OB
M7]GOX\:#H'[2GP6UC6]>^#WQ,T71=+T[Q_X=N;K5-5U;P?JFF6-A;10WK-+-
M<75W#;V\? $\JLY"986_^"4"$?L&_LZ;MR/'H?BR)XW^4Y@\>>+T<A3C>%DF
M*,R JKJ 6!P*^%W_ &>/@ ([1A\#?@\&$%VP(^&?@K(9CAFS_8F=Q  )ZD
M\"OU^_9<\/Z#X7^"/P^T+PSHFD>'=$L(M<CL='T+3;/2-*LHY=>UJ>5+33]/
MAM[2V26=WFD6&%%>5FD8%V+'DX:Q^:YQQE4QN91RJBLHRK&973H99A\53C.I
MC*U.>(KRJXJI*HXNK2<H0E'G2E>3Y[L^&X_J<$\,^%^*X+X-P_%U?ZWXE9?Q
M!F>8<78GAF;^MY)P]G7"JIY?0X;HT^2E4HYE7K0>,E*45"G"HG+F9]&T445^
2L'\YA1110 4444 %%%% '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>tm2431187d1_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$       #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  M -P# 2(  A$! Q$!_\0
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MM$_'GX9>%/@Q\"_V1O&/A+P1^U1^TIXY\46O@+Q+XTTG2==T+PIX!^"WP_\
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M_P""D_Q$^!OPLO/AY>>.KCQQK/Q2_;F_:=^$G[.5U^WEXX\4^$OB!\ _@C\
M?!?ACQ%XWT;]K+7M'\*>)/'Q^(.E>*=6BL?AQX'OM%F\8:MX-\<^#]6\0>(H
M+*QN9G_H3\3?L^_#;Q?\=_A1^T?K>GZO-\4?@MX.^)O@/P)J-OK6HVVCVGAW
MXMR>$Y?&L&HZ#!(--U6ZNI/!>A'3[R\B>?3!#<?96074P?Y]\3_\$Y/V:O$N
MJ^._$L=K\4?"7CGQQ\=]<_:3@^(OP]^+OC[P%\0_ ?Q<\5_#;0?A'XQUOX;^
M+?#&LZ;J_A;0_&WP_P##>F:!XP\$QSW?@SQ''$+O5=!N+ZWLKBV /D?X3_\
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M[28K4))H>HZI]4_!3_@E#^QG\!W^'=KX9\*_$?Q9X:^#_P -/$?PF^$7P_\
MBY\:?BI\6_AK\+_"/CGPI)X)^(J>!? 'CSQ5K7A?0-3^(GA6>]T+Q;J5KIOG
M3:/JFKZ-I:Z5H^KZE876SX#_ ."7G['_ (&@\2:?/X4^(/Q'T'6_@KXO_9KT
M+PU\9?C5\6?BUH'PP_9W\?:=8Z/XP^"_P@L/&_C#5_\ A6_@K7]&TK1=%U ^
M');7Q#/HN@Z#I#ZX=-T;3;6V /FO]K'_ (*B_$+]G$_$(Z%\$?#?CV?P9^Q;
M^R[^U%INDOXQU#1=0\1^*_V@/VH(_@!?_#R&XDTN6QT^QTNPECU?1=>N9&>Y
MU>9+74[6VT]'N!C^//\ @H'^W)X6TO\ :JCTO]F#]G34O%7[#'P,;XQ?M&Z5
M<?'[QS;Z7J^L>*_!?C;XI>!_AM\']5'PH$FM:AX<^&WAS2-4^('BSQ=9^&="
MU'Q)J[^&_"4#Q6MSK%I[[:?\$D?V0(=(\7:3JT?QP\8OXX^&GPI^$/B37/B!
M^T'\5_'WB.?X>?!#XM6OQH^%WARPUOQ=XDU:\T:Q\*^+[*T@M8=(>PANM%AE
ML-12ZEO=2O;OP7_@H!_P3>^,/[3_ ,3OBMXE^%4GP9\/^'_V@/@%;? OXH:S
MK?Q9_:<^$NO7EG;6?C+1-/UGXE_#OX/ZM>?#+]J32_!%AXSO=6^'OA7Q[%\.
M[C2+^._\-ZYXI\0>#M=NM,M0"K_P5%^/OQ*U/_@D[\/?CEX"UKXB?#GQI\7?
M''_!/:^OH_@;XMO_  S\0(M&^-O[0OP)T_QKX)\"^+!=Z)=VU]KWA[Q;K/A2
MPO+N\TV.Z2^5;^6UBEF9/F3X6_'OXC_LA?M5?&ZSU'5_VL?!7PG_ .&$?&WQ
MA^'_ ,%/^"F'QZ\-SVGQ;^,/PN^(>E6OB+Q5\,_CO=>,?BAX6^$_@SX=^%_%
M/A72/C#%XB\53ZE=#X@^#-:T+P/J4>E7%Y/^R'Q0_8@^$/QM_9*\&?L=_%2^
M\;:O\._!FB_!"QM-?\)^*=6^'?CAM<^ .K>$/$G@/Q5IOB7PO=6VIZ#K%KXH
M\$:+KA;3+J(Q31>3%(B#->)0_P#!)/\ 9!U2W\>GXJ+\>?VB=<^('PUU7X07
M/C/]HW]I/XV?&+QIX.^'NMZ]H?BS5M!^%_B/Q9XSN;[X92ZAXK\,>&?$EWKO
M@IM&\12ZOX<T69]4:'3X(% /B.?_ (+$_';2]&\>Z!;_ +/WPJ^)OQ;\*?%_
M]BGP%X<M/ ?C7XP>#?ASXZT;]LCQGXN\#V#Z9KGQF^$'@3Q-;WO@C5_"-S--
MXILO#>N>"/$>EW8O-.OH+^PU#18/W7^&ES\2;OP!X1NOB]I/@W0OBA/H5C)X
M[T;X?ZSK/B+P1IGB5H@=2LO"VN^(-'T#6M7T:"7Y+._U/1=,O+A!OFLK=CY:
M_"NF_P#!*O\ 97LO&"?$+4[[]H#QGXZN->^!?BOQ%XK^(O[1_P 8?B%JWC+Q
M/^S=XUOO'7P<USQ.?&'BK6;2ZN_".IZE?Z=:PZ?:Z;I\VA7]]I4UB\=_>2W'
MZ1C.6)[L3[#/8?S/N3UZT ?@!_P5'\,6OQ"_X*!_\$_/AYX@^"_Q>_:1\':O
M\$/VS=:U;X*?"7XM+\)M0UC5-!N?@6NC^+=2U2_^*_P?T6^A\+#4+Z.&VN_$
M\EX)=7_T'3[HM,@^%?@WXO\ B/K.@?"/]DW7/B!\=?@1^S9\</\ @K[^T7\!
M?'GP_P#$7Q7\4-\:/V</AY\-_@5??$/X>?L3:Q\=!XDUG68;3XZ^.-*?QKH^
MI>!/'^OVP^'>K67@+P?X\OYM4O9:_J7U[X*?"_Q-\6OA]\==<\)VM_\ %GX5
M^&O'/@_X?^,I+[5HKOPWX;^)3^'Y/'&E6^GV^H0Z+>1:^_A70&GGU/3;V[M3
MIT?]GW%H);@2^4>(?V)OV5/%_ASXU^$/%GP3\(^)O#/[1GQ#MOB_\8M$\0'5
M]8T_Q7\4++0_#>@6/CVVM]0U2=?"?BJPTOPKX=CL=9\%GP[=V5WI-OJEJ\.J
M&2\< _(3]I+X0_#[X'^"OVLOV2_V2?V\-?\ A+XT\:W_ .QTVF_LX_&/XP_$
M:#P-\-_$'Q,^)NH64/PE\ ?M(:DOB3XB?"#5_P!M7PEX,U[P%9>&--\6:[J?
MA?4_*\9^'/#VC6?BUKF\]T_X)C:AI'PY_:(_:<_9KU3P%^T=^S;\0-$\!?!W
MXM77[)GQ0^/&B_M0? SP=X8\1ZAXS\+Q?%3]GCXPB[UOQM;VGQ"UG0KRQ\=^
M"/&>JZ.]IK&@V.MZ5X0TLZKJ,DOW-X8_X)\?L8>$?@GX^_9WTK]GKP+=?"'X
MJZJFN_$WPQXE36/&M]\0O$4']GK8>)O&GC+QEJVO>.?$OB;1O[(TEO#_ (CU
M?Q+=ZWX>;2M,;0[[3VL+1H>U_9U_8_\ V;_V3[7Q+;? +X7:7X%N?&D]A<^,
M/$,VK^*/&/C7Q6VCQRP:)!XD\?>/-=\4>-M;L-"@N;F#0M,U+7[G3M%@N;B+
M2[6TCFD5@#XR_P""7&M:[KGCK_@K+#K6M:QK,6A_\%:?C;HFB1ZOJE_J::)H
M-O\ LX_LH7<&B:.E]<3KI>CV]W?W]S;Z78B"P@N+Z[GAMTEN9G?@? O_  4)
M^-WB[X8_L8>*KG1_A78^(_VD?^"C7Q^_8_\ %R6^B>('L]'^'WPRU3]K+3-
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M%G]I?_@WG_:@_:=\;S>&_ OQ;\1_LT?M7M?WGP9U'7]-\-:#JGP\\?\ Q+\
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CHH3';I%$GJ] !2 8_P _A_3GWI:*   #I1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2431187d1_ex5-1img003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_ex5-1img003.jpg
M_]C_X  02D9)1@ ! 0$       #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  / %\# 2(  A$! Q$!_\0
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M\=^,/VK/#7Q(N/"WA:?Q[I^BQ^%O%GP\O;'2[K3M<UC_ (1^]L+GPF;JXO\
M4=4\6Q2V7]G:)IOVNWTK4+F[BM(N4^+?[*?QPU3]I[XN_$34?@9\(OVHO"OQ
M'TGPI;?"G6_B]X_DTS3?@"^AZ9=6>IV'_"":AHFO6VJZ7>:C<QZ]<S>'+:#5
M[^6SCA^W6DDAD7 _98_8L_:*\ :[^Q+<_$#1?!>A:?\ LN)^TMX7\376F^+5
MUF[\3:5\2FL;GPCXET6TM[!8[9+RY>]@O='N[E+K2[:VAE9Y9+CRHOR?$X_C
M*OG%?"X-9OAL+B,;+#RJRRZC6A@:-//LMHRJX:I5P=/!1C4R&IC<91G&MF//
M2G"KB94\;0^K+^HLLR7P>P?".7YCF\N#\SS; 9+3Q\<-A^),?@Z^>8W%^'O%
M6.IX/,\)A,ZQ&>3K87CW#Y!E&-I3P/#D*6)A5PV74ZN19A_:DO8-4_;;^.^H
M:UXU\,?#CX#?#GQ7KOP*T?18OCXVN_&VV\(Z=_PL:ZT!/$FN?"_X/27/AO4+
MGQ9JFA:9+:M+XAUN+1]'DO;NVTPQI.S2BP?^"B5_X^U[X ^%OV?O@PWQ&U7]
MH?X/>)/BAX9O?$OCVV\%Z9X-N_"FLG1O$.B^.1#X<UZ:&TT"X@OTU#4=)DO+
MR:_MK?3K#2;@7@O;?QSXG?L0^,_#?QP^.GCGPA^S'^S]^U!X>^.NLVOCC0-5
M^+FN6?ASQ!\'?',^CQZ3K-E?1WNBZLWB?P!<7=E;^(H+'0IK#6EN9[ZS,@:4
M7)]G^%7[''Q%^'OQZ_9@^(,R_#6#PS\)_P!G7XC_  _\<KX%TB+P7I,GC_QY
MX@C\0S2^$/!=G;26UKH NI+HM<S7J7DDN+JYCDN+B5EUP]3C>KC*E"I7Q]*E
M_:>'P^*G' TG]6P#SJI3AB<#BJ^"AA)*KDD(5\35HO'/GJO&26%Q,/J9QYIA
M_!;#93AL=@\%D>+Q,>&,RS++:=3/JU+Z_GD>!Z&+>69WD^7YSB<YI3P_'=>O
M@LMI8N60PGA<%#*$\UR_%?VQ'$7_ (*/:MX8^%OQGO?B5\%)=/\ CY\'/C#X
M1^!'_"IO!WC*+7-$\?\ C_XA?V;+X)/A;Q==Z+8S6>D:C8ZB-1U!]1T>6YTZ
MULYBD5Y)+%&OEGQ ^,'[5=S^V#^PUX<^*GPRM?AIJ]Y=?&O5XM!^'_QCU/7/
MAM\267X7ZC/IOA7Q+</H>C?8]9\/:M!9-<?VMHNOZ7;_ &Q-9TB:0J\$6W\3
M/V"?C+XOUK]J_P 8:#K'@[3/%GBO]I?X,_M'?L_OJ-[=76E7VJ_"C0-%LYM%
M\<10V4=SI,&M-9ZI8)+9R73VYGMKQG\L2Q5Z OPP_;'^-G[3/[+OQJ^+/P[^
M&/PF\#_ ;5/'L^K>$]&^(DOC?Q)JNH^+?!FJ>'[WQ':WUKHMGI:Z:;Z2TMM,
MT5G.I06LMY>W]ZTK1VJ<N)7%F*5'!8V6>RG3S+(U@OJN"P[I8K!X3BC$RS'&
MYKB:5."HUZ>6T,LQ*7-AZ5;#256&%Q/UG%4(>UEM3PGRR6-SC)H\"0I8CASC
MMYO_ &GGF9_7<IS7-_"O*8<,Y+PGEN,Q%>>.P6)XGS+B? 5)3H9EB<+F-%83
M$YOET,KRG,,3-_P34^+_ ,?_ (HZ/\=C\8=$-SH^@_';XN:7I?BN^^(B>*-1
MT76=.\5"TNOA'8Z(/#NF2?\ ",>"+7=;Z+XJ^W+%J\0&W1;$D8]I^-7[3WQ!
MT7XTZ5^SC^SS\+M#^*'Q9?P-/\3_ !A?^-?&4_@?P%X \%'5(]&TR?5M2T_0
M_$.K:IK>OZG)Y&E:58642I DE[/<% (SXO\ "+X*?MC?L\>$?VL?"?PST_X'
MZU>^,/BCX_\ C%\"/%GBC6?$TD5_K_Q&\96VJWOAWXA^%[2UL/[/T_1M -WY
M5]I6NRR7.J"*,QM;@R'8\:?"#]ISX??'[0/VK?A;X1\!?%'Q;XW^!'AOX2?'
M7X77?B]O -O;Z]H=U9Z]9>+/A]XGU*QU>T^P6NK-J.ES:3K,4LTFEO#/%/)<
MD^7ZN"JYW@>',JP-:'$$<50Q-)YWCW@J>)QU/+IYIG%/$K RM66*Q$(_V?5C
M*&&Q%:GEF+EBZ,*LE"E0^6SS#\#YSXC<7YY@Z_AY4RC'9=C%P3D$,ZQ&6Y%B
M>(J7"O!>)RQY]24\%/*\LK5ZW$>'G#$9KE^"K\497_9..GA(3Q&*Q\NL?MY^
M-= ^&WA0:W^S3XRT?]I#QQ\9M3^ _A'X'ZOK3:;I/B+Q=HUO->ZEXST/XAWO
MA^&VU/X4PZ9&-5'BJRT65GBD6R2!IPTHTO#G[:/Q"\,^)/BS\+_V@_@SH_@7
MXM?#WX'>(_CYX/M?!OC^7Q1X ^+'@OPO;7[:W;Z'XAO_  WI6JZ!K&CZA;6N
MGZC:ZCHMZ$CO3?6YF6$V\GG'C#]FK]L+QCX2^#_QG\2>+_ 7B']J3X.?';Q/
M\8O"WP^NIS9?#+3O GB_3)-!O?@A:^*+'2H-3E>PT2.T-KXQOK>Y:75(I3,C
M6AC(F;]G;]H_X]?$+XK?'3XS>&/!?POUU_V8OB'^SY\$OA=H_C)/&LD-W\0K
M>ZE\0>+O''C*TTJQTY#/>0:98:?9:3I[^18^=/=%I;=$N<7B^+?;0C36>2KV
MP/U.AB<JR^GA,3E<\MS*>88O-JE!5*6&SFECJ>#ITL/2Q$'&I+#4J>$J1Q>-
M^K=:RGPH>$Q#KO@BGA/^%_\ MC&9?Q5Q!B,VR[B:GQ1PS1X;RKA7#8Z5#%9C
MP9C.'ZV>UL5FF(RW$IT(YMB\1FF%KY-P^LUYI_\ @HM\=K3PE\!/B[?_ +)N
MG1_"?]HO5?#/@[P%:67QDM+OXD#QUXTMW_X1(:II<W@^RT.R\+ZWJ<4EK%J+
M:@;^VTE/[<OK*U+1Z8WT_P#LY?M.?$7XB?&7XQ?L^_&CX7^&_AM\3OA7H/@[
MQG#+X*\;77CKPCXB\'>-Q=#3+BWO[[P_X;O[35+"XM7M[V&6Q,4YD\R(6_EM
M$WBVI_L@_%N[_9S_ &"?A;%)X5'B;]F[XH? OQA\12^L7(TYM'^'L<R>(AX>
MN_L#/J5T25-E;S0627>?GEA Q7N_@7X#>.O#O[;?QW_: U)M$/@+XB_![X5>
M!O#_ )&H33:Z-;\'7-]+JYO].:U2&VLRMQ&+2X2[E>;Y@\28!KMRVGQ53QV7
MSQ>-S3$X=XG(EC*6(PN6PH>PQ^08NMG4IK#X6E5@L#G-/"TJ2A6_V2=2=!O$
MPJRG'R>)L1X48C).(*639-PS@,PAEWB!+)\3E^:<2U\:\9D7B+E&!X$I45F.
?9XK#5ZF><$XO-<3BWB,.Y9Q1PU',&LJQ.$A0Q'__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2431187d1_ex5-1img004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_ex5-1img004.jpg
M_]C_X  02D9)1@ ! 0$       #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  M )4# 2(  A$! Q$!_\0
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MND_Y_P _Y]\C()_G_/\ D?GDDHH 0@'T^GU^A'7D?0GO@C\S_AO\:/BEK/\
MP5I_:B^ 6I^,K^[^#_@?]BS]F'XD^%/ <EOIJ:7HWCGQO\3?C;HWBOQ';W,5
ME'JDEWK.E^&="L[B*YOI[.-+")H+:&1Y6D_2\C/^?IUZ'L.A'&>I(*_F+\</
M^">'CWQ_^U5XN_:U^"?[;OQT_96\?>/O@[\//@MXQTKX;_#[]G[QWH>N>&?A
MIX@\9>)/#MTZ_&;X7^/[BQU :AXWU3[0^E/8B:*.&-P\:N" ?7?CC]H/X9:=
MXE\2_!/P;\8/@5=_M3CPGK.H^!?@3XJ^*7A;3?&NK^(G\*WVO^%X=:\#V^K'
MQS!X>U"**VU'4;ZRT666/P^MUJMKYD,?F#^?+Q_^V%^VI^RO/\:]+T']J.7]
MK+X@^ _V0(=2_:QU+Q!X.^'NI_ G]D+]O;XE_%?X-_#?X1>"_A9K7@/P9X+E
M;0'/CWXI:OJ?P,\::[XP\5:1X,^&GA7Q+XIU73;K7+XZW^^9_9B\*77@U&UJ
M^T[5_P!H@_"O_A7EU^V ?AS\,M*_: GUU_!4W@R;XE6^NZ)X3T[3M(\3&*>;
M4K;3]'L;'PY832&PL])@TA5L%^#?@M_P20'PW^!?BC]D_P"(7[87QD^-/[*G
MBSX7^)OAUJGP6U3X6_LU_#:=M:\17&F7T?Q<F^*WPJ^$?A/XM:Q\7=+UC3F\
M2?\ ":>)?&.NZAKWBF[D\0>*/[;U".*5 #Y/_:*_:2_:R_8JTG]NGX"0_M4^
M(_BOKGPX^!'[('QS^$GQS^,'A7X4W'Q=\,)\</C1XV^#WQP\'^%M%\*^#?!G
M@'XB^.;B#P?_ ,)-^S?X#U/PE=ZC=^+];?P-,WBJT31K.NH^ 'QN_:M^-'@/
M]K#X6?#3]K3Q'I/@'X+?M2?"?PWJ?[0O[5W@OPE\'/VQO@]^R5K'PNTSQW\;
MO%'BCX>^,OA3X'T#1M?FUZVUS1/@-\0?BK\'M#M;WPQ<Z_XIOK'5D\'V#O\
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HWPY\):3X1TS4M6-E!;6?]I7UEI,%S??9+>"V^TR2^1#'%M12@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm2431187d1_ex5-2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_ex5-2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !7 )8# 2(  A$! Q$!_\0
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MOZ'#DJM*:?E^I/1117A'T84444 %%%% !1110!'/_P >\G^Z?Y5\R5]-S_\
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4@ HHHH **** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>tm2431187d1_img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2431187d1_img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !8 )D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^N!\1_$R
MST]VM])*W5PA(9V0F+Z A@3^'%6OB1KTFDZ&+.'Y9;Y'0.#R "N[\PQ%>*5[
M& P4:D?:5-NB/"S+,)4I>RI;]6=Y_P +9U[_ )]--_[]O_\ %T?\+9U[_GTT
MW_OV_P#\77!T5ZWU/#_R+^OF>+]?Q/\ ._Z^1WG_  MG7O\ GTTW_OV__P 7
M1_PMG7O^?33?^_;_ /Q=<'5NWTK4;M0UM874RGH8X68?H*3PF&6\5_7S&L=B
MWHIO^OD=C_PMG7O^?33?^_;_ /Q='_"V=>_Y]--_[]O_ /%UR4NAZM"NZ72[
MV-?5K=P/Y51(*D@@@CJ#26$PSVBOZ^8/&XN.\VOZ]#N_^%LZ]_SZ:;_W[?\
M^+K1TCXKRM<A=8MHDA/&ZUB.1]<O7F5%$L#AVK<HXYCB8N_.V?2]C?6VI6<=
MW9S+-!(,JZ]_\#[58KR?X3:I(FH7FE,Q,4D?GH#V8$ X^H(_*O6*^;Q-#V-5
MP/J\)B/K%%5 HHHKG.H**** "BBB@ HHHH \P^,'_,&_[;_^TZ\OKU#XP?\
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' HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Mar. 19, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001557860<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Globant S.A.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">F-3ASR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th"><div>Mar. 19, 2025</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common shares, nominal value $1.20 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">An indeterminate aggregate initial offering price or principal amount or number of securities is being registered as may from time to time be sold at indeterminate prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units. In addition, securities registered hereunder may be sold either separately or as units comprised of one or more types of securities registered hereunder. This registration statement also covers any additional securities that may be offered or issued in connection with any share split, share dividend or pursuant to anti-dilution provisions of any of the securities. An unspecified amount of these securities is also being registered as may from time to time be offered hereunder by selling shareholders at indeterminate prices. In accordance with Rules 456(b) and 457(r) under the Securities Act, the Registrant is deferring payment of all of the registration fee. Any subsequent registration fees will be paid on a pay-as-you-go basis based on the fee rate in effect on the date of such fee payment. <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Debt securities<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Offering Note 1.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Warrants<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Offering Note 1.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=4', window );">Offering: 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Units<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Offering Note 1.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=5', window );">Offering: 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Preference shares<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Offering Note 1.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457rFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection r<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457rFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=4">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=4</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Mar. 19, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlPrevslyPdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlPrevslyPdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>19
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
M4$L#!!0    ( $N"@5I&QTU(E0   ,T    0    9&]C4')O<',O87!P+GAM
M;$W/30O", P&X+]2=K>9BAZD#D0]BIZ\SRYUA;8I;83Z[^T$/VYY><@;HBZ)
M(B:VF$7Q+N1M,S+'#4#6(_H^R\JABJ'D>ZXQW8&,L1H/I!\> \.B;=> A3$,
M.,SBM[#IU"Y&9W7/ED)WLCI1)L/B6#0ZL2<?J]P<"A#G>B4^BQ-+.9<K!?^+
M4\L54Y[FRF_\9 6_![H74$L#!!0    ( $N"@5JAA7PC[@   "L"   1
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MM5II ,,X?<D3$L/<@HL(2W@4R]9<X%L:+R/6ZK3;W5:$:6RA&$=D8'U>+&A
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M*S26O)T6V&-!F@.XGPNA#X&I^Z%K)_\ 4$L#!!0    ( $N"@5IW[8<W P,
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M)>P#F%I_P-+TQE(51(N5WF^2B1G<W0DS&VM]>B<)P8 @WO1J,V>6DV_.SO)
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MT0<]O[PZO]%M:9V[5>TY/)(MQT48EWCU#5!+ P04    " !+@H%:NVSJ[+H
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MMW_8QUL([6]?N7X53AE_Y,OA75M] %!+ 0(4 Q0    ( $N"@5I&QTU(E0
M ,T    0              "  0    !D;V-0<F]P<R]A<' N>&UL4$L! A0#
M%     @ 2X*!6J&%?"/N    *P(  !$              ( !PP   &1O8U!R
M;W!S+V-O<F4N>&UL4$L! A0#%     @ 2X*!6IE<G",0!@  G"<  !,
M         ( !X $  'AL+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4    " !+
M@H%:4XQU"D "   L!@  &               @($A"   >&PO=V]R:W-H965T
M<R]S:&5E=#$N>&UL4$L! A0#%     @ 2X*!6G+=IJ9 !@  V!T  !@
M         ("!EPH  'AL+W=O<FMS:&5E=',O<VAE970R+GAM;%!+ 0(4 Q0
M   ( $N"@5J^?Q6Z*P(  ,$%   8              " @0T1  !X;"]W;W)K
M<VAE971S+W-H965T,RYX;6Q02P$"% ,4    " !+@H%:=^V'-P,#  !Q#P
M#0              @ %N$P  >&PO<W1Y;&5S+GAM;%!+ 0(4 Q0    ( $N"
M@5J7BKL<P    !,"   +              "  9P6  !?<F5L<R\N<F5L<U!+
M 0(4 Q0    ( $N"@5I2<6^U70$  $@#   /              "  847  !X
M;"]W;W)K8F]O:RYX;6Q02P$"% ,4    " !+@H%:NVSJ[+H    : P  &@
M            @ $/&0  >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"
M% ,4    " !+@H%:IOQ*6R,!  #?!   $P              @ $!&@  6T-O
F;G1E;G1?5'EP97-=+GAM;%!+!08     "P + ,H"  !5&P     !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>6</ContextCount>
  <ElementCount>16</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>1</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2431187d1_exfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>995210 - Document - Submission</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/submissionTable</Role>
      <ShortName>Submission</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="tm2431187d1_exfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>995211 - Document - Offerings</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesOfferingTable</Role>
      <ShortName>Offerings</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="tm2431187d1_exfilingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>995215 - Document - Fees Summary</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesSummaryTable</Role>
      <ShortName>Fees Summary</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="EX-FILING FEES" original="tm2431187d1_exfilingfees.htm">tm2431187d1_exfilingfees.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="3">http://xbrl.sec.gov/dei/2025</BaseTaxonomy>
    <BaseTaxonomy items="39">http://xbrl.sec.gov/ffd/2025</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>false</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>25
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "tm2431187d1_exfilingfees.htm": {
   "dts": {
    "inline": {
     "local": [
      "tm2431187d1_exfilingfees.htm"
     ]
    },
    "schema": {
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/arcrole/deprecated-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2024-01-31/types.xsd",
      "https://xbrl.sec.gov/dei/2025/dei-2025.xsd",
      "https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
     ]
    }
   },
   "keyStandard": 16,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 0,
   "hidden": {
    "total": 5,
    "http://xbrl.sec.gov/ffd/2025": 3,
    "http://xbrl.sec.gov/dei/2025": 2
   },
   "contextCount": 6,
   "entityCount": 1,
   "segmentCount": 1,
   "elementCount": 107,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/ffd/2025": 39,
    "http://xbrl.sec.gov/dei/2025": 3
   },
   "report": {
    "R1": {
     "role": "http://xbrl.sec.gov/ffd/role/document/submissionTable",
     "longName": "995210 - Document - Submission",
     "shortName": "Submission",
     "isDefault": "true",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": null,
     "uniqueAnchor": null
    },
    "R2": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
     "longName": "995211 - Document - Offerings",
     "shortName": "Offerings",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "2",
     "firstAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:PrevslyPdFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2431187d1_exfilingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:PrevslyPdFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2431187d1_exfilingfees.htm",
      "first": true,
      "unique": true
     }
    },
    "R3": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable",
     "longName": "995215 - Document - Fees Summary",
     "shortName": "Fees Summary",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "3",
     "firstAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2431187d1_exfilingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2431187d1_exfilingfees.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "ffd_AggtRedRpPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtRedRpPricPrrFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricPrrFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Prior Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, Prior FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtSalesPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtSalesPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Sales Price, Fiscal Year",
        "terseLabel": "Aggregate Sales Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtRedCdts": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtRedCdts",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Redemption Credits",
        "terseLabel": "Redemption Credits"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtSctiesRcvd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Received",
        "terseLabel": "Amount of Securities Received",
        "documentation": "Amount of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_AmtSctiesRegd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRegd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Registered",
        "terseLabel": "Amount Registered",
        "documentation": "The amount of securities being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CeasedOprsDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CeasedOprsDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Ceased Operations Date",
        "terseLabel": "Ceased Operations Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CfwdFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Form Type",
        "terseLabel": "Carry Forward Form Type",
        "documentation": "The Form Type of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrevslyPdFee": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrevslyPdFee",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Previously Paid Fee",
        "terseLabel": "Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward",
        "documentation": "The fee previously paid in connection with the securities being brought forward from the prior shelf registration statement on which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Prior Effective Date",
        "terseLabel": "Carry Forward Initial Effective Date",
        "documentation": "The initial effective date of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward File Number",
        "terseLabel": "Carry Forward File Number",
        "documentation": "The EDGAR File Number of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). If the prior registration statement has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CmbndPrspctsItemAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsItemAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Item [Axis]",
        "terseLabel": "Combined Prospectus",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different references to earlier prospectuses on a single fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Line Items]",
        "terseLabel": "Combined Prospectus:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Table]",
        "terseLabel": "Combined Prospectus Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CombinedProspectusTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CombinedProspectusTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Table [N/A]",
        "terseLabel": "Combined Prospectus Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CshPdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshPdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Paid by Registrant in Transaction",
        "terseLabel": "Cash Consideration Paid",
        "documentation": "Amount of cash consideration paid by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "ffd_CshRcvdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshRcvdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Received by Registrant in Transaction",
        "terseLabel": "Cash Consideration Received",
        "documentation": "Amount of cash consideration received by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "terseLabel": "Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "terseLabel": "Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "ffd_FeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Amount",
        "terseLabel": "Amount of Registration Fee",
        "documentation": "Total amount of registration fee (amount due after offsets)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeExhibitTp": {
     "xbrltype": "feeExhibitTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeExhibitTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Exhibit Type",
        "terseLabel": "Fee Exhibit Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_FeeIntrstAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Interest Amount",
        "terseLabel": "Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note",
        "terseLabel": "Fee Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNoteMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNoteMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note Maximum Aggregate Offering Price",
        "terseLabel": "Fee Note MAOP"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeRate": {
     "xbrltype": "percentItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeRate",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Rate",
        "terseLabel": "Fee Rate",
        "documentation": "The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesOthrRuleFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesOthrRuleFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees, Other Rule [Flag]",
        "terseLabel": "Other Rule",
        "documentation": "Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesSummaryLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesSummaryLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees Summary [Line Items]",
        "terseLabel": "Fees Summary:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FnlPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FnlPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Final Prospectus [Flag]",
        "terseLabel": "Final Prospectus"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FormTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Form Type",
        "terseLabel": "Form Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_GnlInstrIIhiFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "GnlInstrIIhiFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "General Instruction II.H,I [Flag]",
        "terseLabel": "General Instruction II.H,I"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrCity": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrCity",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, City",
        "terseLabel": "City"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStatOrCtryCd": {
     "xbrltype": "stateOrCountryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStatOrCtryCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, State or Country Code",
        "terseLabel": "State or Country Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt1": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt1",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 1",
        "terseLabel": "Street 1"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt2": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt2",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 2",
        "terseLabel": "Street 2"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrZipCd": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrZipCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Zip Code",
        "terseLabel": "Zip Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrNm": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Name",
        "terseLabel": "Issuer Name"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_MaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Aggregate Offering Price",
        "terseLabel": "Maximum Aggregate Offering Price",
        "documentation": "The maximum aggregate offering price for the offering that is being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_MaxOfferingPricPerScty": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxOfferingPricPerScty",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Offering Price per Security",
        "terseLabel": "Proposed Maximum Offering Price per Unit",
        "documentation": "The maximum offering price per share/unit being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetFeeAmt": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Fee Amount",
        "terseLabel": "Net Fee"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetSalesAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetSalesAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Sales Amount",
        "terseLabel": "Net Sales"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvDsclsr": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvDsclsr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure",
        "terseLabel": "Narrative Disclosure"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Amount",
        "terseLabel": "Narrative - Max Aggregate Offering Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Price",
        "terseLabel": "Narrative - Max Aggregate Offering Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Axis]",
        "terseLabel": "Offering",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different security offerings on a single fee bearing submission."
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Line Items]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Note",
        "terseLabel": "Offering Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Title",
        "terseLabel": "Security Class Title",
        "documentation": "The title of the class of securities being registered (for each class being registered)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Type",
        "terseLabel": "Security Type",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Table]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Table [N/A]",
        "terseLabel": "Offering Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OffsetAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset [Axis]",
        "terseLabel": "Offset",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different offsets as applied to a fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetClmInitlFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmInitlFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claim Initial Filing Date",
        "terseLabel": "Initial Filing Date",
        "documentation": "The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the \"parent\" filing) ."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Amount",
        "terseLabel": "Fee Offset Claimed",
        "documentation": "The amount of offsetting fees being claimed."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdInd": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdInd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Indicator",
        "terseLabel": "Offset Claimed"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetExpltnForClmdAmt": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetExpltnForClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Explanation for Claimed Amount",
        "terseLabel": "Explanation for Claimed Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetLineItems",
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset:",
        "label": "Offset [Line Items]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Note",
        "terseLabel": "Offset Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetPrrFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Fee Amount",
        "terseLabel": "Fee Paid with Fee Offset Source",
        "documentation": "The fee previously paid from which an offset is being derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior File Number",
        "terseLabel": "File Number",
        "documentation": "The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFilerNm": {
     "xbrltype": "filerNameItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFilerNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Filer Name",
        "terseLabel": "Registrant or Filer Name",
        "documentation": "The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Form Type",
        "terseLabel": "Form or Filing Type",
        "documentation": "The Form Type of the offset filing."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrNbOfUnsoldScties": {
     "xbrltype": "nonNegativeIntegerItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrNbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Number of Securities",
        "terseLabel": "Unsold Securities Associated with Fee Offset Claimed",
        "documentation": "The number of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Title",
        "terseLabel": "Security Title Associated with Fee Offset Claimed",
        "documentation": "The title of the class of securities from which offset fees were derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Type",
        "terseLabel": "Security Type Associated with Fee Offset Claimed",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrUnsoldOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrUnsoldOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Offering Amount",
        "terseLabel": "Unsold Aggregate Offering Amount Associated with Fee Offset Claimed",
        "documentation": "The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetSrcFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetSrcFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Source Filing Date",
        "terseLabel": "Filing Date",
        "documentation": "The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset Payment:",
        "label": "Offset [Table]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Table [N/A]",
        "terseLabel": "Offset Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_PrevslyPdFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "PrevslyPdFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Previously Paid [Flag]",
        "terseLabel": "Fee Previously Paid"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RegnFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RegnFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Registration File Number",
        "terseLabel": "Registration File Number"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RptgFsclYrEndDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RptgFsclYrEndDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Reporting Fiscal Year End Date",
        "terseLabel": "Reporting FY End Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 0-11 [Flag]",
        "terseLabel": "Rule 0-11"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011a2OffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011a2OffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Rule 0-11(a)(2) Offset",
        "label": "Rule 0-11(a)(2) Offset [Flag]"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule415a6Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule415a6Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 415(a)(6) [Flag]",
        "terseLabel": "Rule 415(a)(6)",
        "documentation": "Checkbox indicating whether filer is claiming a 415(a)(6) carryforward."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_Rule429AggtOfferingAmt": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429AggtOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Aggregate Offering Amount",
        "terseLabel": "Maximum Aggregate Offering Price of Securities Previously Registered",
        "documentation": "The maximum aggregate offering amount of unsold securities registered on the prior registration statement that are carried forward under Rule 429. Only applicable if 457(o) was used in the fee calculation for the prior registration statement."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429CmbndPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429CmbndPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Combined Prospectus [Flag]",
        "terseLabel": "Rule 429",
        "documentation": "Checkbox indicating whether filer is using a combined prospectus under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier File Number",
        "terseLabel": "File Number",
        "documentation": "The Securities Act File Number of the earlier effective registration statement(s) from which securities may be offered and sold using the combined prospectus pursuant to Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier Form Type",
        "terseLabel": "Form Type",
        "documentation": "The Form Type of the earlier registration statement from which unsold securities are carried forward under Rule 429. This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429InitlFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429InitlFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Initial Effective Date",
        "terseLabel": "Initial Effective Date",
        "documentation": "The filing date of the earlier registration statement from which unsold securities are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429NbOfUnsoldScties": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429NbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Number Of Unsold Securities",
        "terseLabel": "Amount of Securities Previously Registered",
        "documentation": "The number of securities registered on the prior registration statement that are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429PrspctsNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429PrspctsNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Prospectus Note",
        "terseLabel": "Combined Prospectus Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Title",
        "terseLabel": "Security Class Title"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Type",
        "terseLabel": "Security Type"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule457aFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457aFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(a) [Flag]",
        "terseLabel": "Rule 457(a)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "ffd_Rule457bOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457bOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(b) Offset [Flag]",
        "terseLabel": "Rule 457(b) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(b) or 0-11(a)(2)."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "ffd_Rule457fFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457fFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(f) [Flag]",
        "terseLabel": "Rule 457(f)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_Rule457oFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457oFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(o) [Flag]",
        "terseLabel": "Rule 457(o)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "ffd_Rule457pOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457pOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(p) Offset [Flag]",
        "terseLabel": "Rule 457(p) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(p)."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "ffd_Rule457rFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457rFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(r) [Flag]",
        "terseLabel": "Rule 457(r)"
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "ffd_Rule457sFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457sFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(s) Flag",
        "terseLabel": "Rule 457(s)"
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "ffd_Rule457uFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457uFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(u) [Flag]",
        "terseLabel": "Rule 457(u)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(u) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r11"
     ]
    },
    "ffd_Scties424iAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Axis]",
        "terseLabel": "Securities, 424I"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Line Items]",
        "terseLabel": "Securities, 424I:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Table]",
        "terseLabel": "Securities, 424I Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Securities424iTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Securities424iNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities 424I [N/A]",
        "terseLabel": "Securities 424I N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissionLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissionLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission [Line Items]",
        "terseLabel": "Items"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissnTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissnTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission Type",
        "terseLabel": "Submission Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TermntnCmpltnWdrwl": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TermntnCmpltnWdrwl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Termination / Completion / Withdrawal Statement",
        "terseLabel": "Termination / Withdrawal Statement"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TtlFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee Amount",
        "terseLabel": "Total Fee Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlFeeAndIntrstAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAndIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee and Interest Amount",
        "terseLabel": "Total Fee and Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offering Amount",
        "terseLabel": "Total Offering"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOffsetAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOffsetAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offset Amount",
        "terseLabel": "Total Offset Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlPrevslyPdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlPrevslyPdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Previously Paid Amount",
        "terseLabel": "Previously Paid Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlTxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlTxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Transaction Valuation",
        "terseLabel": "Total Transaction Valuation"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Transaction Valuation",
        "terseLabel": "Transaction Valuation"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_ValSctiesRcvd": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received",
        "terseLabel": "Value of Securities Received",
        "documentation": "Value of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_ValSctiesRcvdPerShr": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvdPerShr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received, Per Share",
        "terseLabel": "Value of Securities Received, Per Share",
        "documentation": "Value per share of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form). This is included in the explanation of 457(f) fee calculation."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "415",
   "Subsection": "a"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "429"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "b"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "f"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "o"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "p"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "r"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "s"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "u"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Subsection": "f",
   "Section": "457"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>26
<FILENAME>0001104659-25-030567-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-25-030567-xbrl.zip
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M0@N;,LG\[7:<\NS=A"MFPE,+'!,(9F+?&V]U0,@9A$F+XI7']?M.>W6.C?[
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9:'1M4$L%!@     !  $ 2@   #0,      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>tm2431187d1_exfilingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001557860</identifier>
        </entity>
        <period>
            <startDate>2025-03-19</startDate>
            <endDate>2025-03-19</endDate>
        </period>
    </context>
    <context id="offrl_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001557860</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-19</startDate>
            <endDate>2025-03-19</endDate>
        </period>
    </context>
    <context id="offrl_2">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001557860</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>2</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-19</startDate>
            <endDate>2025-03-19</endDate>
        </period>
    </context>
    <context id="offrl_3">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001557860</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>3</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-19</startDate>
            <endDate>2025-03-19</endDate>
        </period>
    </context>
    <context id="offrl_4">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001557860</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>4</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-19</startDate>
            <endDate>2025-03-19</endDate>
        </period>
    </context>
    <context id="offrl_5">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001557860</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>5</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-19</startDate>
            <endDate>2025-03-19</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <ffd:FormTp contextRef="rc" id="ixv-300">F-3</ffd:FormTp>
    <ffd:SubmissnTp contextRef="rc" id="ixv-301">F-3ASR</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-302">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-303">0001557860</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-304">Globant S.A.</dei:EntityRegistrantName>
    <ffd:FormTp contextRef="rc" id="ixv-365">F-3</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-366">Globant S.A.</dei:EntityRegistrantName>
    <ffd:PrevslyPdFlg contextRef="offrl_1" id="ixv-367">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_1" id="ixv-368">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_1" id="ixv-369">Common shares, nominal value $1.20 per share</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="offrl_1" id="ixv-370">true</ffd:Rule457rFlg>
    <ffd:FeeRate
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-371"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:PrevslyPdFlg contextRef="offrl_2" id="ixv-372">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_2" id="ixv-373">Debt</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_2" id="ixv-374">Debt securities</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="offrl_2" id="ixv-375">true</ffd:Rule457rFlg>
    <ffd:FeeRate
      contextRef="offrl_2"
      decimals="INF"
      id="ixv-376"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:PrevslyPdFlg contextRef="offrl_3" id="ixv-377">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_3" id="ixv-378">Other</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_3" id="ixv-379">Warrants</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="offrl_3" id="ixv-380">true</ffd:Rule457rFlg>
    <ffd:FeeRate
      contextRef="offrl_3"
      decimals="INF"
      id="ixv-381"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:PrevslyPdFlg contextRef="offrl_4" id="ixv-382">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_4" id="ixv-383">Other</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_4" id="ixv-384">Units</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="offrl_4" id="ixv-385">true</ffd:Rule457rFlg>
    <ffd:FeeRate
      contextRef="offrl_4"
      decimals="INF"
      id="ixv-386"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:PrevslyPdFlg contextRef="offrl_5" id="ixv-387">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="offrl_5" id="ixv-388">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_5" id="ixv-389">Preference shares</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="offrl_5" id="ixv-390">true</ffd:Rule457rFlg>
    <ffd:FeeRate
      contextRef="offrl_5"
      decimals="INF"
      id="ixv-391"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:TtlOfferingAmt contextRef="rc" decimals="INF" id="ixv-392" unitRef="USD">0.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt contextRef="rc" decimals="INF" id="ixv-393" unitRef="USD">0.00</ffd:TtlFeeAmt>
    <ffd:TtlPrevslyPdAmt contextRef="rc" decimals="INF" id="ixv-394" unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-395" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-396" unitRef="USD">0.00</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_1" id="ixv-397">An indeterminate aggregate initial offering price or principal amount or number of securities is being registered as may from time to time be sold at indeterminate prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units. In addition, securities registered hereunder may be sold either separately or as units comprised of one or more types of securities registered hereunder. This registration statement also covers any additional securities that may be offered or issued in connection with any share split, share dividend or pursuant to anti-dilution provisions of any of the securities. An unspecified amount of these securities is also being registered as may from time to time be offered hereunder by selling shareholders at indeterminate prices. In accordance with Rules 456(b) and 457(r) under the Securities Act, the Registrant is deferring payment of all of the registration fee. Any subsequent registration fees will be paid on a pay-as-you-go basis based on the fee rate in effect on the date of such fee payment. </ffd:OfferingNote>
    <ffd:OfferingNote contextRef="offrl_2" id="ixv-398">See Offering Note 1.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="offrl_3" id="ixv-399">See Offering Note 1.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="offrl_4" id="ixv-400">See Offering Note 1.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="offrl_5" id="ixv-401">See Offering Note 1.</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
