<SEC-DOCUMENT>0001174947-20-000259.txt : 20200228
<SEC-HEADER>0001174947-20-000259.hdr.sgml : 20200228
<ACCEPTANCE-DATETIME>20200228160904
ACCESSION NUMBER:		0001174947-20-000259
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20200228
DATE AS OF CHANGE:		20200228
EFFECTIVENESS DATE:		20200228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BANCORP /NC/
		CENTRAL INDEX KEY:			0000811589
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561421916
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-236756
		FILM NUMBER:		20670108

	BUSINESS ADDRESS:	
		STREET 1:		341 NORTH MAIN ST
		STREET 2:		PO BOX 508
		CITY:			TROY
		STATE:			NC
		ZIP:			27371-0508
		BUSINESS PHONE:		9105766171
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>s3asr-23507_fbnc.htm
<DESCRIPTION>S-3ASR
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">As filed with the U.S. Securities and
Exchange Commission on February 28, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: right">Registration Statement No. 333-__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549<BR>
</B>_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-size: 18pt"><B>Form
S-3<BR>
REGISTRATION STATEMENT<BR>
</B></FONT><B><I>UNDER<BR>
THE SECURITIES ACT OF 1933<BR>
</I></B>_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-size: 18pt"><B>FIRST
BANCORP<BR>
</B></FONT>(Exact name of registrant as specified in its charter)<BR>
_______________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 31%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 37%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><B>North Carolina</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>&nbsp;&nbsp;____</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>56-1421916</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;(Primary Standard Industrial </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Incorporation or Organization) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Classification Code Number) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>300 SW Broad Street </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Southern Pines, North Carolina 28387</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(910) 246-2500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Address, including zip code, and telephone
number,<BR>
including area code, of registrant&rsquo;s principal executive offices)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>300 SW Broad Street </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Southern Pines, North Carolina 28387</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(910) 246-2500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Address, Including Zip Code, and Telephone
Number, Including Area Code, of<BR>
Agent for Service)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Robert A. Singer<BR>
Iain MacSween<BR>
Brooks, Pierce, McLendon, Humphrey &amp; Leonard, L.L.P.<BR>
230 N. Elm Street, Suite 2000<BR>
Greensboro, North Carolina 27401<BR>
(336) 373-8850</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Approximate date of commencement of proposed
sale to the public: </B>From time to time after the effective date of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the only securities being registered on
this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9745;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) 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: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) 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: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act. (Check one):</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="white-space: nowrap; width: 20%; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: justify">Large accelerated filer&nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 30%; text-align: justify">Accelerated filer</TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">Non-accelerated filer</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">Smaller reporting company&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center">(Do not check if a smaller reporting company)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Emerging growth company</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for comply with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 26%; border: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Title of Each Class of <BR>
Securities to be Registered</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Amount to be <BR>
Registered<SUP>(1)</SUP></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Proposed Maximum<BR>
 Offering Price Per <BR>
Security<SUP>(2)</SUP></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Proposed Maximum<BR>
 Aggregate Offering Price<SUP>(3)</SUP></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Amount of<BR>
 Registration <BR>
Fee</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Debt Securities<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Preferred Stock, no par value per share</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Depositary Shares</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Common Stock, no par value per share</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Purchase Contracts</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Units</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Warrants</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: left"><FONT STYLE="font-size: 10pt">Rights</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$100,000,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$100,000,000</B><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$12,980</B> <SUP>(6)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">____________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">An unspecified aggregate initial offering price and number of securities of each identified class
is being registered as may from time to time be offered at unspecified prices. Also includes an indeterminate number of shares
of common stock, preferred stock, warrants, purchase contracts, depositary shares, rights and units, and such indeterminate principal
amount of senior debt securities and subordinated debt securities as may be issued by the registrant upon exercise, conversion
or exchange of any securities that provide for such issuance, or that may from time to time become issuable by reason of any stock
split, stock dividend or similar transaction, for which no separate consideration will be received by registrant. In no event will
the aggregate offering price of all types of securities issued by the registrant pursuant to this registration statement exceed
$100,000,000. Any securities registered hereunder may be sold separately or together with other securities registered hereunder.
Includes an indeterminate number of depositary shares evidenced by depositary receipts as may be issued in the event that First
Bancorp elects to offer fractional interests in its preferred stock registered hereby. Pursuant to Rule 457(n), no additional registration
fee is payable in respect of the registration of the guarantee.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">The proposed maximum offering price per security will be determined by First Bancorp, from time
to time, in connection with the issuance by the registrant of the securities registered hereunder and has been omitted pursuant
to General Instruction II.D of Form S-3 under the Securities Act of 1933.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">The proposed maximum aggregate offering price per class of security will be determined from time
to time by First Bancorp in connection with the issuance by First Bancorp of the securities registered hereunder and has been omitted
pursuant to General Instruction II.D of Form S-3 under the Securities Act of 1933.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">May consist of one or more series of senior or subordinated debt.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(5)</SUP></TD><TD STYLE="text-align: justify">Estimated for the sole purpose of computing the registration fee pursuant to Rule 457(o) under
the Securities Act of 1933.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(6)</SUP></TD><TD STYLE="text-align: justify">Calculated pursuant to Rule 457(o) of the Securities Act of 1933.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange
Commission acting pursuant to said Section 8(a) may determine.</B></P>


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<P STYLE="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The information in this Prospectus is not
complete and may be changed. This Prospectus is included in a registration statement that we filed with the Securities and Exchange
Commission. We may not sell these securities pursuant to this Prospectus until the registration statement filed with the Securities
and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to
buy these securities in any state where the offer or sale is not permitted. </B></P>

<P STYLE="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Subject to Completion</B></P>

<P STYLE="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Preliminary Prospectus dated February 28,
2020</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT="FIRST BANCORP LOGO" STYLE="height: 22px; width: 280px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$100,000,000</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may offer and sell, from time to time, in
one or more offerings, any combination of debt and equity securities that we describe in this prospectus. The aggregate amount
of the securities offered by us under this prospectus will not exceed $100,000,000. We will provide the specific terms of these
securities in supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully,
including the information incorporated by reference herein and therein, before you invest in the securities described in the applicable
prospectus supplement. This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of our common stock are traded on The
NASDAQ Global Select Market under the symbol &ldquo;FBNC&rdquo;. The closing sale price of our common stock as reported on The
NASDAQ Global Select Market on February 25, 2020 was $34.86 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may sell the securities to underwriters
or dealers, through agents, or directly to investors, or a combination of these methods. We will set forth the names of any underwriters
or agents, any applicable commissions, discounts or other compensation thereof, in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy of this prospectus.
Any representation to the contrary is a criminal offense in the United States.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>These securities are unsecured and are not
deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing in our securities involves risks.
See the section &ldquo;Risk Factors&rdquo; on page 2 of this prospectus, as well as in any supplements to this prospectus, and
the risk factors incorporated herein from time to time by reference to our most recent Annual Report on Form 10-K and our most
recent Quarterly Report on Form 10-Q.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">This prospectus is dated February 28, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_002">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_003">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_004">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_005">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_006">FIRST BANCORP</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_007">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_008">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_009">SECURITIES WE MAY OFFER</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_010">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_011">DESCRIPTION OF PREFERRED STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_012">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_013">DESCRIPTION OF COMMON STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_014">DESCRIPTION OF PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_015">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_016">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_017">DESCRIPTION OF RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_018">ANTI-TAKEOVER EFFECTS OF OUR ARTICLES OF INCORPORATION AND BYLAWS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_019">VALIDITY OF SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_020">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_021">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_022">INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This prospectus is a part of a registration
statement that we filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration
process. Under this shelf registration statement, we may issue and sell to the public, either separately or together, any part
or all of the securities described in the registration statement, at any time and from time to time, in one or more public offerings,
up to an aggregate amount of $100,000,000 of our debt securities, preferred stock, depositary shares, common stock, purchase contracts,
units, warrants, or rights consisting of two or more securities. We may also issue common stock or preferred stock upon conversion,
exchange or exercise of any of the securities mentioned above. This prospectus only provides you with a general description of
the securities we may offer. Each time we sell the offered securities, we will provide a supplement to this prospectus that contains
specific information about the terms of the offered securities and the offering. A prospectus supplement may include a discussion
of any risk factors or other special considerations applicable to those securities or to us. The supplement also may add, update
or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and
the applicable prospectus supplement, you should rely on the information in the prospectus supplement. You should carefully read
both this prospectus and any prospectus supplement, any documents that we incorporate by reference in this prospectus and/or in
any prospectus supplement, together with the additional information described under the heading &ldquo;Where You Can Find More
Information&rdquo; before making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The registration statement containing
this prospectus, including exhibits to the registration statement, provides additional information about us and the offered securities.
That registration statement can be read at the SEC&rsquo;s website or at the SEC&rsquo;s office mentioned under the heading &ldquo;Where
You Can Find More Information&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may sell the offered securities (a)
through agents; (b) through underwriters or dealers; (c) directly to one or more purchasers; or (d) through a combination of any
of these methods of sale. We and our agents reserve the sole right to accept and to reject in whole or in part any proposed purchase
of the offered securities. See &ldquo;Plan of Distribution&rdquo; below. Any prospectus supplement (or pricing supplement) will
provide the names of any underwriters, dealers, or agents involved in the sale of the securities, and any applicable fee, commission,
or discount arrangements with them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>You should rely only on the information
contained in this prospectus, any prospectus supplement (or pricing supplement) and the documents we have incorporated by reference.
We will disclose any material changes in our affairs in an amendment to this prospectus, a prospectus supplement (or pricing supplement)
or a future filing with the SEC incorporated by reference in this prospectus. No person has been authorized to give any information
or to make any representations other than those contained or incorporated in this prospectus and, if given or made, such information
or representations must not be relied upon as having been authorized. This prospectus does not constitute an offer to sell or a
solicitation of an offer to sell or to buy any securities other than those to which it relates, or an offer or solicitation with
respect to those securities to which it relates to any persons in any jurisdiction where such offer or solicitation would be unlawful.
The delivery of this prospectus at any time does not imply that the information contained or incorporated herein at its date is
correct as of any time subsequent to its date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Except where the context otherwise requires,
the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to First Bancorp and its consolidated
subsidiaries, and the &ldquo;Bank&rdquo; refers to our wholly-owned subsidiary bank, First Bank. In this prospectus, we sometimes
refer to debt securities, preferred stock, depositary shares, common stock, purchase contracts, units, warrants, or rights consisting
of two or more securities that may be offered under this prospectus or any supplements to this prospectus as &ldquo;offered securities.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_002"></A>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The SEC allows us to &ldquo;incorporate
by reference&rdquo; into this prospectus the information we file with it, which means that we can disclose important information
to you by referring you to those documents. Information incorporated by reference is considered to be part of this prospectus,
except for any information that is superseded by information included directly in this prospectus. Any statement contained in this
prospectus or a document incorporated by reference in this prospectus will be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently filed document that
is incorporated by </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">reference in this prospectus modifies or superseded the statement. Any statement so modified or superseded will
not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We incorporate by reference into this
prospectus the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) after the date of the initial filing of the registration
statement on Form S-3, of which this prospectus is a part, and prior to the effectiveness of the registration statement, and any
such filings that we make after the date of this prospectus but before the termination of the offering of the offered securities,
except to the extent that any information contained in such filings is deemed &ldquo;furnished&rdquo; in accordance with SEC rules
(unless otherwise indicated therein):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000162828020002559/fbnc-20191231x10k.htm" STYLE="-sec-extract: exhibit">Our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February
28, 2020</A>; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">Our Current Reports on <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000162828020000469/firstbancorpform8-k.htm" STYLE="-sec-extract: exhibit">Form 8-K filed with the SEC on January 22, 2020</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000162828020000907/firstbancorpform8-k.htm" STYLE="-sec-extract: exhibit">February 3, 2020</A>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will provide a copy of any and all
of the information that is incorporated by reference in this prospectus to any person, including a beneficial owner, to whom a
prospectus is delivered, without charge, upon written or oral request. Written requests for copies should be directed to Attn:
Elizabeth B. Bostian, Secretary, First Bancorp, 300 SW Broad Street, Southern Pines, North Carolina 28387. Telephone requests for
copies should be directed to (910) 246-2500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain an Internet website at http://www.localfirstbank.com
where the incorporated reports listed above can be accessed. Neither this website nor the information on this website is included
or incorporated in, or is a part of, this prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_003"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investing in our securities involves risk.
Please see the &ldquo;Risk Factors&rdquo; section in First Bancorp&rsquo;s most recent Annual Report on Form 10-K, along with the
disclosure related to the risk factors contained in any of First Bancorp&rsquo;s subsequent Quarterly Reports on Form 10-Q, which
are incorporated by reference in this prospectus, as updated by our future filings with the SEC. Before making an investment decision,
you should carefully consider these risks as well as other information contained or incorporated by reference in this prospectus
and any prospectus supplement. The risks and uncertainties not presently known to First Bancorp or that First Bancorp currently
deems immaterial may also impair its business operations, its financial results and the value of the securities. The prospectus
supplement applicable to each type or series of securities we offer may contain a discussion of additional risks applicable to
an investment in us and the particular type of securities we are offering under that prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_004"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Statements included in this prospectus, including
information incorporated herein by reference, which are not historical in nature are intended to be, and are hereby identified
as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Exchange Act. The words &ldquo;may,&rdquo;
&ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;believe,&rdquo; &ldquo;contemplate,&rdquo;
&ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;may,&rdquo; and &ldquo;intend,&rdquo; as well as other
similar words and expressions of the future, are intended to identify forward-looking statements. We caution readers that forward-looking
statements are estimates reflecting our judgment based on current information, and are subject to certain risks and uncertainties
that could cause actual results to differ materially from anticipated results. Such risks and uncertainties include, among others,
the matters described in the &ldquo;Risk Factors&rdquo; of this prospectus and the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to maintain appropriate levels of capital and to comply with our capital ratio requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">examinations by our regulatory authorities, including the possibility that the regulatory authorities
may, among other things, require us to increase our allowance for loan losses or write-down assets or otherwise impose restrictions
or conditions on our operations, including, but not limited to, our ability to acquire or be acquired;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in economic conditions, either nationally or regionally and especially in our primary market
areas, resulting in, among other things, a deterioration in credit quality;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an increase in interest rates, resulting in a decline in our mortgage production and a decrease
in the profitability of our mortgage banking operations;</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A>&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">greater than expected losses due to higher credit losses generally and specifically because losses
in the sectors of our loan portfolio secured by real estate are greater than expected due to economic factors, including, but not
limited to, declining real estate values, increasing interest rates, increasing unemployment, or changes in payment behavior or
other factors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">greater than expected losses due to higher credit losses because our loans are concentrated by
loan type, industry segment, borrower type, or location of the borrower or collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the amount of our loan portfolio collateralized by real estate and weaknesses in the
North Carolina, South Carolina and national real estate markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rate of delinquencies and amount of loans charged-off;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the adequacy of the level of our allowance for loan losses and the amount of loan loss provisions
required in future periods;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rate of loan growth in recent or future years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to attract and retain key personnel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to retain our existing customers, including our deposit relationships;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">significant increases in competitive pressure in the banking and financial services industries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adverse changes in asset quality and resulting credit risk-related losses and expenses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the interest rate environment which could reduce anticipated or actual margins;</TD></TR>                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
in political conditions or the legislative or regulatory environment, including, but not limited to, the Dodd-Frank Act and regulations
adopted thereunder, changes in federal or state tax laws or interpretations thereof by taxing authorities and other governmental
initiatives affecting the banking and financial service industries;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes occurring in business conditions and inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased funding costs due to market illiquidity, increased competition for funding, or increased
regulatory requirements with regard to funding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our business continuity plans or data security systems could prove to be inadequate, resulting
in a material interruption in, or disruption to, business and a negative impact on results of operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in deposit flows;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in monetary and tax policies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in accounting policies, as may be adopted by the regulatory agencies, as well as the Public
Company Accounting Oversight Board and the Financial Accounting Standards Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">loss of consumer confidence and economic disruptions resulting from terrorist activities or other
military actions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding our operating revenues, expenses, effective tax rates and other results
of operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a general decline in the real estate and lending markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our anticipated capital expenditures and our estimates regarding our capital requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our liquidity and working capital requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competitive pressures among depository and other financial institutions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the adequacy of the level of our allowance for loan losses and the amount of loan loss provisions
required in future periods;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the growth rates of the markets in which we compete;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our anticipated strategies for growth and sources of new operating revenues;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our current and future products, services, applications and functionality and plans to promote
them;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">anticipated trends and challenges in our business and in the markets in which we operate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the evolution of technology affecting our products, services and markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to retain and hire necessary employees and to staff our operations appropriately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">management compensation and the methodology for its determination;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to compete in our industry and innovation by our competitors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased cybersecurity risk, including potential business disruptions or financial losses;</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A>&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">acquisition integration risks, including potential deposit attrition, higher than expected costs,
customer loss and business disruption, including, without limitation, potential difficulties in maintaining relationships with
key personnel and other integration related-matters, and the inability to identify and successfully negotiate and complete additional
combinations with potential merger or acquisition partners or to successfully integrate such businesses into First Bancorp, including
the ability to realize the benefits and cost savings from, and limit any unexpected liabilities associated with, any such business
combinations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to stay abreast of new or modified laws and regulations that currently apply or become
applicable to our business; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates and estimate methodologies used in preparing our consolidated financial statements and
determining option exercise prices.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Some of the factors that could cause
actual results to differ from those expressed or implied in forward-looking statements are incorporated by reference under &ldquo;Risk
Factors&rdquo; in this prospectus and may be described in any prospectus supplement and in the &ldquo;Risk Factors&rdquo; and other
sections of the documents that we incorporate by reference into this prospectus, including our Annual Reports on Form 10-K and
our Quarterly Reports on Form 10-Q and in our other reports filed with the SEC. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those anticipated. All
subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified
in their entirety by reference to these risks and uncertainties. You should not place undue reliance on our forward-looking statements.
Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no duty to update any forward-looking
statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_005"></A>PROSPECTUS SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the shelf registration statement
of which this prospectus is a part, we may sell up to $100,000,000 of securities, consisting of one or any combination or combinations
of securities, described in this prospectus in one or more offerings. This prospectus provides you with a general description of
the securities we may offer. This prospectus describes the securities that may be offered. We may offer any of the following securities
or any combination of these securities from time to time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">preferred stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">depositary shares;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">common stock;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">purchase contracts;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">units;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">warrants; and&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This prospectus, including the following
summary, describes the general terms that may apply to the offered securities. The specific terms of any particular securities
that we may offer will be described in a separate supplement to this prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may offer several different types of debt
securities. For any particular debt securities we offer, the applicable prospectus supplement will describe the terms of the debt
securities, and will include for each series of debt securities, the initial public offering price, designation, priority, aggregate
principal amount (including whether determined by reference to an index), currency, denomination, premium, maturity, interest rate
(including whether fixed, floating or otherwise), time of payment of any interest, any terms for mandatory or optional redemption
and other terms. We will issue senior and subordinated debt under separate indentures to be entered into by and between us and
a bank or trust company, or other qualified trustee, that we select to act as trustee. Debt securities may be convertible into
shares of our common stock or preferred stock, as described in a prospectus supplement.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Preferred Stock and Depositary
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may offer preferred stock in one
or more series. The applicable prospectus supplement will describe for each offer of preferred stock the specific designation of
the series offered; the aggregate number of shares offered; the rate and periods, or manner of calculating the rate and periods,
for dividends, if any; the stated value and liquidation preference amount, if any; the redemption, liquidation and voting rights,
if any; and any other specific terms. We may also offer depositary shares, each of which would represent an interest in a fractional
share of preferred stock. We will issue the depositary shares under one or more deposit agreements to be entered into between us
and one or more depositaries.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may also offer shares of our common stock
and the applicable prospectus supplement will describe the terms of any such offer.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Purchase Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also may issue purchase contracts, including
contracts obligating holders to purchase from us, and obligating us to sell to holders, a fixed or varying number of shares of
common stock, preferred stock, depositary shares or debt securities at a future date or dates. The consideration per share of common
stock, preferred stock, depositary shares or debt securities may be fixed at the time that purchase contracts are issued or may
be determined by reference to a specific formula set forth in the purchase contracts. Any purchase contract may include anti-dilution
provisions to adjust the number of shares issuable pursuant to such purchase contract upon the occurrence of certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The purchase contracts may be issued
separately or as a part of units with one or more other securities. These contracts, and the holders&rsquo; obligations to purchase
shares of our common stock, preferred stock, depositary shares or debt securities under the purchase contracts may be secured by
cash, certificates of deposit, U.S. government securities that will mature prior to or simultaneously with, the maturity of the
purchase contract, standby letters of credit from an affiliated U.S. bank that is insured by the Federal Deposit Insurance Corporation
(the &ldquo;FDIC&rdquo;), or other collateral satisfactory to the Board of Governors of the Federal Reserve (the &ldquo;Federal
Reserve&rdquo;). The purchase contracts may require us to make periodic payments to holders of the purchase units, or vice versa,
and such payments may be unsecured or prefunded and may be paid on a current or on a deferred basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any one or more of the above securities,
common stock or the purchase contracts or other collateral may be pledged as security for the holders&rsquo; obligations to purchase
or sell, as the case may be, the common stock, preferred stock, depositary shares or debt securities under the purchase contracts.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We also may offer two or more of the
securities described in this prospectus in the form of a &ldquo;unit,&rdquo; including pursuant to a unit agreement. The unit may
be transferable only as a whole, or the securities comprising a unit may, as described in the prospectus supplement, be separated
and transferred by the holder separately. There may or may not be an active market for units or the underlying securities, and
not all the securities comprising a unit may be listed or traded on a securities exchange or market.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may offer warrants to purchase our senior
debt securities, subordinated debt securities, preferred stock, depositary shares, common stock or any combination of these securities,
either independently or together with any other securities. For any particular warrants we offer, the applicable prospectus supplement
will describe:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the underlying securities;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the expiration date;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the exercise price or the manner of determining the exercise price;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the amount and kind, or the manner of determining the amount and kind, of securities to be delivered
upon exercise;&nbsp;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the date after which the warrants are separately transferable;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any provisions for adjustments in the exercise price or the number of securities issuable upon
exercise of the warrants; and&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any other specific terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may issue the warrants under one or more
warrant agreements between us and one or more warrant agents. The warrant agents will act solely as our agents in connection with
the warrants and will not assume any obligation or relationship of agency for or on behalf of holders or beneficial owners of warrants.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may offer rights to our existing shareholders
to purchase additional shares of our common stock or any series of our preferred stock. For any particular subscription rights,
the applicable prospectus supplement will describe the terms of such rights, including the period during which such rights may
be exercised, the manner of exercising such rights, the transferability of such rights and the number of shares of common stock
or preferred stock that may be purchased in connection with each right and the subscription price for the purchase of such common
stock or preferred stock. In connection with a rights offering, we may enter into a separate agreement with one or more underwriters
or standby purchasers to purchase any shares of our common stock or preferred stock not subscribed for in the rights offering by
existing shareholders, which will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Listing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any securities are to be listed or quoted
on a securities exchange or quotation system, the applicable prospectus supplement will so indicate. Our common stock is listed
on The NASDAQ Global Select Market and trades under the symbol &ldquo;FBNC&rdquo;.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_006"></A>FIRST BANCORP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Bancorp is the fourth largest bank holding
company headquartered in North Carolina. At December 31, 2019, First Bancorp had total consolidated assets of $6.1 billion, total
loans of $4.5 billion, total deposits of $4.9 billion, and shareholders&rsquo; equity of $0.9 billion. Our principal activity is
the ownership and operation of First Bank, a state-chartered bank with its main office in Southern Pines, North Carolina.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Bancorp was incorporated in North Carolina
on December 8, 1983, as Montgomery Bancorp, for the purpose of acquiring 100% of the outstanding common stock of the Bank through
a stock-for-stock exchange. On December 31, 1986, First Bancorp changed its name to First Bancorp to conform its name to the name
of the Bank, which had changed its name from Bank of Montgomery to First Bank in 1985.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank was organized in 1934 and began banking
operations in 1935 as the Bank of Montgomery, named for the county in which it operated. Until September 2013, the Bank&rsquo;s
main office was in Troy, North Carolina, located in the center of Montgomery County. In September 2013, First Bancorp and the Bank
moved their main offices approximately 45 miles to Southern Pines, North Carolina, in Moore County. As of December 31, 2019, we
conducted business from 101 branches covering a geographical area from Florence, South Carolina to the south, to Wilmington, North
Carolina to the east, to Kill Devil Hills, North Carolina to the northeast, to Mayodan, North Carolina to the north, and to Asheville,
North Carolina to the west. Of the Bank&rsquo;s 101 branches, 95 branches are in North Carolina and six branches are in South Carolina.
Ranked by assets, the Bank was the fourth largest bank headquartered in North Carolina as of December 31, 2019 and the only one
with total assets between $5 billion and $35 billion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Bank had three
wholly owned subsidiaries, First Bank Insurance Services, Inc. (&ldquo;First Bank Insurance&rdquo;), SBA Complete, Inc. (&ldquo;SBA
Complete&rdquo;), and First Troy SPE, LLC. First Bank Insurance&rsquo;s primary business activity is the placement of property
and casualty insurance coverage. SBA Complete specializes in providing consulting services for financial institutions across the
country related to Small Business Administration (&ldquo;SBA&rdquo;) loan origination and servicing. First Troy SPE, LLC, which
was organized in December 2009, is a holding entity for certain foreclosed properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our principal executive offices are located
at 300 SW Broad Street, Southern Pines, North Carolina, 28387, and our telephone number is (910) 246-2500.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_007"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless otherwise specified in a prospectus
supplement accompanying this prospectus, we currently intend to use the net proceeds from the sale of the offered securities for
general corporate purposes. General corporate purposes may include repayment of debt or the interest payment thereon, capital expenditures,
possible acquisitions, investments, and any other purposes that we may specify in any prospectus supplement. We may invest the
net proceeds temporarily until we use them for their stated purpose. We cannot predict whether the proceeds invested will yield
a favorable return.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_008"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may sell securities offered under
this prospectus and any accompanying prospectus supplements from time to time in one or more transactions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">through underwriters or dealers;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">through agents;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">directly to one or more purchasers; or&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">through a combination of any of these methods for sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The distribution of the offered securities
may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed from time to time,
or at negotiated prices. For each type and series of securities offered, the applicable prospectus supplement will set forth the
terms of the offering, including, without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the names of any underwriters, dealers or agents;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the purchase price of the securities;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the use of proceeds to us from the sale of the securities;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any underwriting discounts, agency fees, or other compensation payable to underwriters or agents;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any discounts or concessions allowed or re-allowed or repaid to dealers; and&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the securities exchanges on which the securities will be listed, if any.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If underwriters are used in an offering,
we will execute an underwriting agreement with such underwriters and will specify the name of each underwriter and the terms of
the transaction (including any underwriting discounts and other terms constituting compensation of the underwriters and any dealers)
in a prospectus supplement. If we use underwriters in any sale of the offered securities, the underwriters will buy the securities
for their own account. The underwriters may then resell the securities in one or more transactions at a fixed public offering price
or at varying prices determined at the time of sale or thereafter. The underwriters may sell the securities directly or through
underwriting syndicates managed by managing underwriters. The obligations of the underwriters to purchase the securities will be
subject to certain conditions. The underwriters will be obligated to purchase all the securities offered if they purchase any securities.
The offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time.
We may also reimburse the underwriter or agent for certain fees and legal expenses incurred by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In connection with an offering, underwriters
and their affiliates may engage in transactions to stabilize, maintain or otherwise affect the market price of the securities in
accordance with applicable law. Those activities may cause the price of the securities to be higher than it would otherwise be.
If commenced, the underwriters may discontinue any of the activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Underwriters or agents may make sales
in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an &ldquo;at-the-market&rdquo;
offering as defined in Rule 415 promulgated under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;), which includes
sales made directly on The NASDAQ Global Select Market, the existing trading market for our common stock, or sales made to or through
a market maker other than on an exchange.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If we use dealers in any sale of the
offered securities, the securities will be sold to such dealers as principals. The dealers may then resell the securities to the
public at varying prices to be determined by such dealers at the time of resale. If agents are used in any sale of the offered
securities, they will generally use their reasonable best efforts to solicit purchases for the period of their appointment. If
the offered securities are sold directly, no underwriters, dealers or agents would be involved. We are not making an offer of securities
in any state that does not permit such an offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Underwriters, dealers and agents that
participate in any distribution of securities may be deemed to be underwriters as defined in the Securities Act. Any discounts,
commissions or profit they receive when they resell the securities may be treated as underwriting discounts and commissions under
the Securities Act. We expect that any agreements we may enter into with underwriters, dealers and agents will include provisions
indemnifying them against certain civil liabilities, including certain liabilities under the Securities Act, or providing for contributions
with respect to payments that they may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may authorize underwriters, dealers
or agents to solicit offers from certain institutions whereby the institution contractually agrees to purchase the offered securities
from us on a future date at a specific price. This type of contract may be made only with institutions that we specifically approve.
Such institutions could include banks, insurance companies, pension funds, investment companies and educational and charitable
institutions. The underwriters, dealers or agents will not be responsible for the validity or performance of these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Sales of the offered securities also
may be effected by us from time to time in one or more types of transactions (which may, without limitation, include block transactions,
special offerings, exchange distributions, secondary distributions, purchases by a broker or dealer, or other direct sales by us
to one or more purchasers) on The NASDAQ Global Select Market or any other national securities exchange or automated trading and
quotation system on which our common stock or other securities are listed, in the over-the-counter market, in transactions otherwise
than on such exchanges and systems or the over-the-counter market, including negotiated transactions, through options transactions
relating to the shares, or a combination of such methods of sale, at market prices prevailing at the time of sale, at negotiated
prices or at fixed prices. Such transactions may or may not involve brokers or dealers. Any shares of our common stock offered
under this prospectus will be listed on The NASDAQ Global Select Market, subject to notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each issue of a new series of debt securities,
preferred stock, depositary shares, purchase contracts, units, warrants and rights will be a new issue of securities with no established
trading market, except as indicated in the applicable prospectus supplement. It has not been established whether the underwriters,
if any, of the offered securities will make a market in these securities. If a market in any series of debt securities, preferred
stock, depositary shares, purchase contracts, units, warrants and rights is made by any such underwriters, such market-making may
be discontinued at any time without notice. We can give no assurance as to the liquidity of the trading market of these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In order to facilitate the offering
of any of the offered securities, the underwriters with respect to any such offering may, as described in the prospectus supplement,
engage in transactions that stabilize, maintain or otherwise affect the price of the securities or any other securities the prices
of which may be used to determine payments on these securities. Specifically, the underwriters may over-allot in connection with
the offering, creating a short position in these securities for their own accounts. In addition, to cover over-allotments or to
stabilize the price of these securities or of any other securities, the underwriters may bid for, and purchase, these securities
or any other securities in the open market. Finally, in any offering of the offered securities through a syndicate of underwriters,
the underwriting syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing these securities
in the offering, if the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions,
in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of these securities
above independent market levels. The underwriters are not required to engage in these activities, and may end any of these activities
at any time, all as described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If so indicated in the applicable prospectus
supplement, one or more firms, which we refer to as &ldquo;remarketing firms,&rdquo; acting as principals for their own accounts
or as agents for us, may offer and sell the offered securities as part of a remarketing upon their purchase, in accordance with
their terms. We will identify any remarketing firm, the terms of its agreement, if any, with us and its compensation in the applicable
prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Remarketing firms, agents, underwriters
and dealers may be entitled under agreements with us to indemnification by or contribution from us against some civil liabilities,
including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform services for us
in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any person participating in the distribution
of securities will be subject to applicable provisions of the Exchange Act and the rules and regulations under the Exchange Act,
including without limitation, Regulation M, which may limit the timing of transactions involving the offered securities. Furthermore,
Regulation M may restrict the ability of any person engaged in the distribution of such securities to engage in market-making activities
with respect to the particular securities being distributed. All of the above may affect the marketability of the offered securities
and the ability of any person or entity to engage in market-making activities with respect to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the securities law of various
states, the offered securities may be sold in those states only through registered or licensed brokers or dealers. In addition,
in various states the offered securities may not be offered and sold unless such state securities have been registered or qualified
for sale in the state or an exemption from such registration or qualification is available and is complied with.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_009"></A>SECURITIES WE MAY OFFER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This prospectus contains summary descriptions
of the debt securities, the preferred stock, the depositary shares, the common stock, the purchase contracts, the units, the warrants,
and the rights that we may offer from time to time. These summary descriptions are not meant to be complete descriptions of each
security. The particular terms of any security will be described in the accompanying prospectus supplement and other offering material.
The accompanying prospectus supplement may add, update or change the terms and conditions of the securities as described in this
prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_010"></A>DESCRIPTION OF DEBT SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may issue senior debt securities
or subordinated debt securities. The senior debt securities and the subordinated debt securities will be issued under separate
indentures to be entered into between us and a bank or trust company, or other trustee that is qualified to act under the Trust
Indenture Act of 1939, which we select to act as trustee. A copy of the form of each indenture has been filed as an exhibit to
the registration statement of which this prospectus forms a part. We use the term &ldquo;indentures&rdquo; to refer to both the
senior indenture and the subordinated indenture. The indentures may be modified by one or more supplemental indentures, which we
will incorporate by reference as an exhibit to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following description and any description
in a prospectus supplement is a summary only and is subject to, and qualified in its entirety by reference to the terms and provisions
of the indentures and any supplemental indentures that we file with the SEC in connection with an issuance of any series of debt
securities. You should read all of the provisions of the indentures, including the definitions of certain terms, as well as any
supplemental indentures that we file with the SEC in connection with the issuance of any series of debt securities. These summaries
set forth certain general terms and provisions of the securities to which any prospectus supplement may relate. The specific terms
and provisions of a series of debt securities and the extent to which the general terms and provisions may also apply to a particular
series of debt securities will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Since we are a holding company, our
right, and accordingly, the right of our creditors and shareholders, including the holders of the securities offered by this prospectus
and any prospectus supplement, to participate in any distribution of assets of any of our subsidiaries upon its liquidation, reorganization
or similar proceeding is subject to the prior claims of creditors of that subsidiary, except to the extent that our claims as a
creditor of the subsidiary may be recognized.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Terms of the Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless otherwise described in a prospectus
supplement, the following general terms and provisions will apply to the debt securities. The securities will be not be secured
by any of our assets. Neither the indentures nor the securities will </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">limit or otherwise restrict the amounts of other indebtedness
which we may incur, or the amount of other securities that we may issue. Although the total amount of debt securities we may offer
under this prospectus will be limited to $100,000,000 in aggregate principal amount, the indentures do not limit the principal
amount of any particular series of securities. All of the securities issued under each of the indentures will rank equally and
ratably with any additional securities issued under the same indenture. The subordinated debt securities will be subordinated as
described below under &ldquo;Subordination.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each prospectus supplement will specify
the particular terms of the securities offered. These terms may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the title of the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any limit on the aggregate principal amount of the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the priority of payments on the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the issue price or prices (which may be expressed as a percentage of the aggregate principal amount)
of the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the date or dates, or the method of determining the dates, on which the securities will mature;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the interest rate or rates of the securities, or the method of determining those rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the interest payment dates, the dates on which payment of any interest will begin and the regular
record dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">whether the securities will be issuable in temporary or permanent global form and, if so, the identity
of the depositary for such global security, or the manner in which any interest payable on a temporary or permanent global security
will be paid;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any terms relating to the conversion of the securities into our common stock or preferred stock
or other securities offered hereby, including, without limitation, the time and place at which such securities may be converted,
the conversion price and any adjustments to the conversion price and any other provisions that may applicable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any covenants that may restrict our ability to create, assume or guarantee indebtedness for borrowed
money that is secured by a pledge, lien or other encumbrance, that condition or restrict our ability to merge or consolidate with
any other person or to sell, lease or convey all or substantially all of our assets to any other person or that otherwise impose
restrictions or requirements on us;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any sinking fund or similar provisions applicable to the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any mandatory or optional redemption provisions applicable to the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the denomination or denominations in which securities are authorized to be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">whether any of the securities will be issued in bearer form and, if so, any limitations on issuance
of such bearer securities (including exchanges for registered securities of the same series);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">information with respect to book-entry procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">whether any of the securities will be issued as original issue discount securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">each office or agency where securities may be presented for registration of transfer, exchange
or conversion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the method of determining the amount of any payments on the securities which are linked to an index;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">if other than U.S. dollars, the currency or currencies in which payments on the securities will
be payable, and whether the holder may elect payment to be made in a different currency;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">if other than the trustee, the identity of the registrar and/or paying agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any defeasance of certain obligations by us pertaining to the series of securities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any other specific terms of the securities, which terms may modify or delete any provision of the
applicable indenture insofar as it applies to the securities offered; provided, that no terms of the indentures may be modified
or deleted if they are required under the Trust Indenture Act of 1939 and that any modification or deletion of the rights, duties
or immunities of an indenture trustee shall have been consented to in writing by the trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Some of our debt securities may be issued
as original issue discount securities. Original issue discount securities bear no interest or bear interest at below-market rates
and will be sold at a discount below their stated principal amount. The prospectus supplement will also contain any special tax,
accounting or other information relating to original issue discount securities or relating to certain other kinds of securities
that may be offered, including securities linked to an index.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Acceleration of Maturity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If an event of default in connection
with any outstanding series of securities occurs and is continuing, the trustee or the holders of at least 25% in principal amount
of the outstanding securities of that series may declare the principal amount due and payable immediately. If the securities of
that series are original issue discount securities, the holders of at least 25% in principal amount of those securities may declare
the portion of the principal amount specified in the terms of that series of securities to be due and payable immediately. In either
case, a written notice may be given to us, and to the trustee, if notice is given by the holders instead of the trustee. Subject
to certain conditions, the declaration of acceleration may be revoked, and past defaults (except uncured payment defaults and certain
other specified defaults) may be waived, by the holders of not less than a majority of the principal amount of securities of that
series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">You should refer to the prospectus supplement
relating to each series of securities for the particular provisions relating to acceleration of the maturity upon the occurrence
and continuation of an event of default.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Registration and Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless otherwise indicated in the applicable
prospectus supplement, each series of the offered securities will be issued in registered form only, without coupons. The indentures
will also allow us to issue the securities in bearer form only, or in both registered and bearer form. Any securities issued in
bearer form will have interest coupons attached, unless they are issued as zero coupon securities. Securities in bearer form will
not be offered, sold, resold or delivered in connection with their original issuance in the United States or to any United States
person other than to offices of certain United States financial institutions located outside the United States. Unless otherwise
indicated in the applicable prospectus supplement, the senior debt securities and subordinated debt securities we are offering
will be issued in denominations of $1,000 or an integral multiple of $1,000. No service charge will be made for any transfer or
exchange of the securities, but we may require payment of an amount sufficient to cover any tax or other governmental charge payable
in connection with a transfer or exchange.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Payment and Paying Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will pay principal, interest and
any premium on fully registered securities in the designated currency or currency unit at the office of a designated paying agent.
At our option, payment of interest on fully registered securities may also be made by check mailed to the persons in whose names
the securities are registered on the days specified in the indentures or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will pay principal, interest and
any premium on bearer securities in the designated currency or currency unit at the office of a designated paying agent or agents
outside of the United States. Payments will be made at the offices of the paying agent in the United States only if the designated
currency is U.S. dollars and payment outside of the United States is illegal or effectively precluded. If any amount payable on
a security or coupon remains unclaimed at the end of two years after such amount became due and payable, the paying agent will
release any unclaimed amounts, and the holder of the security or coupon will look only to us for payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The designated paying agent in the United
States for the securities we are offering is provided in the indentures that are or will be deemed incorporated by reference into
this prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Global Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The securities of a series may be issued
in whole or in part in the form of one or more global certificates (&ldquo;Global Securities&rdquo;) that will be deposited with
a depositary that we will identify in a prospectus supplement. Global Securities may be issued in either registered or bearer form
and in either temporary or permanent form. All Global Securities in bearer form will be deposited with a depositary outside the
United States. Unless and until it is exchanged in whole or in part for individual certificates evidencing securities in definitive
form represented thereby, a Global Security may not be transferred except as a whole by the depositary to a nominee of that depositary
or by a nominee of that depositary to a depositary or another nominee of that depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The specific terms of the depositary
arrangements for each series of securities will be described in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Modification and Waiver</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each indenture provides that modifications
and amendments may be made by us and the trustee with the consent of the holders of a majority in principal amount of the outstanding
securities of each series affected by the amendment or modification. However, no modification or amendment may, without the consent
of each holder affected:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">change the stated maturity date of the security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">reduce the principal amount, any rate of interest, or any additional amounts in respect of any
security, or reduce the amount of any premium payable upon the redemption of any security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">change the time or place of payment, currency or currencies in which any security or any premium
or interest thereon is payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">impair the holders&rsquo; rights to institute suit for the enforcement of any payment on or after
the stated maturity date of any security, or in the case of redemption, on or after the redemption date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">reduce the percentage in principal amount of securities required to consent to any modification,
amendment or waiver under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">modify, except under limited circumstances, any provision of the applicable indenture relating
to modification and amendment of the indenture, waiver of compliance with conditions and defaults thereunder or the right of a
majority of holders to take action under the applicable indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">adversely affect any rights of conversion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">in the case of the subordinated indenture, alter the provisions regarding subordination of the
subordinated debt securities in any way that would be adverse to the holders of those securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">reduce the principal amount of original issue discount securities which could be declared due and
payable upon an acceleration of their maturity; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">change our obligation to pay any additional amounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of a majority in principal amount
of the outstanding securities of any series may waive compliance by us and the trustee with certain provisions of the applicable
indenture. The holders of a majority in principal amount of the outstanding securities of any series may waive any past default
under the applicable indenture with respect to that series, except a default in the payment of the principal, or any premium, interest,
or additional amounts payable on a security of that series or in respect of a covenant or provision which under the terms of the
applicable indenture cannot be modified or amended, without the consent of each affected holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the trustee, we may modify and amend any
indenture without the consent of any holder for any of the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to name a successor entity to us;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to add to our covenants for the benefit of the holders of all or any series of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to add to the events of default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to add to, delete from or revise the conditions, limitations and restrictions on the authorized
amount, terms or purposes of issue, authentication and delivery of securities, as set forth in the applicable indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to establish the form or terms of securities of any series and any related coupons;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to provide for the acceptance of appointment by a successor trustee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to make provision for the conversion rights of the holders of the securities in certain events;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to cure any ambiguity, defect or inconsistency in the applicable indenture, provided that such
action is not inconsistent with the provisions of that indenture and does not adversely affect the interests of the applicable
holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to modify, eliminate or add to the provisions of any indenture to conform our or the trustee&rsquo;s
obligations under the applicable indenture to the Trust Indenture Act; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">to make any other changes that apply only to debt securities to be issued thereafter.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Calculation of Outstanding Debt
Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To calculate whether the holders of
a sufficient principal amount of the outstanding securities have given any request, demand, authorization, direction, notice, consent
or waiver under any indenture:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">In the case of original issue discount securities, the principal amount that may be included in
the calculation is the amount of principal that would be declared to be due and payable upon a declaration of acceleration according
to the terms of that original issue discount security as of the date of the calculation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">Any securities owned by us, or owned by any other obligor of the securities or any affiliate of
ours or any other obligor, should be disregarded and deemed not to be outstanding for purposes of the calculation.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Additional Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Other than the duty to act with the
required standard of care during an event of default, the trustee is not obligated to exercise any of its rights or powers under
the applicable indenture at the request or direction of any of the holders of the securities, unless the holders have offered the
trustee reasonable indemnification. Each indenture provides that the holders of a majority in principal amount of outstanding securities
of any series may, in certain circumstances, direct the time, method and place of conducting any proceeding for any remedy available
to the trustee, or exercising any trust or other power conferred on the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">No holder of a security of any series
will have the right to institute any proceeding for any remedy under the applicable indenture, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the holder has provided the trustee with written notice of a continuing event of default regarding
the holder&rsquo;s series of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the holders of at least 25% in principal amount of the outstanding securities of a series have
made a written request, and offered indemnity satisfactory to the trustee, to the trustee to institute a proceeding for remedy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the trustee has failed to institute the proceeding within 60 days after its receipt of such notice,
request and offer of indemnity; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the trustee has not received a direction during such 60 day period inconsistent with such request
from the holders of a majority in principal amount of the outstanding securities of that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, the holder of any security will have
an absolute and unconditional right to receive payment of the principal, any premium, any interest or any additional amounts in
respect of such security on or after the date expressed in such security and to institute suit for the enforcement of any such
payment. We are required to file annually with the trustee a certificate of no default, or specifying any default that exists.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Transactions with the Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We and our subsidiaries may maintain deposit
accounts and conduct various banking and other transactions with an indenture trustee. The trustee and its subsidiaries may maintain
deposit accounts and conduct various banking transactions with us and our subsidiaries.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Conversion Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The applicable prospectus supplement relating
to any convertible debt securities will describe the terms on which those securities are convertible.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Events of Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following will be events of default under
the senior indenture with respect to the senior debt securities of a series:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">failure to pay any interest or any additional amounts on any senior debt security of that series
when due, and continuance of such default for 30 days;</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">failure to pay principal of, or any premium on, any senior debt security of that series when due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">failure to deposit any sinking fund payment for a senior debt security of that series when due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">failure to perform any of our other covenants or warranties in the senior indenture or senior debt
securities (other than a covenant or warranty included in that indenture solely for the benefit of a different series of senior
debt securities), which has continued for 90 days after written notice as provided in the senior indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">acceleration of indebtedness in a principal amount specified in a supplemental indenture for money
borrowed by us under the senior indenture, and the acceleration is not annulled, or the indebtedness is not discharged, within
a specified period after written notice is given according to the senior indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">certain events in bankruptcy, insolvency or reorganization of us or First Bank; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any other event of default regarding that series of senior debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless otherwise described in the prospectus
supplement applicable to a particular series of subordinated debt securities, events of default under the subordinated indenture
are limited to certain events of bankruptcy, insolvency or reorganization of us or First Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">There is no right of acceleration of
the payment of principal of a series of subordinated debt securities upon a default in the payment of principal or interest, nor
upon a default in the performance of any covenant or agreement in the subordinated debt securities of a particular series or in
the applicable indenture. In the event of a default in the payment of interest or principal, the holders of senior debt will be
entitled to be paid in full before any payment can be made to holders of subordinated debt securities. However, a holder of a subordinated
debt security (or the trustee under the applicable indenture on behalf of all of the holders of the affected series) may, subject
to certain limitations and conditions, seek to enforce overdue payments of interest or principal on the subordinated debt securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Subordination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The senior debt securities will be unsecured
and will rank equally among themselves and with all of our other unsecured and non-subordinated debt, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The subordinated debt securities will
be unsecured and will be subordinate and junior in right of payment, to the extent and in the manner set forth below, to the prior
payment in full of all of First Bancorp&rsquo;s senior debt, as more fully described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If any of the following circumstances
has occurred, payment in full of all principal, premium, if any, and interest must be made or provided for with respect to all
outstanding senior debt before we can make any payment or distribution of principal, premium, if any, any additional amounts or
interest on the subordinated debt securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding
relating to us or to our property has been commenced;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any voluntary or involuntary liquidation, dissolution or other winding up relating to us has been
commenced, whether or not such event involves our insolvency or bankruptcy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any of our subordinated debt securities of any series is declared or otherwise becomes due and
payable before its maturity date because of any event of default under the subordinated indenture, provided that such declaration
has not been rescinded or annulled as provided in the subordinated indenture; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any default with respect to senior debt which permits its holders to accelerate the maturity of
the senior debt has occurred and is continuing, and either (a) notice of such default has been given to us and to the trustee and
judicial proceedings are commenced in respect of such default within 180 days after notice in the case of a default in the payment
of principal or interest, or within 90 days after notice in the case of any other default, or (b) any judicial proceeding is pending
with respect to any such default.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_011"></A>DESCRIPTION OF PREFERRED STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this section, the terms &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to First Bancorp and not to its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following outlines the general provisions
of the shares of preferred stock, no par value per share, which we may offer from time to time. The specific terms of a series
of preferred stock will be described in the applicable prospectus supplement relating to that series of preferred stock. The following
description of the preferred stock and any description of preferred stock in a prospectus supplement is only a summary and is subject
to and qualified in its entirety by reference to the articles of amendment to our articles of incorporation, as amended (our &ldquo;Articles&rdquo;)
relating to the particular series of preferred stock, a copy of which we will file with the SEC in connection with the sale of
any series of preferred stock.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under our Articles, our board of directors
is authorized, without shareholder approval, to adopt resolutions providing for the issuance of up to 5,000,000 shares of preferred
stock, no par value per share, in one or more series. As of the date of this prospectus, no shares of our preferred stock are issued
and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Our board of directors may fix the voting
powers, designations, preferences, rights, qualifications, limitations and restrictions of each series of preferred stock that
we may offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In addition, as described under &ldquo;Description
of Depositary Shares,&rdquo; we may, instead of offering full shares of any series of preferred stock, offer depositary shares
evidenced by depositary receipts, each representing a fraction of a share of the particular series of preferred stock issued and
deposited with a depositary. The fraction of a share of preferred stock which each depositary share represents will be set forth
in the prospectus supplement relating to such depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The prospectus supplement relating to
a particular series of preferred stock will contain a description of the specific terms of that series, including, as applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the title, designation, number of shares and stated or liquidation value of the preferred stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the dividend amount or rate or method of calculation, the payment dates for dividends and the place
or places where the dividends will be paid, whether dividends will be cumulative or noncumulative, and, if cumulative, the dates
from which dividends will begin to accrue;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any conversion or exchange rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">whether the preferred stock will be subject to redemption and the redemption price and other terms
and conditions relative to the redemption rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any liquidation rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any sinking fund provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any voting rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the exchange or market, if any, where the preferred stock will be listed or traded; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any other rights, preferences, privileges, limitations and restrictions that are not inconsistent
with the terms of our Articles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon the issuance and payment for shares
of preferred stock, the shares will be fully paid and nonassessable. Except as otherwise may be specified in the prospectus supplement
relating to a particular series of preferred stock, holders of preferred stock will not have any preemptive or subscription rights
to acquire any class or series of our capital stock and each series of preferred stock will rank on a parity in all respects with
each other series of our preferred stock and prior to our common stock as to dividends and any distribution of our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The authorization of the preferred stock
could have the effect of making it more difficult or time consuming for a third party to acquire a majority of our outstanding
voting stock or otherwise effect a change of control. Shares of the preferred stock may also be sold to third parties that indicate
that they would support the board of directors in opposing a hostile takeover bid. The availability of the preferred stock could
have the effect of delaying a change of control and of increasing the consideration ultimately paid to our shareholders. The board
of directors may authorize the issuance of preferred stock for capital-raising activities, acquisitions, joint ventures or other
corporate purposes that have the effect of making an acquisition of First Bancorp more difficult or costly, as could also be the
case if the board of directors were to issue additional common stock for such purposes. See &ldquo;Anti-Takeover Effects of Our
Articles of Incorporation and Bylaws.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If so specified in the applicable prospectus
supplement, a series of preferred stock may be redeemable at any time, in whole or in part, at our option, and may be mandatorily
redeemable or convertible. Restrictions, if any, on the repurchase or redemption by us of any series of our preferred stock will
be described in the applicable prospectus supplement relating to that series. Any redemption of our preferred stock may be subject
to prior Federal Reserve approval. Any partial redemption of a series of preferred stock would be made in the manner described
in the applicable prospectus supplement relating to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon the redemption date of shares of
preferred stock called for redemption or upon our earlier call and deposit of the redemption price, all rights of holders of the
preferred stock called for redemption will terminate, except for the right to receive the redemption price.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Holders of each series of preferred
stock will be entitled to receive cash dividends only when, as and if declared by our board of directors out of funds legally available
for dividends. The rates or amounts and dates of payment of dividends will be described in the applicable prospectus supplement
relating to each series of preferred stock. Dividends will be payable to holders of record of preferred stock on the record dates
fixed by our board of directors. Dividends on any series of preferred stock may be cumulative or noncumulative, as described in
the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Our board of directors may not declare,
pay or set apart funds for payment of dividends on a particular series of preferred stock unless full dividends on any other series
of preferred stock that ranks equally with or senior to such series of preferred stock with respect to the payments of dividends
have been paid or sufficient funds have been set apart for payment for either of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">all prior dividend periods of each such series of preferred stock that pay dividends on a cumulative
basis; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the immediately preceding dividend period of each such series of preferred stock that pays dividends
on a noncumulative basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Partial dividends declared on shares
of any series of preferred stock and other series of preferred stock ranking on an equal basis as to dividends will be declared
pro rata. A pro rata declaration means that the ratio of dividends declared per share to accrued dividends per share will be the
same for all series of preferred stock of equal priority.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Liquidation Preference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In the event of the liquidation, dissolution
or winding-up of us, holders of each series of preferred stock will have the right to receive distributions upon liquidation in
the amount described in the applicable prospectus supplement relating to each series of preferred stock, plus an amount equal to
any accrued but unpaid dividends. These distributions will be made before any distribution is made on our common stock or on any
securities ranking junior to such preferred stock upon liquidation, dissolution or winding-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">However, holders of the shares of preferred
stock will not be entitled to receive the liquidation price of their shares until we have paid or set aside an amount sufficient
to pay in full the liquidation preference of any class or series of our capital stock ranking senior as to rights upon liquidation,
dissolution or winding up. Unless otherwise provided in the applicable prospectus supplement, neither a consolidation or merger
of First Bancorp with or into another corporation nor a merger of another corporation with or into First Bancorp nor a sale or
transfer of all or part of First Bancorp&rsquo;s assets for cash or securities will be considered a liquidation, dissolution or
winding up of First Bancorp.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the liquidation amounts payable to
holders of preferred stock of all series ranking on a parity regarding liquidation are not paid in full, the holders of the preferred
stock of these series will have the right to a ratable portion of our available assets up to the full liquidation preference. Holders
of these series of preferred stock or such other securities will not be entitled to any other amounts from us after they have received
their full liquidation preference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Conversion and Exchange</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The prospectus supplement will indicate
whether and on what terms the shares of any future series of preferred stock will be convertible into or exchangeable for shares
of any other class, series or security of First Bancorp or any other corporation or any other property (including whether the conversion
or exchange is mandatory, at the option of the holder or our option, the period during which conversion or exchange may occur,
the initial conversion or exchange price or rate and the circumstances or manner in which the amount of common or preferred stock
or other securities issuable upon conversion or exchange may be adjusted). It will also indicate for preferred stock convertible
into common stock, the number of shares of common stock to be reserved in connection with, and issued upon conversion of, the preferred
stock (including whether the conversion or exchange is mandatory, the initial conversion or exchange price or rate and the circumstances
or manner in which the amount of common stock issuable upon conversion or exchange may be adjusted) at the option of the holder
or our option and the period during which conversion or exchange may occur.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Voting Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The holders of shares of preferred stock
will have no voting rights, except:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">as otherwise stated in the applicable prospectus supplement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">as otherwise stated in the articles of amendment to our Articles establishing the series of such
preferred stock; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">as otherwise required by applicable law.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Transfer Agent and Registrar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transfer agent, registrar, dividend paying
agent and depositary, if any, for any preferred stock offering will be stated in the applicable prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_012"></A>DESCRIPTION OF DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following briefly summarizes the general
provisions of the depositary shares representing a fraction of a share of preferred stock of a specific series, or &ldquo;depositary
shares,&rdquo; and depositary receipts (as defined below) that we may issue from time to time and which would be important to holders
of depositary receipts. The specific terms of any depositary shares or depositary receipts, including pricing and related terms,
will be disclosed in the applicable prospectus supplement. The prospectus supplement will also state whether any of the general
provisions summarized below apply or not to the depositary shares or depositary receipts being offered. The following description
and any description in a prospectus supplement is a summary only and is subject to, and qualified in its entirety by reference
to the terms and provisions of the deposit agreement(s), which we will file with the SEC in connection with an issuance of depositary
shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Description of Depositary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may offer depositary shares evidenced
by receipts for such depositary shares, which we sometimes refer to as &ldquo;depositary receipts.&rdquo; Each depositary receipt
represents a fraction of a share of the particular series of preferred stock issued and deposited with a depositary. The fraction
of a share of preferred stock which each depositary share represents will be set forth in the applicable prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will deposit the shares of any series
of preferred stock represented by depositary shares according to the provisions of a deposit agreement to be entered into between
us and a bank or trust company, which we will select as our preferred stock depositary, and which may be the same institution that
serves as an indenture trustee. The depositary must have its principal office in the United States and have combined capital and
surplus of at least $100,000,000. We will name the depositary in the applicable prospectus supplement. Each owner of a depositary
share will be entitled to all the rights and preferences of the underlying preferred stock in proportion to the applicable fraction
of a share of preferred stock represented by the depositary share. These rights include dividend, voting, redemption, conversion
and liquidation rights. The depositary will send the holders of depositary shares all reports and communications that we deliver
to the depositary and which we are required to furnish to the holders of depositary shares. We may issue depositary receipts in
temporary, definitive or book-entry form.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Withdrawal of Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A holder of depositary shares may receive
the number of whole shares of the series of preferred stock and any money or other property represented by the holder&rsquo;s depositary
receipts after surrendering the depositary receipts at the corporate trust office of the depositary. Partial shares of preferred
stock will not be issued. If the surrendered depositary shares exceed the number of depositary shares that represent the number
of whole shares of preferred stock the holder wishes to withdraw, then the depositary will deliver to the holder at the same time
a new depositary receipt evidencing the excess number of depositary shares. Once the holder has withdrawn the preferred stock,
the holder will not be entitled to re-deposit such preferred stock under the deposit agreement or to receive depositary shares
in exchange for such preferred stock.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dividends and Other Distributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Holders of depositary shares of any
series will receive their pro rata share of cash dividends or other cash distributions received by the depositary on the preferred
stock of that series held by it. Each holder will receive these distributions in proportion to the number of depositary shares
owned by the holder. The depositary will distribute only whole United States dollars and cents. The depositary will add any fractional
cents not distributed to the next sum received for distribution to record holders of depositary shares. In the event of a non-cash
distribution, the depositary will distribute property to the record holders of depositary shares, unless the depositary determines
that it is not feasible to make such a distribution. If this occurs, the depositary, with our approval, may sell the property and
distribute the net proceeds from the sale to the holders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Redemption of Depositary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a series of preferred stock represented
by depositary shares is subject to redemption, then we will give the necessary proceeds to the depositary. The depositary will
then redeem the depositary shares using the funds they received from us for the preferred stock. The depositary will notify the
record holders of the depositary shares to be redeemed not less than 30 days nor more than 60 days before the date fixed for redemption
at the holders&rsquo; addresses appearing in the depositary&rsquo;s books. The redemption price per depositary share will be equal
to the redemption price payable per share for the applicable series of the preferred stock and any other amounts per share payable
with respect to that series of preferred stock multiplied by the fraction of a share of preferred stock represented by one depositary
share. Whenever we redeem shares of a series of preferred stock held by the depositary, the depositary will redeem the depositary
shares representing the shares of preferred stock on the same day. If fewer than all the depositary shares of a series are to be
redeemed, the depositary shares will be selected by lot, ratably or by such other equitable method as we and the depositary may
determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon and after the redemption of shares
of the underlying series of preferred stock, the depositary shares called for redemption will no longer be considered outstanding.
Therefore, all rights of holders of the depositary shares will then cease, except that the holders will still be entitled to receive
any cash payable upon the redemption and any money or other property to which the holder was entitled at the time of redemption.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Voting Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon receipt of notice of any meeting at which
the holders of preferred stock of the related series are entitled to vote, the depositary will notify holders of depositary shares
of the upcoming vote and arrange to deliver our voting materials to the holders. The record date for determining holders of depositary
shares that are entitled to vote will be the same as the record date for the related series of preferred stock. The materials the
holders will receive will (1) describe the matters to be voted on and (2) explain how the holders, on a certain date, may instruct
the depositary to vote the shares of preferred stock underlying the depositary shares. For instructions to be valid, the depositary
must receive them on or before the date specified. The depositary will attempt, as far as practical, to vote the shares as instructed
by the holder. We will cooperate with the depositary to enable it to vote as instructed by holders of depositary shares. If any
holder does not instruct the depositary how to vote the holder&rsquo;s shares, the depositary will abstain from voting those shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Conversion or Exchange</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The depositary will convert or exchange
all depositary shares on the same day that the preferred stock underlying the depositary shares is converted or exchanged. In order
for the depositary to do so, we will deposit with the depositary any other preferred stock, common stock or other securities into
which the preferred stock is to be converted or for which it will be exchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The exchange or conversion rate per
depositary share will be equal to the exchange or conversion rate per share of preferred stock, multiplied by the fraction of a
share of preferred stock represented by one depositary share. All amounts per depositary share payable by us for dividends that
have accrued on the preferred stock to the exchange or conversion date that have not yet been paid shall be paid in appropriate
amounts on the depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The depositary shares, as such, cannot
be converted or exchanged into other preferred stock, common stock, securities of another issuer or any other of our securities
or property. Nevertheless, if so specified in the applicable prospectus supplement, a holder of depositary shares may be able to
surrender the depositary receipts to the depositary with written instructions asking the depositary to instruct us to convert or
exchange the preferred stock represented by the depositary shares into other shares of preferred stock or common stock or to exchange
the preferred stock for securities of another issuer. If the depositary shares carry this right, we would agree that, upon the
payment of applicable fees and taxes, if any, we will cause the conversion or exchange of the preferred stock using the same procedures
as we use for the delivery of preferred stock. If a holder is only converting part of the depositary shares represented by a depositary
receipt, new depositary receipts will be issued for any depositary shares that are not converted or exchanged.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Amendment and Termination of the
Deposit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may agree with the depositary to
amend the deposit agreement and the form of depositary receipt without consent of the holder at any time. However, if the amendment
adds or increases fees or charges payable by holders of the depositary shares or prejudices an important right of holders, it will
only become effective with the approval of holders of at least a majority of the affected depositary shares then outstanding. If
an amendment becomes effective, holders are deemed to agree to the amendment and to be bound by the amended deposit agreement if
they continue to hold their depositary receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The deposit agreement will automatically
terminate if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">all outstanding depositary shares have been redeemed and all amounts payable upon redemption have
been paid;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">each share of preferred stock held by the depositary has been converted into or exchanged for common
stock, other preferred stock or other securities; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">a final distribution in respect of the preferred stock held by the depositary has been made to
the holders of depositary receipts in connection with our liquidation, dissolution or winding-up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may also terminate the deposit agreement
at any time. Upon such event, the depositary will give notice of termination to the holders not less than 30 days before the termination
date. Once depositary receipts are surrendered to the depositary, it will send to each holder the number of whole and fractional
shares of the series of preferred stock underlying that holder&rsquo;s depositary receipts, provided that, at our election we may
pay cash in lieu of fractional shares of preferred stock that may be issuable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Charges of Depositary and Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will pay all transfer and other taxes
and governmental charges in connection with the establishment of the depositary arrangements. We will pay all charges and fees
of the depositary for the initial deposit of the preferred stock, the depositary&rsquo;s services and redemption of the preferred
stock. Holders of depositary shares will pay transfer and other taxes and governmental charges and the charges that are provided
in the deposit agreement to be for the holder&rsquo;s account.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Limitations on Our Obligations
and Liability to Holders of Depositary Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The deposit agreement will limit our
obligations and the obligations of the depositary. It will also limit our liability and the liability of the depositary as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">We and the depositary will only be obligated to take the actions specifically set forth in the
deposit agreement in good faith;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">We and the depositary will not be liable if either is prevented or delayed by law or circumstances
beyond our or its control from performing our or its obligations under the deposit agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">We and the depositary will not be liable if either exercises discretion permitted under the deposit
agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">We and the depositary will have no obligation to become involved in any legal or other proceeding
related to the depositary receipts or the deposit agreement on behalf of the holders of depositary receipts or any other party,
unless we and the depositary are provided with satisfactory indemnity; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">We and the depositary will be permitted to rely upon any written advice of counsel or accountants
and on any documents we believe in good faith to be genuine and to have been signed or presented by the proper party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the deposit agreement, we will agree to
indemnify the depositary under certain circumstances.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Resignation and Removal of Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The depositary may resign at any time
by notifying us of its election to do so. In addition, we may remove the depositary at any time. Such resignation or removal will
take effect when we appoint a successor depositary and it accepts the appointment. We must appoint the successor depositary within
60 days after delivery of the notice of resignation or removal and the new depositary must be a bank or trust company having its
principal office in the United States and having a combined capital and surplus of at least $100,000,000.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_013"></A>DESCRIPTION OF COMMON STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For purposes of this section, the terms
&ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to First Bancorp and not its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following description of shares
of our common stock, no par value per share, is a summary only and is subject to, and is qualified by reference to, applicable
provisions of the North Carolina Business Corporation Act (the &ldquo;NCBCA&rdquo;), our Articles, and our amended and restated
bylaws (our &ldquo;Bylaws&rdquo;), which are incorporated by reference into this prospectus. You should refer to, and read this
summary together with, our Articles and Bylaws to review all of the terms of our common stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of the date of this prospectus, our
Articles provide that we may issue up to 40,000,000 shares of common stock, no par value per share. As of February 26, 2020, 29,211,612
shares of our common stock were issued and outstanding. All outstanding shares of our common stock are fully paid and nonassessable.
Our common stock is listed on The NASDAQ Global Select Market under the symbol &ldquo;FBNC&rdquo;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Voting Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-weight: normal">All
voting rights are vested in the holders of the First Bancorp common stock. Each holder of common stock is entitled to one vote
per share on each matter submitted to a vote at a meeting of First Bancorp shareholders. With respect to the election of directors,
holders of First Bancorp common stock may choose to elect directors by cumulative voting. If cumulative voting is in effect, each
shareholder is entitled to multiply the number of votes he, she or it is entitled to cast by the number of directors for whom he,
she or it is entitled to vote, and to cast the product for a single candidate or distribute the product among two or more candidates.
Cumulative voting procedures will not be followed at an annual meeting unless a shareholder calls for cumulative voting as provided
in our Articles, by announcing at the meeting before the voting for directors starts, his, her or its intention to vote cumulatively.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Liquidation Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-weight: normal">Upon
liquidation, holders of First Bancorp&rsquo;s common stock, together with all shares of First Bancorp&rsquo;s Series C preferred
stock, will be entitled to receive on a pro rata basis, after payment or provision for payment of all debts and liabilities, and
after all distributions payments are made to holders of First Bancorp&rsquo;s Series A preferred stock and Series B preferred stock,
all of First Bancorp&rsquo;s assets available for distribution, in cash or in kind. As of the date of this prospectus, no shares
of our preferred stock are issued and outstanding. Because First Bancorp is a bank holding company, its rights and the rights of
its creditors and shareholders to receive the assets of any subsidiary upon liquidation or recapitalization may be subject to prior
claims of its bank subsidiary&rsquo;s creditors, except to the extent First Bancorp may be deemed a creditor with recognized claims
against its bank subsidiary.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dividend Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-weight: normal">Subject
to the rights of holders of First Bancorp&rsquo;s Series A preferred stock and Series B preferred stock to receive dividends, all
shares of First Bancorp&rsquo;s common stock, together with all shares of First Bancorp&rsquo;s Series C preferred stock, are entitled
to share equally in any dividends that First Bancorp&rsquo;s Board of Directors may declare on its common stock or Series C preferred
stock from sources legally available for distribution. As of the date of this prospectus, no shares of our preferred stock are
issued and outstanding. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pre-emptive Rights; Redemption
Rights; Terms of Conversion; Sinking Fund and Redemption Provision</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-weight: normal">Holders
of First Bancorp common stock have no preemptive, subscription, redemption or conversion rights. First Bancorp common stock is
not subject to any sinking fund, and the outstanding shares are fully paid and non-assessable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Transfer Agent and Registrar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transfer agent and registrar for First
Bancorp&rsquo;s common stock is Computershare Limited.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_014"></A>DESCRIPTION OF PURCHASE CONTRACTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We also may issue purchase contracts,
including contracts obligating holders to purchase from us, and obligating us to sell to holders, a fixed or varying number of
shares of common stock, preferred stock, depositary shares or debt securities at a future date or dates. The consideration per
share of common stock, preferred stock, depositary shares or debt securities may be fixed at the time that the purchase contracts
are issued or may be determined by reference to a specific formula set forth in the purchase contracts. Any purchase contract may
include anti-dilution provisions to adjust the number of shares issuable pursuant to such purchase contract upon the occurrence
of certain events.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The purchase contracts may be issued
separately or as a part of units consisting of a purchase contract, debt securities and preferred securities. These contracts,
and the holders&rsquo; obligations to purchase shares of our common stock, preferred stock, depositary shares or debt securities
under the purchase contracts may be secured by cash, certificates of deposit, U.S. government securities that will mature prior
to or simultaneously with, the maturity of the purchase contract, standby letters of credit from an affiliated U.S. bank that is
FDIC-insured or other collateral satisfactory to the Federal Reserve. The purchase contracts may require us to make periodic payments
to holders of the purchase units, or vice versa, and such payments may be unsecured or prefunded and may be paid on a current or
on a deferred basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any one or more of the above securities,
common stock or the purchase contracts or other collateral may be pledged as security for the holders&rsquo; obligations to purchase
or sell, as the case may be, the common stock or preferred stock under the purchase contracts.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_015"></A>DESCRIPTION OF UNITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also may offer two or more of the securities
described in this prospectus in the form of a &ldquo;unit&rdquo;, including pursuant to a unit agreement. The unit may be transferable
only as a whole, or the securities comprising a unit may, as described in the prospectus supplement, be separated and transferred
by the holder separately. There may or may not be an active market for units or the underlying securities, and not all the securities
comprising a unit may be listed or traded on a securities exchange or market.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_016"></A>DESCRIPTION OF WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this section, the terms &ldquo;we,&rdquo;
&ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to First Bancorp and not to its subsidiaries.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may issue warrants in one or more
series to purchase senior debt securities, subordinated debt securities, preferred stock, depositary shares, common stock or any
combination of these securities. Warrants may be issued independently or together with any underlying securities and may be attached
to or separate from the underlying securities. We will issue each series of warrants under a separate warrant agreement to be entered
into between us and a warrant agent. The warrant agent will act solely as our agent in connection with the warrants of such series
and will not assume any obligation or relationship of agency for or on behalf of holders or beneficial owners of warrants. The
following outlines some of the general terms and provisions of the warrants. Further terms of the warrants and the applicable warrant
agreement will be stated in the applicable prospectus supplement. The following description and any description of the warrants
in a prospectus supplement are not complete and are subject to and qualified in their entirety by reference to the terms and provisions
of the warrant agreement, which we will file with the SEC in connection with the issuance of any warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The applicable prospectus supplement
will describe the terms of any warrants, including the following, as may be applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the title of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the total number of warrants to be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the consideration for which we will issue the warrants, including the applicable currency or currencies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">anti-dilution provisions to adjust the number of shares of our common stock or other securities
to be delivered upon exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the underlying securities purchasable upon exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the price at which and the currency or currencies in which investors may purchase the underlying
securities purchasable upon exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the dates on which the right to exercise the warrants will commence and expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the procedures and conditions relating to the exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">whether the warrants will be in registered or bearer form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">information with respect to book-entry registration and transfer procedures, if any;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the minimum or maximum amount of warrants which may be exercised at any one time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the underlying securities with which the warrants are issued and the
number of warrants issued with each underlying security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the date on and after which the warrants and securities issued with the warrants will be separately
transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">a discussion of material United States federal income tax considerations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">the identity of the warrant agent; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">any other terms of the warrants, including terms, procedures and limitations relating to the exchange,
transfer and exercise of the warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Warrant certificates may be exchanged for new
warrant certificates of different denominations, and warrants may be exercised at the warrant agent&rsquo;s corporate trust office
or any other office indicated in the applicable prospectus supplement. Prior to the exercise of their warrants, holders of warrants
exercisable for debt securities will not have any of the rights of holders of the debt securities purchasable upon such exercise
and will not be entitled to payments of principal (or premium, if any) or interest, if any, on the debt securities purchasable
upon such exercise. Prior to the exercise of their warrants, holders of warrants exercisable for shares of common stock, preferred
stock or depositary shares will not have any rights of holders of the common stock, preferred stock or depositary shares purchasable
upon such exercise, including any rights to vote such shares or to receive any distributions or dividends thereon.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Exercise of Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A warrant will entitle the holder to purchase
for cash an amount of securities at an exercise price that will be stated in, or that will be determinable as described in, the
applicable prospectus supplement. Warrants may be exercised at any time prior to the close of business on the expiration date and
in accordance with the procedures set forth in the applicable prospectus supplement. Upon and after the close of business on the
expiration date, unexercised warrants will be void and have no further force, effect or value.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Enforceability of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of warrants, without the consent
of the warrant agent, may, on their own behalf and for their own benefit, enforce, and may institute and maintain any suit, action
or proceeding against us to enforce their rights to exercise and receive the securities purchasable upon exercise of their warrants.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_017"></A>DESCRIPTION OF RIGHTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purpose of this section, the terms &ldquo;we&rdquo;,
&ldquo;our&rdquo;, &ldquo;our&rdquo; and &ldquo;us&rdquo; refer only to First Bancorp and not to its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following briefly summarizes the general
provisions of rights that we may offer to purchase additional shares of our common stock or any series of preferred stock, which
we may issue. The following description and any description in a prospectus supplement is a summary only and is subject to, and
qualified in its entirety by reference to the terms and provisions of the rights, which we will file with the SEC in connection
with an issuance of rights to holders of our common stock or any series of our preferred stock. The specific terms of any rights,
including the period during which the rights may be exercised, the manner of exercising such rights, and the transferability of
rights, will be disclosed in the applicable prospectus supplement. Although we may issue rights, in our sole discretion, we have
no obligation to do so.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may distribute rights, which may or may
not be transferable, to the holders of our common stock or any series of our preferred stock as of a record date set by our board
of directors, at no cost to such holders. Each holder will be given the right to purchase a specified number of whole shares of
our common stock or preferred stock for every share of our common stock or a series of preferred stock that the holder thereof
owned on such record date, as set forth in the applicable prospectus supplement. Unless otherwise provided in an applicable prospectus
supplement, no fractional rights or rights to purchase fractional shares will be distributed in any rights offering. The rights
will be evidenced by rights certificates, which may be in definitive or book-entry form. Each right will entitle the holder to
purchase shares of our common stock or a series of preferred stock at a rate and price per share to be established by </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">our board
of directors, as set forth in the applicable prospectus supplement. If holders of rights wish to exercise their rights, they must
do so before the expiration date of the rights offering, as set forth in the applicable prospectus supplement. Upon the expiration
date, the rights will expire and will no longer be exercisable, unless, in our sole discretion prior to the expiration date, we
extend the rights offering.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Exercise Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Our board of directors will determine
the exercise price or prices for the rights based upon a number of factors, including, without limitation, our business prospects;
our capital requirements; the price or prices at which an underwriter or standby purchasers may be willing to purchase shares that
remain unsold in the rights offering; and general conditions in the securities markets, especially for securities of financial
institutions. The subscription price may or may not reflect the actual or long-term fair value of the common stock or preferred
stock offered in the rights offering. We provide no assurances as to the market values or liquidity of any rights issued, or as
to whether or not the market prices of the common stock or preferred stock subject to the rights will be more or less than the
rights&rsquo; exercise price during the term of the rights or after the rights expire.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Exercising Rights; Fees and Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The manner of exercising rights will
be set forth in the applicable prospectus supplement. Any subscription agent or escrow agent will be set forth in the applicable
prospectus supplement. We will pay all fees charged by any subscription agent and escrow agent in connection with the distribution
and exercise of rights. Rights holders will be responsible for paying all other commissions, fees, taxes or other expenses incurred
in connection with their transfer of rights that are transferable. Neither we nor the subscription agent will pay such expenses.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Expiration of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The applicable prospectus supplement
will set forth the expiration date and time (&ldquo;Expiration Date&rdquo;) for exercising rights. If holders of rights do not
exercise their rights prior to such time, their rights will expire and will no longer be exercisable and will have no value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will extend the Expiration Date as
required by applicable law and may, in our sole discretion, extend the Expiration Date. If we elect to extend the Expiration Date,
we will issue a press release announcing such extension prior to the scheduled Expiration Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Withdrawal and Termination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may withdraw the rights offering
at any time prior to the Expiration Date for any reason. We may terminate the rights offering, in whole or in part, at any time
before completion of the rights offering if there is any judgment, order, decree, injunction, statute, law or regulation entered,
enacted, amended or held to be applicable to the rights offering that in the sole judgment of our board of directors would or might
make the rights offering or its completion, whether in whole or in part, illegal or otherwise restrict or prohibit completion of
the rights offering. We may waive any of these conditions and choose to proceed with the rights offering even if one or more of
these events occur. If we terminate the rights offering, in whole or in part, all affected rights will expire without value, and
all subscription payments received by the subscription agent will be returned promptly without interest.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Rights of Subscribers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Holders of rights will have no rights
as shareholders with respect to the shares of common stock or preferred stock for which the rights may be exercised until they
have exercised their rights by payment in full of the exercise price and in the manner provided in the prospectus supplement, and
such shares of common stock or preferred stock, as applicable, have been issued to such persons. Holders of rights will have no
right to revoke their subscriptions or receive their monies back after they have completed and delivered the materials required
to exercise their rights and have paid the exercise price to the subscription agent. All exercises of rights are final and cannot
be revoked by the holder of rights.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Regulatory Limitations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We will not be required to issue any
person or group of persons shares of our common stock or preferred stock pursuant to the rights offering if, in our sole opinion,
such person would be required to give prior notice to or obtain prior approval from, any state or federal governmental authority
to own or control such shares if, at the time the rights offering is scheduled to expire, such person has not obtained such clearance
or approval in form and substance reasonably satisfactory to us.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Standby Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We may enter into one or more separate
agreements with one or more standby underwriters or other persons to purchase, for their own account or on our behalf, any shares
of our common stock or preferred stock not subscribed for in the rights offering. The terms of any such agreements will be described
in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_018"></A>ANTI-TAKEOVER EFFECTS OF OUR ARTICLES
OF INCORPORATION AND BYLAWS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain provisions of our Articles, our Bylaws
and the NCBCA, as well as certain banking regulatory restrictions, may make it more difficult for someone to acquire control of
First Bancorp or to remove management. These provisions may be deemed to have an anti-takeover effect and may discourage takeover
attempts which have not been approved by the board of directors (including takeovers which certain shareholders may deem to be
in their best interest). This summary does not purport to be complete and is qualified in its entirety by reference to the laws
and documents referenced. With respect to our governance documents, while such provisions might be deemed to have some &ldquo;anti-takeover&rdquo;
effect, the principal effect of these provisions is to protect our shareholders generally and to provide our board and shareholders
a reasonable opportunity to evaluate and respond to such unsolicited acquisition proposals.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Authorized but Unissued Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The authorized but unissued shares of
common stock and preferred stock will be available for future issuance without stockholder approval. These additional shares may
be used for a variety of corporate purposes, including future private or public offerings to raise additional capital, corporate
acquisitions, and employee benefit plans. The existence of authorized but unissued and unreserved shares of common stock and preferred
stock may enable the board of directors to issue shares to persons friendly to current management, which could render more difficult
or discourage any attempt to obtain control of us by means such as a proxy contest, tender offer, or merger, and thereby protect
the continuity of First Bancorp&rsquo;s management.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Removal of Directors and Filling
Vacancies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Bylaws provide that directors may be removed,
with or without cause, by an affirmative vote of the holders of a majority of the issued and outstanding shares entitled to vote
on the election of directors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Shareholder Vote Required to Approve
Business Combinations with Interested Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">So long as any shares of the Series A preferred
stock are outstanding, our Articles require approval of a supermajority (66&nbsp;2/3%) of the Series A preferred stock to effect
or validate certain business transactions. So long as any shares of the Series C preferred stock are outstanding, our Articles
require approval of a majority of the Series C preferred stock to enter into any agreement, merger or business consolidation if
the rights of the Series C holders are adversely affected. As of the date of this prospectus, no shares of preferred stock are
outstanding.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Advance Notice Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Bylaws provide that for business to be
brought properly before an annual meeting by a shareholder, the shareholder must have given timely notice of the business in writing
to the Secretary. To be timely, the notice must be delivered or mailed to and received at the principal offices of First Bancorp
not less than 60 days before the first anniversary of the mailing date of the proxy statement for the preceding year&rsquo;s annual
meeting. Notice of director nominations made by shareholders must be made in writing and received by the Secretary not less than
50 nor more than 75 days before the first anniversary of the date of First Bancorp&rsquo;s proxy statement in connection with the
last meeting of shareholders called for the election of directors. The notices must set forth certain information described in
our Bylaws.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Special Shareholders&rsquo; Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under our Bylaws, special meetings of shareholders
may be called only by First Bancorp&rsquo;s president, chief executive officer or Board of Directors. So long as First Bancorp
is a public company, under North Carolina law, its shareholders are not entitled to call a special meeting. In addition, at a special
meeting, its shareholders may only consider business related to the purposes of the meeting set forth in the notice of meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Regulatory Ownership Restrictions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Bank Holding Company Act of 1956,
or &ldquo;BHCA,&rdquo; requires any &ldquo;bank holding company,&rdquo; as defined in the BHCA, to obtain the approval of the Board
of Governors of the Federal Reserve System before acquiring 5% or more of First Bancorp common stock. Any person, other than a
bank holding company, is required to obtain the approval of the Federal Reserve before acquiring 10% or more of First Bancorp common
stock under the Change in Bank Control Act. Any holder of 25% or more of First Bancorp common stock, a holder of 33% or more of
First Bancorp&rsquo;s total equity or a holder of 5% or more of First Bancorp common stock if such holder otherwise exercises a
&ldquo;controlling influence&rdquo; over First Bancorp, is subject to regulation as a bank holding company under the BHCA.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_019"></A>VALIDITY OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless otherwise indicated in the applicable
prospectus supplement, certain legal matters with respect to the securities will be passed upon for us by Brooks, Pierce, McLendon,
Humphrey &amp; Leonard, L.L.P., counsel to First Bancorp. Any underwriters will be represented by their own legal counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_020"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The consolidated financial statements as of December 31, 2019 and
for the year ended December 31, 2019 and management's assessment of the effectiveness of internal control over financial reporting
as of December 31, 2019 incorporated by reference in this Prospectus have been so incorporated in reliance on the reports of BDO
USA, LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm
as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements and
management&rsquo;s report on the effectiveness of internal control over financial reporting, relating to our consolidated
financial statements as of December 31, 2018 and for each of the two years then ended, incorporated in this prospectus, by
reference from our Annual Report on Form 10-K for the year ended December 31, 2019, have been audited by Elliott Davis, PLLC,
an independent registered public accounting firm, as stated in their reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Such reports are incorporated herein by reference in reliance upon such reports given on the authority
of such firms as experts in accounting and auditing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_021"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We are subject to the informational
requirements of the Exchange Act, and file with the SEC proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. You may read and copy any document we file at the SEC&rsquo;s public reference room at 100
F Street, NE, Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference
rooms. Our SEC filings are also available to the public from the SEC&rsquo;s web site at www.sec.gov or on our website at www.localfirstbank.com
under the &ldquo;About Us &ndash; Investor Relations&rdquo; tab. Information on, or that can be accessible through, our website
does not constitute a part of, and is not incorporated by reference in, this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This prospectus, which is a part of
a registration statement on Form S-3 that we have filed with the SEC under the Securities Act, omits certain information set forth
in the registration statement. Accordingly, for further information, you should refer to the registration statement and its exhibits
on file with the SEC. Furthermore, statements contained in this prospectus concerning any document filed as an exhibit are not
necessarily complete and, in each instance, we refer you to the copy of such document filed as an exhibit to the registration statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_022"></A>INDEMNIFICATION FOR SECURITIES ACT
LIABILITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Our Articles and Bylaws provide for
indemnification of our directors and officers to the fullest extent permitted by applicable law. Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant
to the foregoing provisions, the registrant has been informed that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: center"><B><A NAME="a_023"></A>PART II. INFORMATION NOT REQUIRED
IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Item 14. Other Expenses of Issuance
and Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is an itemized statement of the
estimated fees and expenses in connection with the issuance and distribution of the securities registered hereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">SEC registration fee</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">$12,980</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Legal fees and expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Printing and mailing</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Accounting fees and expenses</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Miscellaneous</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Total</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
expenses are not presently known.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Item 15. Indemnification of Directors
and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The NCBCA provides for indemnification by a
corporation of its officers, directors, employees and agents, and any person who is or was serving at the corporation&rsquo;s request
as a director, officer, employee or agent of another entity or enterprise or as a trustee or administrator under an employee benefit
plan, against liability and expenses, including reasonable attorneys&rsquo; fees, in any proceeding (including without limitation
a proceeding brought by or on behalf of the corporation itself) arising out of their status as such or their activities in any
of the foregoing capacities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Permissible indemnification.&nbsp;</I></B>Under
the NCBCA, a corporation may, but is not required to, indemnify any such person against liability and expenses incurred in any
such proceeding, provided such person conducted himself or herself in good faith and (i) in the case of conduct in his or her official
capacity, reasonably believed that his or her conduct was in the corporation&rsquo;s best interests, and (ii) in all other cases,
reasonably believed that his or her conduct was at least not opposed to the corporation&rsquo;s best interests; and, in the case
of a criminal proceeding, where he or she had no reasonable cause to believe his or her conduct was unlawful. However, a corporation
may not indemnify such person either in connection with a proceeding by or in the right of the corporation in which such person
was adjudged liable to the corporation, or in connection with any other proceeding charging improper personal benefit to such person
(whether or not involving action in an official capacity) in which such person was adjudged liable on the basis that personal benefit
was improperly received.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Mandatory indemnification.&nbsp;</I></B>Unless
limited by the corporation&rsquo;s charter, the NCBCA requires a corporation to indemnify a director or officer of the corporation
who is wholly successful, on the merits or otherwise, in the defense of any proceeding to which such person was a party because
he or she is or was a director or officer of the corporation against reasonable expenses incurred in connection with the proceeding.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Advance for expenses</I></B><I>.&nbsp;</I>Expenses
incurred by a director, officer, employee or agent of the corporation in defending a proceeding may be paid by the corporation
in advance of the final disposition of the proceeding as authorized by the board of directors of the specific case, or as authorized
by the charter or bylaws or by any applicable resolution or contract, upon receipt of an undertaking by or on behalf of such person
to repay amounts advanced unless it ultimately is determined that such person is entitled to be indemnified by the corporation
against such expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Court-ordered indemnification.&nbsp;</I></B>Unless
otherwise provided in the corporation&rsquo;s charter, a director or officer of the corporation who is a party to a proceeding
may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. On receipt
of an application, the court, after giving any notice the court deems necessary, may order indemnification if it determines either
(i) that the director or officer is entitled to mandatory indemnification as described above, in which case the court also will
order the corporation to pay the reasonable expenses incurred to obtain the court-ordered indemnification, or (ii) that the director
or officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not such
person met the requisite standard of conduct or was adjudged liable to the corporation in connection with a proceeding by or in
the right of the corporation or on the basis that personal benefit was improperly received in connection with any other proceeding
so charging (but if adjudged so liable, indemnification is limited to reasonable expenses incurred).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Voluntary indemnification.&nbsp;</I></B>In
addition to and separate and apart from &ldquo;permissible&rdquo; and &ldquo;mandatory&rdquo; indemnification described above,
a corporation may, by charter, bylaw, contract, or resolution, indemnify or agree to indemnify any one or more of its directors,
officers, employees or agents against liability and expenses in any proceeding (including any proceeding brought by or on behalf
of the corporation itself) arising out of their status as such or their activities in any of the foregoing capacities. However,
the corporation may not indemnify or agree to indemnify a person against liability or expenses he may incur on account of activities
which were at the time taken, known or believed by such person to be clearly in conflict with the best interests of the corporation.
Any provision in a corporation&rsquo;s charter or bylaws or in a contract or resolution may include provisions for recovery from
the corporation of reasonable costs, expenses and attorney&rsquo;s fees in connection with the enforcement of rights to indemnification
granted therein and may further include provisions establishing reasonable procedures for determining and enforcing such rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Parties entitled to indemnification.</I></B>
The NCBCA defines &ldquo;director&rdquo; to include ex-directors and the estate or personal representative of a director. Unless
its charter provides otherwise, a corporation may indemnify and advance expenses to an officer, employee or agent of the corporation
to the same extent as to a director and also may indemnify and advance expenses to an officer, employee or agent who is not a director
to the extent, consistent with public policy, as may be provided in its charter or bylaws, by general or specific action of its
board of directors, or by contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Indemnification by First Bancorp.</I></B>
Our Articles provide that no director of First Bancorp shall be personally liable to First Bancorp or its shareholders for breach
of his or her duty of care or other duty as a director, but only to the extent permitted from time to time by the NCBCA. Our Bylaws
provide that any person who at any time serves or has served as a director or officer of First Bancorp or of any wholly owned subsidiary
of First Bancorp, or in such capacity at the request of First Bancorp for any other foreign or domestic corporation, partnership,
joint venture, trust or other enterprise, or as a trustee or administrator under any employee benefit plan of First Bancorp or
of any wholly owned subsidiary thereof has the right to be indemnified and held harmless by First Bancorp to the fullest extent
from time to time permitted by law against all liabilities and litigation expenses in the event a claim is made or threatened against
that person in, or that person is made or threatened to be made a party to, any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, and whether or not brought by or on behalf of First Bancorp,
including all appeals therefrom, arising out of that person&rsquo;s status as such or that person&rsquo;s activities in any such
capacity; provided, however, that such indemnification shall not be available with respect to (a) that portion of any liabilities
or litigation expenses with respect to which the claimant is entitled to receive payment under any insurance policy or (b) any
liabilities or litigation expenses incurred on account of any of the claimant&rsquo;s activities which were at the time taken known
or believed by the claimant to be clearly in conflict with the best interests of First Bancorp.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Insurance.</I></B> The NCBCA provides
that a corporation may purchase and maintain insurance on behalf of an individual who is or was a director, officer, employee or
agent to the corporation against certain liabilities incurred by such persons, whether or not the corporation is otherwise authorized
under North Carolina law to indemnify such party. First Bancorp currently maintain directors&rsquo; and officers&rsquo; insurance
policies covering our directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Summary Only. </I></B>The foregoing is
only a general summary of certain aspects of North Carolina law dealing with indemnification of directors and officers and does
not purport to be complete. It is qualified in its entirety by reference to the relevant statutes, our Articles and our Bylaws,
which contain detailed specific provisions regarding the circumstances under which, and the person for whose benefit, indemnification
shall or may be made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Securities Act of 1933, as amended.</I></B>
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to First Bancorp&rsquo;s
directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, First Bancorp has been advised
that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act of 1933, as amended,
and is, therefore, unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Item 16. Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exhibits to the Registration Statement
are listed in the Exhibit Index attached hereto and incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Item 17. Undertakings </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Provided, however</I>, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of the above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrants pursuant to
section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, as amended, 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 bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by a Registrant pursuant to Rule 424(b)(3) 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each prospectus required to be
filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a)
of the Securities Act of 1933 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 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 the prospectus relates, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof. Provided, however, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of a Registrant under the Securities Act of 1933, as amended, to any purchaser in the
initial distribution of the securities, the undersigned Registrants undertake that in a primary offering of securities of the undersigned
Registrants 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 Registrants
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of an undersigned Registrant relating to the offering required to be filed pursuant to Rule
424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of an undersigned Registrant or used or referred to by
an undersigned Registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about an undersigned Registrant
or its securities provided by or on behalf of an undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by an undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for purposes of determining any liability under the Securities Act of 1933, as amended, each filing of the Registrant&rsquo;s annual
report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, (and, where applicable, each
filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended)
that is incorporated by reference in 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 bona fide offering
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of
the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the
Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of each
Registrant pursuant to the provisions described in Item 15 above, or otherwise, each Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by a Registrant of expenses incurred or paid by a director, officer or controlling person of a 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, that 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 of 1933 and will be governed by the final adjudication of such issue. </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><A NAME="signatures"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, First Bancorp certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the Town of Southern Pines, North Carolina, on February 28, 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>FIRST BANCORP</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By: </TD>
    <TD STYLE="text-align: justify"><U>/s/ Richard H. Moore</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Richard H. Moore</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: </TD>
    <TD STYLE="text-align: justify">Chief Executive Officer </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Duly Authorized Representative)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We, the undersigned directors and officers
of First Bancorp (the &ldquo;Company&rdquo;) hereby severally constitute and appoint Richard H. Moore, Michael G. Mayer and Eric
P. Credle, and each of them, with full power to act without the other, as our true and lawful attorneys-in-fact and agents, to
do any and all things in our names in the capacities indicated below which they may deem necessary or advisable to enable First
Bancorp to comply with the Securities Act of 1933, and any rules, regulations and requirements of the SEC, in connection with this
Registration Statement, including specifically, but not limited to, power and authority to sign any and all amendments (including
pre-effective and post-effective amendments) to this Registration Statement and to sign any registration statement (and any post-effective
amendments thereto) effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and we hereby approve,
ratify and confirm all that our said attorneys-in-fact and agents shall do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to the requirements of the
Securities Act of 1933, as amended, this Registration Statement on Form S-3 has been signed below by the following persons in the
capacities indicated on February 28, 2020.</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: 52%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Richard H. Moore</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Richard H. Moore</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chief Executive Officer and Treasurer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Eric P. Credle</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eric P. Credle</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Executive Vice President and Chief Financial
        Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Principal Accounting Officer)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>Board of Directors</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>s/ James C. Crawford, III</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James C. Crawford, III</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chairman of the Board</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Daniel T. Blue, Jr.</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Daniel T. Blue, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Mary Clara Capel</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mary Clara Capel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Suzanne S. DeFerie</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Suzanne S. DeFerie</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Abby J. Donnelly</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Abby J. Donnelly</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ John B. Gould</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">John B. Gould</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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

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<P STYLE="margin: 0"></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-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 52%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Michael G. Mayer</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Michael G. Mayer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Richard H. Moore</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Richard H. Moore</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Thomas F. Phillips</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thomas F. Phillips</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ O. Temple Sloan, III</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">O. Temple Sloan, III</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Frederick L. Taylor, II</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Frederick L. Taylor, II</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Virginia C. Thomasson</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Virginia C. Thomasson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Dennis A. Wicker</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dennis A. Wicker</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]</SUP></FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-align: justify"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 87%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Description</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">1.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Underwriting Agreement for Debt Securities** </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">1.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Underwriting Agreement for Preferred Stock or Depositary Shares**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">1.3</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Underwriting Agreement for Common Stock**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">1.4</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Underwriting Agreement for Purchase Contracts**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">1.5</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Underwriting Agreement for Units**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">1.6</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Standby Underwriting Agreement for Rights**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">2.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000117494716002180/ex99-2.htm" STYLE="-sec-extract: exhibit">Purchase and Assumption Agreement dated as
        of March 3, 2016 between First Bank (as Seller) and First Community Bank (as Purchaser) was filed as Exhibit 99.2 to First Bancorp&rsquo;s
        Current Report on Form 8-K filed on March 7, 2016, and is incorporated herein by reference.</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">2.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000117494716002180/ex99-3.htm" STYLE="-sec-extract: exhibit">Purchase and Assumption Agreement dated as of March 3, 2016 between First Community Bank (as Seller) and First Bank (as Purchaser) was filed as Exhibit 99.3 to First Bancorp&rsquo;s Current Report on Form 8-K filed on March 7, 2016, and is incorporated herein by reference</A>.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">2.3</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000117494716002821/c442728_ex2-1.htm" STYLE="-sec-extract: exhibit">Merger Agreement between First Bancorp and
        Carolina Bank Holdings, Inc. dated June 21, 2016 was filed as Exhibit 2.1 to First Bancorp&rsquo;s Current Report on Form 8-K filed
        on June 22, 2016, and is incorporated herein by reference.</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">2.4</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000117494717000734/c465658_ex2-1.htm" STYLE="-sec-extract: exhibit">Merger Agreement between First Bancorp and ASB Bancorp, Inc. dated May 1, 2017 was filed as Exhibit 2.1 to First Bancorp&rsquo;s Current Report on Form 8-K filed on May 1, 2017, and is incorporated herein by reference.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A NAME="x31"></A>3.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431702000860/form10q_45858-0802.txt" STYLE="-sec-extract: exhibit">Articles of Incorporation of First Bancorp
        and amendments thereto were filed as Exhibits 3.a.i through 3.a.v to First Bancorp's Quarterly Report on Form 10-Q for the period
        ended June 30, 2002, and are incorporated herein by reference</A>. Articles of Amendment to the Articles of Incorporation were filed
        as <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431709000094/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibits 3.1</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431709000094/ex3-2.htm" STYLE="-sec-extract: exhibit">3.2 to First Bancorp&rsquo;s Current Report on Form 8-K filed on January 13, 2009</A>, and are incorporated herein
        by reference. <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431710001090/ex3-1b.htm" STYLE="-sec-extract: exhibit">Articles of Amendment to the Articles of Incorporation were filed as Exhibit 3.1.b to First Bancorp&rsquo;s Registration
        Statement on Form S-3D filed on June 29, 2010 (Commission File No. 333-167856), and are incorporated herein by reference</A>. <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431711001242/ex3_1.htm" STYLE="-sec-extract: exhibit">Articles
        of Amendment to the Articles of Incorporation were filed as Exhibit 3.1 to First Bancorp&rsquo;s Current Report on Form 8-K filed
        on September 6, 2011, and are incorporated herein by reference</A>. <A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431712001628/ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment to the Articles of Incorporation were filed
        as Exhibit 3.1 to First Bancorp&rsquo;s Current Report on Form 8-K filed on December 26, 2012, and are incorporated herein by reference</A>.
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A NAME="x32"></A>3.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000117494718000175/ex3-1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of First Bancorp were filed as Exhibit 3.1 to First Bancorp's Current Report on Form 8-K filed on February 9, 2018, and are incorporated herein by reference.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/811589/000091431799000496/0000914317-99-000496.txt" STYLE="-sec-extract: exhibit">Form of Common Stock Certificate was filed
        as Exhibit 4 to First Bancorp&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 1999, and is incorporated herein
        by reference.</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">See <A HREF="#x31">Exhibits 3.1</A> and <A HREF="#x32">3.2</A> for provisions of the Articles of Incorporation, as amended, and Amended and Restated Bylaws, which define the rights of the shareholders.</TD></TR>
</TABLE>

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

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<P STYLE="margin: 0"><SUP>(1)</SUP> To be updated consistent with any changes to the final 10-K.</P>

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

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<P STYLE="margin: 0"></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 STYLE="text-align: justify; width: 12%">4.3</TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 87%">Form of Articles of Amendment Establishing a Series of Preferred Stock**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.4</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex4-4.htm">Form of Senior Indenture</A>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.5</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Senior Note**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.6</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex4-6.htm">Form of Subordinated Indenture</A>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.7</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Subordinated Debt Security**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.8</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Unit Agreement**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.9</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Warrant Agreement**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.10</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Rights Agreement**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.11</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex4-11.htm">Form of Deposit Agreement</A>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.12</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form of Purchase Contract Agreement**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">4.13</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex4-11.htm">Form of Depositary Receipt (included in Exhibit 4.11)</A>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">5.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex5-1.htm">Opinion of Brooks, Pierce, McLendon, Humphrey &amp; Leonard, L.L.P.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">8.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Opinion of Brooks, Pierce, McLendon, Humphrey &amp; Leonard, L.L.P. as to certain U.S. federal income tax matters**&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex23-1.htm">Consent of BDO USA, LLP</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex23-2.htm">Consent of Elliott Davis, PLLC</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">23.3</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ex5-1.htm">Consent of Brooks, Pierce, McLendon, Humphrey &amp; Leonard, L.L.P. (included in Exhibit 5.1)</A>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">24.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#signatures">Powers of Attorney (included on the signature page of this registration statement)</A>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">25.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form T-1 Statement of Eligibility to act as trustee under the Senior Indenture*&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">25.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Form T-1 Statement of Eligibility to act as trustee under the Subordinated Indenture*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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    <TD STYLE="text-align: left; width: 0.5in">*&nbsp;</TD>
    <TD STYLE="text-align: left">To be filed separately pursuant to Trust Indenture Act Section 305(b)(2)</TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: left">To be filed, if necessary, by amendment or as an exhibit to a report filed under the Securities Exchange
Act of 1934 and incorporated by reference</TD></TR></TABLE>








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<TYPE>EX-4.4
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<FILENAME>ex4-4.htm
<DESCRIPTION>EX-4.4
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none; text-align: right">Exhibit 4.4</P>

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated as of __________, 20__</P>

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

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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE ONE&nbsp;&nbsp;&nbsp;DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</TD>
    <TD STYLE="width: 5%; text-align: right; padding-top: 12pt; padding-bottom: 12pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 101.&nbsp;&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 102.&nbsp;&nbsp;&nbsp;Compliance Certificate and Opinions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 103.&nbsp;&nbsp;&nbsp;Form of Documents Delivered to Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 104.&nbsp;&nbsp;&nbsp;Acts of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 105.&nbsp;&nbsp;&nbsp;Notices, Etc., to Trustee and Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 106.&nbsp;&nbsp;&nbsp;Notice to Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 107.&nbsp;&nbsp;&nbsp;Language of Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 108.&nbsp;&nbsp;&nbsp;Conflict With Trust Indenture Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 109.&nbsp;&nbsp;&nbsp;Effect of Headings and Table of Contents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 110.&nbsp;&nbsp;&nbsp;Successors and Assigns</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 111.&nbsp;&nbsp;&nbsp;Separability Clause</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 112.&nbsp;&nbsp;&nbsp;Benefits of Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 113.&nbsp;&nbsp;&nbsp;Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 114.&nbsp;&nbsp;&nbsp;Legal Holidays</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE TWO&nbsp;&nbsp;&nbsp;SECURITIES FORMS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 201.&nbsp;&nbsp;&nbsp;Forms Generally</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 202.&nbsp;&nbsp;&nbsp;Form of Trustee&rsquo;s Certificate of Authentication</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 203.&nbsp;&nbsp;&nbsp;Securities in Global Form</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE THREE&nbsp;&nbsp;&nbsp;THE SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 301.&nbsp;&nbsp;&nbsp;Amount Unlimited; Issuable in Series</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 302.&nbsp;&nbsp;&nbsp;Denominations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 303.&nbsp;&nbsp;&nbsp;Securities in Foreign Countries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 304.&nbsp;&nbsp;&nbsp;Execution, Authentication, Delivery and Dating</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 305.&nbsp;&nbsp;&nbsp;Temporary Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 306.&nbsp;&nbsp;&nbsp;Registration, Transfer and Exchange</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 307.&nbsp;&nbsp;&nbsp;Mutilated, Destroyed, Lost and Stolen Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 308.&nbsp;&nbsp;&nbsp;Payment of Interest; Interest Rights Preserved</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 309.&nbsp;&nbsp;&nbsp;Persons Deemed Owners</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 310.&nbsp;&nbsp;&nbsp;Cancellations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 311.&nbsp;&nbsp;&nbsp;Computation of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 312.&nbsp;&nbsp;&nbsp;Cusip Numbers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE FOUR&nbsp;&nbsp;&nbsp;SATISFACTION AND DISCHARGE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">23</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 401.&nbsp;&nbsp;&nbsp;Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 402.&nbsp;&nbsp;&nbsp;Application of Trust Money</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 403.&nbsp;&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE FIVE&nbsp;&nbsp;&nbsp;REMEDIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">26</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 501.&nbsp;&nbsp;&nbsp;Events of Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 502.&nbsp;&nbsp;&nbsp;Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 503.&nbsp;&nbsp;&nbsp;Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 504.&nbsp;&nbsp;&nbsp;Trustee May File Proofs of Claim</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in; width: 90%">Section 505.&nbsp;&nbsp;&nbsp;Trustee May Enforce Claims Without Possession of Securities or Coupons</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 506.&nbsp;&nbsp;&nbsp;Application of Money Collected</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 507.&nbsp;&nbsp;&nbsp;Limitations on Suits</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 508.&nbsp;&nbsp;&nbsp;Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 509.&nbsp;&nbsp;&nbsp;Restoration of Rights and Remedies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 510.&nbsp;&nbsp;&nbsp;Rights and Remedies Cumulative</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 511.&nbsp;&nbsp;&nbsp;Delay or Omission Not Waiver</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 512.&nbsp;&nbsp;&nbsp;Control of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 513.&nbsp;&nbsp;&nbsp;Waiver of Past Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 514.&nbsp;&nbsp;&nbsp;Waiver of Stay or Extension Laws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE SIX&nbsp;&nbsp;&nbsp;THE TRUSTEE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 601.&nbsp;&nbsp;&nbsp;Notice of Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 602.&nbsp;&nbsp;&nbsp;Certain Rights of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 603.&nbsp;&nbsp;&nbsp;Not Responsible for Recitals or Issuance Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 604.&nbsp;&nbsp;&nbsp;May Hold Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 605.&nbsp;&nbsp;&nbsp;Money Held in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 606.&nbsp;&nbsp;&nbsp;Compensation and Reimbursement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 607.&nbsp;&nbsp;&nbsp;Corporate Trustee Required; Eligibility; Conflicting Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 608.&nbsp;&nbsp;&nbsp;Resignation and Removal; Appointment of Successor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 609.&nbsp;&nbsp;&nbsp;Acceptance of Appointment by Successor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 610.&nbsp;&nbsp;&nbsp;Merger, Conversion, Consolidation or Succession to Business</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 611.&nbsp;&nbsp;&nbsp;Appointment of Authenticating Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE SEVEN&nbsp;&nbsp;&nbsp;HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 701.&nbsp;&nbsp;&nbsp;Company to Furnish Trustee Names and Addresses of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 702.&nbsp;&nbsp;&nbsp;Preservation of Information; Communications to Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 703.&nbsp;&nbsp;&nbsp;Reports by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 704.&nbsp;&nbsp;&nbsp;Reports by Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE EIGHT&nbsp;&nbsp;&nbsp;CONSOLIDATION, MERGER AND SALES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 801.&nbsp;&nbsp;&nbsp;Company May Consolidate etc., Only on Certain Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 802.&nbsp;&nbsp;&nbsp;Successor Corporation Substituted for Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE NINE&nbsp;&nbsp;&nbsp;SUPPLEMENTAL INDENTURES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">40</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 901.&nbsp;&nbsp;&nbsp;Supplemental Indentures Without Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 902.&nbsp;&nbsp;&nbsp;Supplemental Indentures with Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 903.&nbsp;&nbsp;&nbsp;Execution of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 904.&nbsp;&nbsp;&nbsp;Effect of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 905.&nbsp;&nbsp;&nbsp;Conformity with Trust Indenture Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 906.&nbsp;&nbsp;&nbsp;Reference in Securities to Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE TEN&nbsp;&nbsp;&nbsp;COVENANTS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1001.&nbsp;&nbsp;&nbsp;Payment of Principal, Premium, if any, and Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1002.&nbsp;&nbsp;&nbsp;Maintenance of Office or Agency</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1003.&nbsp;&nbsp;&nbsp;Money for Securities Payments to be Held in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1004.&nbsp;&nbsp;&nbsp;Additional Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1005.&nbsp;&nbsp;&nbsp;Statement as to Compliance; Notice of Certain Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1006.&nbsp;&nbsp;&nbsp;Limitation on Liens</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
</TABLE>

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

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<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in; width: 90%">Section 1007.&nbsp;&nbsp;&nbsp;Limitation on Certain Acquisitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1008.&nbsp;&nbsp;&nbsp;Payment of Taxes and Other Claim</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1009.&nbsp;&nbsp;&nbsp;Corporate Existence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1010.&nbsp;&nbsp;&nbsp;Waiver of Certain Covenants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1011.&nbsp;&nbsp;&nbsp;Calculation of Original Issue Discount</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE ELEVEN&nbsp;&nbsp;&nbsp;REDEMPTION OF SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1101.&nbsp;&nbsp;&nbsp;Applicability of Article</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1102.&nbsp;&nbsp;&nbsp;Election to Redeem; Notice to Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1103.&nbsp;&nbsp;&nbsp;Selection by Trustee of Securities to be Redeemed</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1104.&nbsp;&nbsp;&nbsp;Notice of Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1105.&nbsp;&nbsp;&nbsp;Deposit of Redemption Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1106.&nbsp;&nbsp;&nbsp;Securities Payable on Redemption Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1107.&nbsp;&nbsp;&nbsp;Securities Redeemed in Part</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1108.&nbsp;&nbsp;&nbsp;Conversion Arrangements on Call for Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE TWELVE&nbsp;&nbsp;&nbsp;SINKING FUNDS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1201.&nbsp;&nbsp;&nbsp;Applicability of Article</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1202.&nbsp;&nbsp;&nbsp;Satisfaction of Sinking Fund Payments with Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1203.&nbsp;&nbsp;&nbsp;Redemption of Securities for Sinking Fund</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE THIRTEEN&nbsp;&nbsp;&nbsp;REPAYMENT AT THE OPTION OF HOLDERS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1301.&nbsp;&nbsp;&nbsp;Applicability of Article</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE FOURTEEN&nbsp;&nbsp;&nbsp;MEETINGS OF HOLDERS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1401.&nbsp;&nbsp;&nbsp;Purposes for Which Meetings May Be Called</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1402.&nbsp;&nbsp;&nbsp;Call, Notice and Place of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1403.&nbsp;&nbsp;&nbsp;Persons Entitled to Vote at Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1404.&nbsp;&nbsp;&nbsp;Quorum; Action</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1405.&nbsp;&nbsp;&nbsp;Determination of Voting Rights; Conduct and Adjournment of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1406.&nbsp;&nbsp;&nbsp;Counting Votes and Recording Action of Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 1.5in">ARTICLE FIFTEEN&nbsp;&nbsp;&nbsp;CONVERSION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1501.&nbsp;&nbsp;&nbsp;Conversion Privilege</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1502.&nbsp;&nbsp;&nbsp;Manner of Exercise of Convertible Privilege</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1503.&nbsp;&nbsp;&nbsp;Cash Adjustment Upon Conversion</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1504.&nbsp;&nbsp;&nbsp;Conversion Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1505.&nbsp;&nbsp;&nbsp;Adjustment of Conversion Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1506.&nbsp;&nbsp;&nbsp;Effect of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1507.&nbsp;&nbsp;&nbsp;Taxes on Conversions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1508.&nbsp;&nbsp;&nbsp;Company to Reserve Common Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1509.&nbsp;&nbsp;&nbsp;Disclaimer by Trustee of Responsibility for Certain Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1510.&nbsp;&nbsp;&nbsp;Company to Give Notice of Certain Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FIRST BANCORP</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Reconciliation and tie between Trust Indenture
Act of 1939, as amended, and Senior Indenture, dated as of , 20 .</P>

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    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 59%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trust Indenture Act Section</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture Section</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 310</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 311</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 312</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">701, 702(a)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702(a)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702(b)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 313</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(a), 703(b)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(c)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(c)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 314</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">704</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 315</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">601</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 316</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">512</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">508</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 317</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">505</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">504</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1003</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 318</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SENIOR INDENTURE, dated as of __________,
20__ , is made by and between First Bancorp, a corporation duly organized and existing under the laws of the State of North
Carolina (the &ldquo;Company&rdquo;), having its principal office at 300 SW Broad Street, Southern Pines, North Carolina
28387, and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], having its principal office at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], not
in its individual capacity but solely as Trustee (the &ldquo;Trustee&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured and unsubordinated debentures, notes
or other evidences of indebtedness, unlimited as to principal amount, to bear such rates of interest, to mature at such time or
times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has duly authorized the execution
and delivery of this Indenture and all things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For and in consideration of the premises and
the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit
of all Holders of the Securities or of series thereof or Coupons appertaining to any Securities, as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 101. Definitions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term &ldquo;generally accepted accounting principles&rdquo;
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted
at the date of such computation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
word &ldquo;or&rdquo; is not exclusive;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
words in the singular include the plural and all words in the plural include the singular; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
word &ldquo;including&rdquo; means &ldquo;including without limitations.&rdquo;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain terms used principally in certain
Articles hereof are defined in those Articles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Act</I>&rdquo;, when used with respect
to any Holders, has the meaning specified in Section 104.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 therein and which are owing to such Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Affiliate</I>&rdquo; of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, &ldquo;control&rdquo;, when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting Securities, by contract or otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have the meanings
correlative to the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Authenticating Agent</I>&rdquo; means
any Person authorized by the Trustee pursuant to Section 611 to act on behalf of the Trustee to authenticate Securities of one
or more series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Authorized Newspaper</I>&rdquo; means
a newspaper, in an official language of the country of publication or in the English language, customarily published on each Business
Day, whether or not published on Legal Holidays, and of general circulation in each place in connection with which the term is
used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers
the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements
and in each case on any Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Bank</I>&rdquo; means (i) any institution
organized under the laws of the United States, any State of the United States, the District of Columbia, any territory of the United
States, Puerto Rico, Guam, American Samoa or the Virgin Islands which (a) accepts deposits that the depositor has a legal right
to withdraw on demand, and (b) engages in the business of making commercial loans and (ii) any trust company organized under any
of the foregoing laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Bearer Security</I>&rdquo; means any
Security in the form established pursuant to Section 201 which is payable to bearer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Board of Directors</I>&rdquo; means
the board of directors of the Company or any committee of that board duly authorized to act for the Company hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 duly adopted by the Board
of Directors, or a duly authorized committee thereof, and to be in full force and effect on the date of such certification, and
delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Business Day</I>&rdquo;, except as
may otherwise be provided herein or in any Security, means any day, other than a Saturday or a Sunday, that is neither a Legal
Holiday nor a day 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Called Securities</I>&rdquo; means
any Convertible Security that is called for redemption by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Capital Stock</I>&rdquo; means, as
to shares of a particular corporation, outstanding shares of stock of any class whether now or hereafter authorized, irrespective
of whether such class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate
in dividends and in the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Commission</I>&rdquo; means the United
States Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934
or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Common Stock</I>&rdquo; means all
shares now or hereafter authorized of the class of common stock of the Company presently authorized and stock of any other class
into which such shares may hereafter have been changed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Company</I>&rdquo; means the Person
named as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor corporation,
and any other obligor upon the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Company Request</I>&rdquo; and &ldquo;<I>Company
Order</I>&rdquo; mean a written request or order, as the case may be, signed in the name of the Company by the Chairman of the
Board of Directors, a Vice Chairman, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary
or an Assistant Secretary of the Company, and delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Conversion Price</I>&rdquo; means
the price per share of Common Stock from time to time in effect at which any Convertible Security may be converted into Common
Stock as determined by or pursuant to the terms of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Convertible Security</I>&rdquo; or
<I>&ldquo;Convertible Securities</I>&rdquo; means any Security or Securities, as the case may be, which are by their terms convertible
into Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Corporate Trust Office</I>&rdquo;
means, the principal office of the Trustee, at which at any particular time its corporate trust business shall be administered,
which office at the date of original execution of this Indenture is located at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Corporation</I>&rdquo; includes corporations,
associations, companies and business trusts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Coupon</I>&rdquo; means any interest
coupon appertaining to a Bearer Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Date of Conversion</I>&rdquo; with
respect to any Convertible Security or portion thereof to be converted, means the date on which such Convertible Security shall
be surrendered for conversion and notice given in accordance with the provisions of Article Fifteen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Defaulted Interest</I>&rdquo; has
the meaning specified in Section 308.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Dollars</I>&rdquo; or &ldquo;<I>$</I>&rdquo;
means a dollar or other equivalent unit in the currency of the United States, except as may otherwise be provided herein or in
any Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Event of Default</I>&rdquo; has the
meaning specified in Section 501.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Government Obligations</I>&rdquo;,
with respect to any Securities unless otherwise specified herein or therein, means (i) direct obligations of the United States
of America or the government or governments which issued the currency, currency unit or composite currency in which any Securities
are payable, for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America or such government or governments which issued the
currency, currency unit or composite currency in which such Securities are payable, the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America or such other government or governments, which, in either
case, are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest
on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt,
PROVIDED that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific
payment of interest on or principal of the Government Obligation evidenced by such depository receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Holder</I>&rdquo;, in the case of
any Registered Security, means the Person in whose name such Security is registered in the Security Register and, in the case of
any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Indenture</I>&rdquo; means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and with respect to any Security shall include the terms of such Securities
established as contemplated by Section 301; PROVIDED, HOWEVER, that, if at any time more than one Person is acting as Trustee under
this instrument, &ldquo;INDENTURE&rdquo; shall mean, with respect to any one or more series of Securities for which such Person
is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular
series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is Trustee, regardless of when such terms or provisions
were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed
and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Independent Public Accountants</I>&rdquo;
means accountants or a firm of accountants that are independent public accountants with respect to the Company within the meaning
of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder who may be the
independent public accountants regularly retained by the Company or who may be other independent public accountants. Such accountants
or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating to the Indenture
or certificates required to be provided hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Interest</I>&rdquo;, with respect
to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity
and, with respect to any Security which provides for the payment of Additional Amounts pursuant to Section 1004, includes such
Additional Amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Interest Payment Date</I>&rdquo;,
with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Legal Holiday</I>&rdquo;, except as
otherwise may be provided herein or in any Securities, with respect to any Place of Payment or other location, means a Saturday,
a Sunday or a day on which banking institutions or trust companies in such Place of Payment or other location are not authorized
or obligated to be open.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Maturity</I>&rdquo;, with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of
option to elect repayment or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Officers&rsquo; Certificate</I>&rdquo;
means a certificate signed by the Chairman of the Board, a Vice Chairman, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Opinion Of Counsel</I>&rdquo;, except
as otherwise provided herein or in any Security, means a written Opinion of Counsel, who may be an employee of or counsel for the
Company or other counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Original Issue Discount Security</I>&rdquo;
means a Security issued pursuant to this Indenture which provides for declaration of an amount less than the principal thereof
to be due and payable upon acceleration pursuant to Section 502.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Outstanding</I>&rdquo;, with respect
to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture,
except:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in
trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any Coupons appertaining
thereto, PROVIDED that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
except to the extent provided in Section 403, with respect to which the Company has effected defeasance and/or covenant defeasance
pursuant to Section 403 hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
which have been paid pursuant to Section 307 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>provided, however</I>, that 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 or are present at a meeting of Holders of Securities for quorum purposes and for purposes of making the calculations
required by Section 313 of the Trust Indenture Act, (i) the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that shall be deemed to be outstanding for such purposes shall be equal
to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be declared (or
shall have been declared to be) due and payable upon a declaration of acceleration pursuant to Section 502 at the time of such
determination or calculation, and (ii) the principal amount of any Security denominated other than in Dollars that may be counted
in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the Dollar
equivalent, determined by the Company as of the date such Security is originally issued by the Company, of the principal amount
(or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount
determined as provided in clause (i) above) of such Security, and (iii) Securities owned by the Company or any other obligor upon
the Securities or any Affiliate of the Company or such other obligor, shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in making any such calculation or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right so to act with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Paying Agent</I>&rdquo; means any
Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Security or Coupon on behalf
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Person</I>&rdquo; means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Place Of Payment</I>&rdquo;, with
respect to any Security, means the place or places where the principal of (and premium, if any) and interest on the Securities
of that series are payable as specified in or pursuant to Section 301(9) or Section 1002.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Predecessor Security</I>&rdquo; of
any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 307 in exchange for
or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated, destroyed, lost or stolen Coupon
appertains shall be deemed to evidence the same debt as the lost, destroyed, mutilated or stolen Security or the Security to which
a mutilated, destroyed, lost or stolen Coupon appertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Redemption Date</I>&rdquo;, with respect
to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Redemption Price</I>&rdquo;, with
respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant
to the provisions of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Registered Security</I>&rdquo; means
any Security established pursuant to Section 201 which is registered and the transfer or exchange thereof is registrable in the
Security Register.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Regular Record Date</I>&rdquo; for
the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in such
Security as the &ldquo;Regular Record Date&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Responsible Officer</I>&rdquo; when
used with respect to the Trustee means any officer within the corporate trust department of the Trustee, including the vice president,
any assistant vice president, assistant treasurer, or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such person&rsquo;s knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Security</I>&rdquo; or &ldquo;<I>Securities</I>&rdquo;
means any Security or Securities, as the case may be, authenticated and delivered under this Indenture; PROVIDED, HOWEVER, that
if at any time there is more than one Person acting as Trustee under this Indenture, &ldquo;Securities&rdquo; with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series
as to which such Person is not Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Security Register</I>&rdquo; and &ldquo;<I>Security
Registrar</I>&rdquo; have the respective meanings specified in Section 306.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Special Record Date</I>&rdquo; for
the payment of any Defaulted Interest on any registered Security means a date fixed by the Trustee pursuant to Section 308.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Stated Maturity</I>&rdquo;, with respect
to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security or a Coupon
representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal
or interest is due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Subsidiary</I>&rdquo; means any corporation
of which at the time of determination the Company and/or one or more Subsidiaries owns or controls directly or indirectly more
than 50% of the shares of Voting Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Subsidiary Bank</I>&rdquo; means any
Subsidiary which is a Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Trust Indenture Act</I>&rdquo; means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided in Section
905.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 with
respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo;
shall mean each Person who is then a Trustee hereunder; PROVIDED, HOWEVER, that if at any time there is more than one such Person,
&ldquo;Trustee&rdquo; shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee
with respect to the Securities of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>United States</I>&rdquo;, except as
otherwise provided herein or in any Security, means the United States of America (including the States and the District of Columbia),
its territories and possessions and other areas subject to its jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>United States Alien</I>&rdquo;, except
as otherwise provided herein or in any Security, means any Person who, for United States Federal income tax purposes, is a foreign
corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership
one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>U.S. Depository</I>&rdquo; or &ldquo;<I>Depository</I>&rdquo;
means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as U.S.
Depository by the Company pursuant to Section 301, which must be a clearing agency registered under the Securities Exchange Act
of 1934, as amended, and, if so provided pursuant to Section 301 with respect to any Security, any successor to such Person. If
at any time there is </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">more than one such Person, &ldquo;U.S. Depository&rdquo; or &ldquo;Depository&rdquo; shall mean, with respect
to any Securities, the qualifying entity which has been appointed with respect to such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Vice President</I>&rdquo;, with respect
to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before
or after the title &ldquo;Vice President&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Voting Stock</I>&rdquo; means stock
of a corporation of the class or classes having general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees of such corporation provided that, for the purposes hereof, stock which carries
only the right to vote conditionally on the happening of an event shall not be considered voting stock whether or not such event
shall have happened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 102. Compliance Certificates and Opinions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers&rsquo;
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that, in the Opinion of such counsel, all such conditions precedent, if any,
have been complied with, except that in the case of any such application or request as to which the furnishing of such documents
or any of them is specifically required by any provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture and in any applicable Security (except Section 1005) shall
include:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein
and in any applicable Security relating thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such condition or covenant has been complied with; and&rsquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 103. Form of Documents Delivered to Trustee</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any certificate or opinion of an officer of
the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture
or any Security, they may, but need not, be consolidated and form one instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 104. Acts of Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders
of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such
series duly called and held in accordance with the provisions of Article Fourteen, or a combination of such instruments and any
such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo;
of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any such instrument
or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company and any
agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities
shall be proved in the manner provided in Section 1406.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without limiting the generality of this Section
104, unless otherwise established in or pursuant to a Board Resolution or set forth or determined in an Officers&rsquo; Certificate,
or established in one or more indentures supplemental hereto, pursuant to Section 301, a Holder, including a U.S. Depository that
is a Holder of a global Security, may make, give or take, by a proxy, or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders,
and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests
in any such global Security through such U.S. Depository&rsquo;s standing instructions and customary practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall fix a record date, which shall
be not more than 30 days prior to the first solicitation of such Holders, for the purpose of determining the Persons who are beneficial
owners of interest in any permanent global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository
to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed,
the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain
Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall
be valid or effective if made, given or taken more than 90 days after such record date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the
Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any
instance require further proof with respect to any of the matters referred to in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and
the date of termination of holding the same, shall be proved by the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the commencement and the
date of termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed,
as depositary, by any Bank, banker or other depositary </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">reasonably acceptable to the Company, wherever situated, if such certificate
shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such
depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit
of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The
Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit
bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the
Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer
Security is no longer Outstanding. The principal amount and serial numbers of Bearer Securities held by the Person so executing
such instrument or writing and the date of the commencement and the date of termination of holding the same may also be proved
in any other manner which the Trustee deems sufficient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may at its option, by Board Resolutions, fix in advance a record date, which shall be
not more than 30 days prior to the first solicitation of such Holders, for the determination of Holders of Registered Securities
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have
no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders of Registered Securities of record at the close
of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date;
provided no such authorization, agreement or consent of the Holders of Registered Securities shall be deemed effective unless it
shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 105. Notices, Etc., to Trustee and Company</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer at the address
of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing
to a Responsible Officer of the Trustee by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 106. Notice to Holders; Waiver</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise expressly provided herein
or in any Security, where this Indenture provides for notice to Holders of any event,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to
each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such Notice; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper and, if such
Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company
shall advise the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to
be not earlier than the earliest date and not later than the latest date prescribed for the giving of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect
to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In
the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give
such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to
give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 107. Language of Notices</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if
the Company so elects, any published notice may be in an official language of the country of publication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 108. Conflict With Trust Indenture Act</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any provision hereof limits, qualifies or
conflicts with the duties imposed pursuant to Section 318(c) of the Trust Indenture Act, such imposed duties shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 109. Effect of Headings and Table of Contents</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 110. Successors and Assigns</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 111. Separability Clause</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case any provision in this Indenture, any
Security or any Coupon 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 112. Benefits of Indenture</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing in this Indenture, any Security or any
Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and
their successors hereunder and the Holders of Securities or Coupon, any benefit or any legal or equitable right, remedy or claim
under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 113. Governing Law</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Indenture, the Securities and the Coupons
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 114. Legal Holidays</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security, or the last day on which a Holder has the right to convert these Securities,
is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security or Coupon
other than a provision in any Security or any Coupon that specifically states that such provision shall apply in lieu of this Section)
payment of interest or any Additional Amounts or principal (and premium, if any) or conversion of the Securities need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or the last such day of
conversion, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 201. Forms Generally</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Registered Security, Bearer Security, Coupon
and temporary global Security issued pursuant to this Indenture shall be in the form established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, shall have appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture or any indenture supplemental hereto and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Security, as evidenced by their execution of such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Definitive Securities and definitive Coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities
or Coupons, as evidenced by their execution of such Securities or Coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 202. Form of Trustee&rsquo;s Certificate of Authentication</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to Section 611, the Trustee&rsquo;s
certificate of authentication shall be in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This certificate represents Securities of the
series designated therein referred to in the within-mentioned Indenture.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 48%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: </FONT></TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">not in its individual capacity but solely as Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory </FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 203. Securities in Global Form</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If Securities of a series are issuable in global
form, any such Security may provide that it shall represent the aggregate amount of Outstanding Securities of such series from
time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may
from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount,
or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall
be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant
to Section 304 or 305 with respect thereto. Subject to the provisions of Section 304 and, if applicable, Section 305, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. If a Company Order pursuant to Section 304 or 305 has been, or simultaneously
is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not comply
with Section 102 and need not be accompanied by an Opinion of Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of the immediately preceding
sentence shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount
of Securities represented thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the provisions of Section 308,
unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and interest on any Security
in permanent global form shall be made to the Person or Persons specified therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the provisions of Section 309
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the case
of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, the Person or Persons specified pursuant to Section 301.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 301. Amount Unlimited; Issuable in Series</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Securities may be issued in one or more
series. There shall be established in or pursuant to one or more Board Resolutions, and set forth in an Officers&rsquo; Certificate,
or established in one or more indentures supplemental hereto,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
title of the Securities and the series in which such Securities shall be included;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
limit upon the aggregate principal amount of the Securities of such title or the Securities of such series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 305, 306, 307, 906, 1107 or 1502 or the terms of such Securities);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities or both and, if the Securities are to be
issuable exclusively or alternatively as Bearer Securities, whether the Bearer Securities are to be issuable with Coupons, without
Coupons or both, and any restrictions applicable to the offer, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">sale delivery or conversion of the Bearer Securities and the terms,
if any, upon which Bearer Securities may be exchanged for Registered Securities and vice versa;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
any Securities of the series are to be issuable initially or otherwise in global form and, if so, (i) whether beneficial owners
of interests in any such global Security may exchange such interest for Securities of such series and of like tenor of any authorized
form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner specified in
Section 306, (ii) the name of the depository or the U.S. Depository, as the case may be, with respect to any global Security and
(iii) the manner in which interest payable on a global Security will be paid;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date as of which any Bearer Securities of the series and any global Security representing Outstanding Securities of the series
shall be dated if other than the date of original issuance of the first Security of the series to be issued;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
Securities of the series are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer
Security in global form (representing all of the Outstanding Bearer Securities of the series) payable in respect of an Interest
Payment Date prior to the exchange of such temporary Bearer Security for definitive Securities of the series shall be paid to any
clearing organization with respect to the portion of such temporary Bearer Security held for its account and, in such event, the
terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization
will be credited to the Persons entitled to interest payable on such Interest Payment Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date or dates, or the method, if any, by which such date or dates shall be determined, on which the principal of such Securities
is payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rate or rates at which such Securities shall bear interest, if any, or the method, if any, by which such rate or rates are to be
determined, the date or dates, if any, from which such interest shall accrue or the method, if any, by which such date or dates
are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date,
if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances Additional
Amounts on such Securities or any of them shall be payable, and the basis upon which interest shall be calculated if other than
that of a 360-day year of twelve 30-day months;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
place or places, if any, where the principal of (and premium, if any) and interest (including Additional Amounts), if any, on such
Securities shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities
of the series may be surrendered for exchange or conversion and notices or demands to or upon the Company in respect of the Securities
of the series and this Indenture may be served;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities of the series or any of them are to be redeemable at the option of the Company and, if so, the period or periods
within which, the price or prices at which and the other terms and conditions upon which such Securities 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Company is obligated to redeem, or purchase Securities of the series or any of them pursuant to any sinking fund or at the
option of any Holder thereof and, if so, the period or periods within which, the price or prices at which and the other terms and
conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any
provisions for the remarketing of the Securities of the series so redeemed or purchased;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
denominations in which Registered Securities of the series, if any, shall be issuable if other than denominations of $1,000 and
any integral multiple thereof, and the denominations in which Bearer Securities of the series, if any, shall be issuable if other
than the denomination of $5,000;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than the principal amount thereof, the portion of the principal amount of the Securities of the series of any of them which
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion
is to be determined;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
or private debts, the coin or currency, composite currencies or currency unit or units in which payment of the principal of (and
premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series or any of them shall
be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the principal of (and premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series
or any of them are to be payable, at the election of the Company or a Holder thereof, in a coin or currency, composite currencies
or currency unit or units other than that in which the Securities of the series or any of them are stated to be payable, the period
or periods within which, and the terms and conditions upon which, such election may be made;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the amount of payments of principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities
of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based,
without limitation, on one or more currencies, currency units, composite currencies, commodities, equity indices or other indices),
and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities of the series are
to be payable, at the election of the Company or any Holder thereof or otherwise, in a currency or currencies, currency unit or
units or composite currency or currencies other than that in which such Securities or any of them are denominated or stated to
be payable, the period or periods within which, and the other terms and conditions upon which, such election, if any, may be made,
and the time and manner of determining the exchange rate between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities or any of them are denominated or stated to be payable and the currency or currencies,
currency unit or units or composite currency or currencies in which such Securities or any of them are to be so payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to the Securities
of the series or any of them, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants
set forth herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicability, if any, of Section 403 to the Securities of the series and any provisions in modification of, in addition to or
in lieu of any of the provisions of Section 403;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of the series or any of them are to be issued upon the exercise of warrants, the time, manner and place for such
Securities to be authenticated and delivered;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then
the form and terms of such certificates, documents or conditions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying
Agent and/or Authenticating Agent with respect to the Securities of the series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
any of the Securities of a series shall be issued as Original Issue Discount Securities; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other terms of the Securities of the series or any of them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All Securities of any one series and Coupons
appertaining to Bearer Securities of such series, if any, shall be substantially identical except as to denomination and the rate
or rates of interest, if any, and Stated Maturity, the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to one or more Board Resolutions and set forth in such Officers&rsquo; Certificate or
in any indenture or indentures supplemental hereto pertaining to such series of Securities. All Securities of any one series need
not be issued at the same time and, unless otherwise so provided by the Company, a series may be reopened for issuances of additional
Securities of such series.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any of the terms of the Securities of any
series were established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee
at or prior to the delivery of the Officers&rsquo; Certificate setting forth the terms of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 302. Denominations</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise established with respect to
any Securities pursuant to Section 301, the Registered Securities of each series, if any, denominated in Dollars shall be issuable
in registered form without coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities of each
series, if any, denominated in Dollars shall be issuable in the denomination of $1,000. Securities not denominated in Dollars shall
be issuable in such denominations as are established with respect to such Securities pursuant to Section 301.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 303. Securities in Foreign Countries</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever this Indenture provides for (i) any
action by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities
are denominated in the same currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the
contrary in the form of Security of any particular series, any amount in respect of any Security denominated in a currency other
than United States dollars shall be treated for any such action or distribution as that amount of United States dollars that could
be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities
of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date,
such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify
in a written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 304. Execution, Authentication, Delivery and Dating</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Securities and any Coupons appertaining
thereto shall be executed on behalf of the Company by its Chairman of the Board, Deputy Chairman, one of its Vice Chairmen, its
President or one of its Vice Presidents under its corporate seal reproduced thereon and attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities and any Coupons appertaining thereto may be manual
or facsimile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities and Coupons bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any Coupons appertaining
thereto, executed by the Company, to the Trustee for authentication, and, provided that the Board Resolution or Resolutions and
Officers&rsquo; Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 301
and a Company Order for the authentication and delivery of such Securities, has been delivered to the Trustee, the Trustee in accordance
with the Company Order and subject to the provisions hereof of such Securities shall authenticate and deliver such Securities.
In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities
and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(b)
of the Trust Indenture Act) shall be fully protected in relying upon,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Opinion of Counsel stating, to the effect</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the provisions of
this Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
all conditions precedent to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto, have
been complied with and that such Securities, and Coupons, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">when completed by appropriate insertion and executed and delivered by
the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors&rsquo;
rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law) and will entitle the Holders thereof to the benefits of the Indenture; such Opinion of Counsel need express no opinion
as to the availability of equitable remedies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
all laws and requirements in respect of the execution and delivery by the Company of such Securities and Coupons, if any, have
been complied with; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to such other matters as the Trustee may reasonably request; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Officers&rsquo; Certificate stating that, to the best knowledge of the Persons executing such certificate, no Event of Default
with respect to any of the Securities shall have occurred and be continuing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If all the Securities of any series are not
to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officers&rsquo; Certificate at the
time of issuance of each Security, but such opinion and certificate, with appropriate modifications to cover future issuances,
shall be delivered at or before the time of issuance of the first Security of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee&rsquo;s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing
Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Registered Security shall be dated the
date of its authentication. Each Bearer Security and any temporary Bearer Security in global form shall be dated as of the date
specified as contemplated by Section 301.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No Security or Coupon shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of
authentication substantially in the form provided for in section 202 or 611 executed by or on behalf of the Trustee by the manual
signature of one of its authorized officers, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by Section 307 or 308, the
Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured have been
detached and cancelled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 305. Temporary Securities</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pending the preparation of definitive Securities
of any series, the Company may execute and deliver to the Trustee and, upon Company Order the Trustee shall authenticate and deliver,
in the manner provided in Section 304, temporary Securities of such series which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized, in bearer form with one or more Coupons or without Coupons and with such
appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities
may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary
Securities may be in global form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except in the case of temporary Securities in
global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued,
the Company shall cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Securities of any series, the temporary Securities of such series, if any, shall be exchangeable upon request for definitive
Securities of such </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">series containing identical terms and provisions upon surrender of the temporary Securities of such series at
an office or agency of the Company maintained for such purpose pursuant to Section 1002, without charge to any Holder. Upon surrender
for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured Coupons appertaining thereto),
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series containing identical terms and provisions; PROVIDED, HOWEVER, that no
definitive Bearer Security, except as provided pursuant to Section 301, shall be delivered in exchange for a temporary Registered
Security; and PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security
only in compliance with the conditions set forth herein or therein. Unless otherwise specified as contemplated by Section 301 with
respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as definitive Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 306. Registration, Transfer and Exchange</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to the Registered Securities of
each series, if any, the Company shall cause to be kept, at an office or agency of the Company maintained pursuant to Section 1002,
a register (each such register being herein sometimes referred to as the &ldquo;Security Register&rdquo;) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered Securities of
each series and of transfers of the Registered Securities of such series. In the event that the Trustee shall not be the Security
Registrar, it shall have the right to examine the Security Register at all reasonable times. First Bancorp is hereby initially
appointed as Security Registrar for each series of Securities. In the event that First Bancorp shall cease to be Security Registrar
with respect to a series of Securities, the Trustee shall have the right to examine the Security Register for such series at all
reasonable times.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon surrender for registration of transfer
of any Registered Security of any series at any office or agency of the Company maintained for such series pursuant to Section
1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series of any authorized denominations, of a like aggregate principal amount
bearing a number not contemporaneously outstanding and containing identical terms and provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same series containing identical terms and provisions, in
any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any
such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If specified as contemplated by Section 301
with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms and provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any such office or agency for such series, with all unmatured Coupons
and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured
Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons,
or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such
Security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such
Holder shall be entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise provided in Section
1002, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency
for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered
at any such office or agency in exchange for a Registered Security of such series and like tenor after the close of business at
such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related
date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Interest
Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such
Coupon shall be returned to the person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may
be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If specified as contemplated by Section 301
with respect to Securities of any series, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided pursuant hereto with respect to such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever any Securities are so surrendered for
exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 301, any global Security of any series shall be exchangeable for Securities of such series
only if (i) the Securities Depository is at any time unwilling or unable or ineligible to continue as Securities Depository and
a successor depository is not appointed by the Company within 90 days of the date the Company is so notified in writing, (ii) the
Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests
in a global Security are entitled to exchange such interests for Securities of such series and of like tenor and principal amount
of any authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any
event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive
Securities of that series in aggregate principal amount equal to the principal amount of such global Security, executed by the
Company. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from
time to time by the U.S. Depository or such other depository as shall be specified in the Company Order with respect thereto, and
in accordance with instructions given to the Trustee and the U.S. Depository or such other depository, as the case may be (which
instructions shall be in writing but need not comply with Section 102 or be accompanied by an Opinion of Counsel), as shall be
specified in the Company Order with respect thereto to the Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged,
in whole or in part, for definitive Securities of the same series without charge. The Trustee shall authenticate and make available
for delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged
which (unless the Securities of such series are not issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities are issuable,
as specified as contemplated by Section 301) shall be in the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; PROVIDED, HOWEVER, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities of such series to be redeemed and ending on the
relevant Redemption Date; and provided, further, that (unless otherwise specified as contemplated by Section 301) no Bearer Security
delivered in exchange for a portion of a global Security shall be mailed or otherwise delivered to any location in the United States.
Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S.
Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions
of the Company referred to above. If a Registered Security is issued in exchange for any portion of a global Security after the
close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business
at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest
will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered
Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such global Security is payable in accordance with the provisions of this Indenture.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All Securities endorsed thereon issued upon
any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt,
and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration
of transfer or exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every Registered Security presented or surrendered
for registration of transfer or for exchange, redemption or conversion shall (if so required by the Company or the Security Registrar
for such series of Security presented) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory
to the Company and such Security Registrar duly executed by the Holder thereof or his attorney duly authorized in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No service charge shall be made for any registration
of transfer or exchange, redemption or conversion of Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section 301, the Company shall not be required (i) to issue, register the transfer of or exchange any Securities of any series
during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of such
series under Section 1103 and ending at the close of business on the day of such selection, or (ii) to register the transfer of
or exchange any Registered Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed
in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except, to
the extent provided with respect to such Security, that such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment
consistent with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in
accordance with its terms specified as contemplated by Section 301, has been surrendered for repayment at the option of the Holder,
except the portion, if any, of such Security not to be repaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 307. Mutilated, Destroyed, Lost and Stolen Securities</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any mutilated Security or a Security with
a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 307, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons corresponding
to the Coupons, if any, appertaining to the surrendered Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If there be delivered to the Company and to
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such Security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant
Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount
and bearing a number not contemporaneously outstanding, with Coupons corresponding to the Coupons, if any, appertaining to such
destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing provisions of
this Section 307, in case any such mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; PROVIDED, HOWEVER,
that payment of principal of (and premium, if any) and any interest on Bearer Securities shall, except as otherwise provided in
Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated
by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the Coupons appertaining
thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every new Security of any series, with its Coupons,
if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security and its Coupons, if any, or the destroyed,
lost or stolen Coupon shall constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Security
and its Coupons, if any, or the destroyed, lost or stolen Coupon 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 and their Coupons,
if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 308. Payment of Interest; Interest Rights Preserved</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise specified as contemplated by
Section 301, interest on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered as of
the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is surrendered in exchange
for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series)
on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment
Date, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date in respect of the Registered Security issued in exchange of such Bearer Security, but
will be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any interest on any Registered Security of any
series which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered
Security (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities affected (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each such Registered Security and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the
proposed payment. Money will be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause
provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not
more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of such Registered Securities at his address
as it appears in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the Persons in whose names such Registered Securities (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). In case
a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange for a
Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security
shall be surrendered without the Coupon relating to such proposed date of payment and Defaulted Interest will not be payable on
such proposed date of </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable
only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any Securities
exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the
Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the option of the Company, interest on Registered
Securities of any series that bear interest may be paid by mailing a check to the address of the person entitled thereto as such
address shall appear in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the foregoing provisions of this
Section and Section 306, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 309. Persons Deemed Owners</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal
of (and premium, if any), and (subject to Sections 306 and 308) interest on or any Additional Amounts with respect to, such Registered
Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any Coupon as the absolute owner of such Security
or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment with respect to such Security or Coupon be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 310. Cancellation</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All Securities and Coupons surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee or the Security Registrar, be delivered to the Trustee or the Security Registrar, and any such Securities
and Coupons and Securities and Coupons surrendered directly to the Trustee or the Security Registrar for any such purpose shall
be promptly cancelled by the Trustee or the Security Registrar, as the case may be. The Company may at any time deliver to the
Trustee or the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee or the Security
Registrar, as the case may be. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture or as otherwise specified as contemplated by Section 301. All
cancelled Securities and Coupons held by the Trustee or the Security Registrar shall be returned to the Company by the Trustee
or the Security Registrar, as the case may be, upon a Company Order. The Trustee shall promptly notify the Company of all cancelled
Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 311. Computation of Interest</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of 360-day
year of twelve 30-day months.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 312. CUSIP Numbers</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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; PROVIDED that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities or as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company will promptly notify the Trustee of any change in the &ldquo;CUSIP&rdquo; numbers.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 401. Satisfaction and Discharge of Indenture</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the direction of the Company by a Company
Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such Company Order
(except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided
for and any right to receive Additional Amounts, as provided in Section 1004), and the Trustee, on receipt of a Company Order,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons
appertaining to Bearer Securities of such series surrendered for exchange for Registered Securities of such series and maturing
after such exchange, whose surrender is not required or has been waived as provided in Section 306, (ii) Securities and Coupons
of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 307, (iii)
Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date, whose
surrender has been waived as provided in Section 1107, and (iv) Securities and Coupons of such series for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 1003 have been delivered to the Trustee for cancellation; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Securities of such series and, in the case of (i) or (ii) below, any such Coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have
become due and payable, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
become due and payable at their Stated Maturity within one year and such Securities are not convertible into other Securities,
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
redeemable at the option of the Company, such Securities are not convertible into other Securities and 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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">and the Company, in the case of (i),
(ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose, lawful money
of the United States Government Obligations which through the payment of interest and principal or other amounts in respect thereof
in accordance with their terms will provide not later than the opening of business on the due dates of any payment of principal
(and premium, if any) and interest, or any Additional Amounts with respect thereto, or a combination thereof, in an amount sufficient
to pay and discharge the entire indebtedness on such Securities and Coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, to the date of such deposit (in
the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied
with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">In the event there are two or more Trustees hereunder,
then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all Trustees hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and discharge.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 402. Application of Trust Money</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 or this section 402 shall be held in trust and applied
by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium, if any) and any interest or any Additional Amounts for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All monies deposited with the Trustee pursuant
to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted shall be returned to the
Company upon Company Request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 403. Satisfaction, Discharge and Defeasance of Securities
of Any Series</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If pursuant to Section 301 provision is made
for defeasance of Securities of any series pursuant to Section 403, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the Outstanding Securities of such series and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of such indebtedness, when</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to all Outstanding Securities of such series and any Coupons appertaining thereto,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has deposited or caused to be deposited with the Trustee, as trust funds in trust for such purpose, an amount sufficient
to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any),
any Additional Amounts, and interest to the Stated Maturity or any Redemption Date as contemplated by the penultimate paragraph
of this Section 403, as the case may be; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Series of Securities which are denominated in United States dollars, the Company has deposited or caused to be deposited
with the Trustee, as obligations in trust for such purpose, such amount of direct obligations of, or obligations the timely payment
of the principal of and interest on which are fully guaranteed by, the United States of America and which are not callable at the
option of the issuer thereof as will, together with the income to accrue thereon without consideration of any reinvestment thereof,
be sufficient to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium,
if any), any Additional Amounts, and interest to the stated Maturity or any Redemption Date as contemplated by the penultimate
paragraph of this Section 403; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section 301,
to be applicable to the Securities of such series; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee a certificate signed by a nationally recognized firm of Independent Public Accountants certifying
as to the sufficiency of the amounts deposited pursuant to subsections (A)(i) or (ii) of this Section for payment of the principal
(and premium, if any) and interest on the dates such payments are due, an Officers&rsquo; Certificate and an Opinion of Counsel,
each such Certificate and opinion stating that no Event of Default or event which with notice or lapse of time or both would become
an Event of Default with respect to such Securities shall have occurred and all conditions precedent herein provided for relating
to the satisfaction and discharge of the entire indebtedness on all Outstanding Securities of any such series have been complied
with; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
ruling from the Internal Revenue Service or an opinion of independent counsel that the holders of the Securities of such series
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; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of such series are then listed on The Nasdaq Global or Global Select Market, an Opinion of Counsel that the Securities
of such series will not be delisted as a result of the exercise of this option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Any deposits with the Trustee referred to in subsection (1)(A) of
this Section shall be irrevocable and shall be made under the terms of an escrow trust agreement in form and substance satisfactory
to the Trustee. If any Outstanding Securities of such series are to be redeemed prior to their Stated Maturity, whether pursuant
to any optional redemption or repayment provisions or in accordance with any mandatory sinking fund requirement, the Company shall
make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the satisfaction of the conditions set
forth in this Section 403 with respect to all the Outstanding Securities of any series, the terms and conditions of such series,
including the terms and conditions with respect thereto set forth in this Indenture, other than the provisions of Sections 306,
307, and 1002, other than the right of Holders of Securities and any Coupons of such series to receive, from the trust fund described
in this Section, payment of the principal (and premium, if any) of, the interest on or any Additional Amounts with respect to such
Securities and Coupons (if any) appertaining thereto when such payments are due, other than any right of conversion of such Securities
and the rights, powers, duties and immunities of the Trustee hereunder, shall no longer be binding upon, or applicable to, the
Company except those responsibilities and obligations which by the terms of the Indenture survive the termination of the Indenture;
PROVIDED that the Company shall not be discharged from any payment obligations in respect of Securities of such series which are
deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations
of the Company under applicable law.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 501. Events of Default</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Event of Default&rdquo;, wherever used
herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of any interest upon or any Additional Amounts payable in respect of any Security of such series when such interest
becomes or Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of the principal of (and premium, if any, on) any Security of that series when it becomes due and payable at Maturity;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture or the Securities (other than a covenant
or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has
been expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and continuance
of such default or breach for a period of 90 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 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
any event of default as defined in any mortgage, indenture or instrument under which there may be issued, or by which there may
be secured or evidenced, any indebtedness of the Company or the Subsidiary Bank for money borrowed, whether such indebtedness now
exists or shall hereafter be created, shall happen and shall result in such indebtedness in principal amount in excess of $25,000,000
becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, and such acceleration
shall not be rescinded or annulled, or such indebtedness shall not have been discharged, within a period of 30 days after there
shall have 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 such series, a written notice specifying such event
of default and requiring the Company to cause such acceleration to be rescinded or annulled or to cause such indebtedness to be
discharged 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Subsidiary
Bank in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and adjudging
it a bankrupt or insolvent or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of the Company or the Subsidiary Bank or for any substantial part of its property, or ordering the winding-up or liquidation of
its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or the Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or
shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or similar official) of the Company or the Subsidiary Bank or for any substantial part of its property, or shall make any general
assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate
action in furtherance of any of the foregoing; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other Event of Default provided with respect to Securities of such series.</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; margin: 0"><B>Section 502. Acceleration of Maturity; Rescission and Annulment</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an Event of Default with respect to 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 Securities of that series may declare the principal of all the Securities of that series, or such lesser
amount as may be provided for in the Securities of that series, to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount shall
become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At any time after such a declaration of acceleration
with respect to Securities of any series 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 provided, the Holders of not less than a majority in principal amount of the Outstanding
Securities of </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has paid or deposited with the Trustee a sum sufficient to pay</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
overdue installments of interest on and any Additional Amounts payable in respect of all Securities of such series,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal of (and premium, if any, on) any Securities of such series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent that payment of such interest is lawful, interest upon overdue installments of interest or any Additional Amounts at
the rate or rates borne by or provided for in such Securities, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel as provided in Section 606 hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Events of Default with respect to Securities of such series, other than the non-payment of the principal of Securities of that
series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 503. Collection of Indebtedness and Suits for Enforcement
By Trustee</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of any installment of interest on or any Additional Amounts payable in respect of any Security when such
interest or Additional Amounts shall have become 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then the Company will, upon demand of the Trustee, pay to it, for
the benefit of the Holders of such Securities and any Coupons appertaining thereto, the whole amount then due and payable on such
Securities and Coupons for principal (and premium, if any) and interest or Additional Amounts, if any, with interest upon the overdue
principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments
of interest or any Additional Amounts, at the rate or rates borne by or provided for in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such 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 decreed 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an Event of Default with respect to Securities
of any series 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 and any Coupons appertaining thereto 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 such Securities 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: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 504. Trustee May File Proofs of Claim</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file and prove a claim for the whole amount or such lesser amount as may be provided for in the Securities of such series, of principal
(and premium, if any) and interest and any Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining
thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel)
and of the Holders allowed in such judicial proceeding, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities or Coupons to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders
of Securities or Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or Coupon any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or Coupon in any such proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 505. Trustee May Enforce Claims Without Possession of
Securities or Coupons</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All rights of action and claims under this Indenture
or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable
benefit of the Holders of the Security and Coupon in respect of which such judgment has been recovered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 506. Application of Money Collected</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal (and premium, if any), interest or any Additional Amounts, upon presentation of the Securities
or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof
if fully paid:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">FIRST:</TD><TD>To the payment of all amounts due the Trustee and any predecessor Trustee under Section 606;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">SECOND:</TD><TD>To the payment of the amounts then due and unpaid upon the Securities and Coupons for principal (and premium, if any) and interest
or any Additional Amounts payable 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 aggregate amounts due and </TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD>payable on such Securities and Coupons for principal
(and premium, if any), interest or any Additional Amounts, respectively;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1in">THIRD:</TD>
    <TD>The balance, if any, to the Company.</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 507. Limitation on Suits</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No Holder of any Security of any series or any
related Coupons shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder, unless</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such
series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Holder or Holders have offered indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to
be incurred in compliance with such request;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">it being understood and intended 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 or any Security to
affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or
to seek to obtain priority or preference over any other 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 508. Unconditional Right of Holders to Receive Principal,
Premium, Interest and Additional Amounts</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of (and premium, if any) and (subject to Sections 306 and 308) interest on or any Additional Amounts in respect of
such Security or payment of such Coupon on the respective Stated Maturity or Maturities specified in such Security or Coupon (or,
in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 509. Restoration of Rights and Remedies</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Trustee or any Holder of a Security or
Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the
Company, the Trustee and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue
as though no such proceeding had been instituted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 510. Rights and Remedies Cumulative</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 307,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of a Security or Coupon is intended to be
exclusive of any other right or </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">remedy, and every right and remedy, to the extent permitted by law, shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 511. Delay or Omission Not Waiver</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No delay or omission of the Trustee or of any
Holder of any Security or coupon to exercise any right or remedy accruing upon any 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 or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders of Securities or Coupons, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 512. Control by Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities
of such series and any Coupons appertaining thereto, PROVIDED that</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
direction shall not be in conflict with any rule of law or with this Indenture,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
direction is not unduly prejudicial to the rights of other Holders of Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 513. Waiver of Past Defaults</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Holders of not less than a majority in principal
amount of the outstanding Securities of any series may on behalf of the Holders of all the Securities of such Series and any Coupons
appertaining thereto waive any past default hereunder with respect to such series and its consequences, except a default</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the payment of the principal of (and premium, if any) or interest on or Additional Amounts payable in respect of any Security of
such series or any Coupons appertaining thereto, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 514. Waiver of Stay or Extension Laws</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 601. Notice of Defaults</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit to the Holders in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder known to a Responsible Officer of the Trustee,
unless such default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the case of a default in the payment of
the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to, any Security of such series or
in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of Securities
and Coupons of such series; and PROVIDED further, that in the case of default of the character specified in Section 501(4) with
respect to Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof.
For the purpose of this Section, the term &ldquo;default&rdquo; means any event which is, or after notice or lapse of time or both
would become, an Event of Default, with respect to Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 602. Certain Rights of Trustee</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the provisions of Sections 315(a)
through 315(d) of the Trust Indenture Act:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper party or parties;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (other
than delivery of any Security, together with any Coupons appertaining thereto to the Trustee for authentication and delivery pursuant
to Section 304 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution or Board Resolutions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officers&rsquo; Certificate;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may consult with counsel of its selection 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 in good faith and in reliance
thereon;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost to the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any action taken, suffered, omitted to be taken by it in good faith and reasonably believed by
it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be deemed to have knowledge or 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 or Event of Default
is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 603. Not Responsible For Recitals or Issuance of Securities</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The recitals contained herein and in the Securities,
except the Trustee&rsquo;s certificate of authentication, and in any coupons shall be taken as the statements of the Company and
neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities or Coupons, except that the Trustee represents that it
is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility and Qualification on Form T-l supplied to the Company are true and
accurate, subject to the qualifications set forth therein. The Trustee or any Authenticating Agent shall not be accountable for
the use or application by the Company of Securities or the proceeds thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 604. May Hold Securities</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and Coupons and, subject to Sections 310(b) and 311 of the Trust
Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 605. Money Held in Trust</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be
under no liability for interest on any money received by it hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 606. Compensation and Reimbursement</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
pay to the Trustee from time to time such compensation for all services rendered by it hereunder as shall be mutually agreed upon
by the Company and the Trustee in writing (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may
be attributable to its negligence or bad faith; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
indemnify each of the Trustee and any predecessor Trustee and its agents for, and to hold them harmless against, any loss, liability,
claim, damage or expense including taxes (other than taxes based upon, measured by or determined by the income of the Trustee)
incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As Security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest
on Securities. When the Trustee incurs expenses or renders services after an Event of Default occurs, the expenses and compensation
for the services of the Trustee are intended to constitute expenses of administration under any bankruptcy law or any similar federal
or state law for the relief of debtors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of this Section 606 shall survive
the termination of this Indenture and the resignation or removal of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 607. Corporate Trustee Required; Eligibility; Conflicting
Interests</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There shall at all times be a Trustee hereunder
that is a corporation permitted by Section 310(a)(1) and (5) of the Trust Indenture Act to act as trustee under the Trust Indenture
Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at
least $50,000,000. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article. If the Trustee has or shall acquire
any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series,
the Trustee shall take such action as is required pursuant to said Section 310 (b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 608. Resignation and Removal; Appointment of Successor</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee pursuant to Section 609.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. If an instrument of acceptance by
a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the
Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act after written
request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months,
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or
by any such Holder of a Security, or</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then, in any such case, (a) the Company, by or pursuant to Board
Resolution, may remove the Trustee with respect to all Securities, or (b) subject to Section 315(c) of the Trust Indenture Act
any Holder of a Security who has been a bona fide Holder of a Security of any series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities of such series and the appointment of a successor Trustee or Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by or pursuant to Board Resolutions, shall promptly appoint
a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of
Section 609. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 609, become
the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company
or the Holders of Securities and accepted appointment in the manner required by Section 609, any Holder of a Security who has been
a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses
appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such
event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 609. Acceptance of Appointment by Successor</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company and/or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall
be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part
of any other Trustee hereunder, and upon the execution and delivery of such supplemental indenture the resignation or removal of
the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates have no further responsibility for the exercise
of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture other than
as hereinafter expressly set forth, and each such successor Trustee without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 610. Merger, Conversion, Consolidation or Succession
to Business</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 611. Appointment of Authenticating Agent</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee may appoint an Authenticating Agent
or Authenticating Agents, which may be an Affiliate of the Company, with respect to one or more series of Securities which shall
be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue or
exchange, registration of transfer or partial redemption thereof or pursuant to Section 307, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Authenticating Agent shall be acceptable
to the Company and, except as specified as contemplated by Section 301, shall at all times be a corporation that would be permitted
by Section 310(a)(1) and (5) of the Trust Indenture Act to be able to act as a trustee under an indenture qualified under the Trust
Indenture Act, is authorized under applicable law and by its charter to act as such and that has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of not less than $50,000,000. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section. If the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Authenticating Agent has or shall acquire any conflicting interest,
as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series, the Authenticating Agent
shall take action as is required pursuant to said Section 310(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities,
if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security
Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once
in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is located
outside the United States. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company agrees to pay each Authenticating
Agent from time to time reasonable compensation for its services under this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of Sections 309, 603 and 604
shall be applicable to each Authenticating Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of
the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication in the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This certificate represents Securities of the
series designated herein referred to in the within-mentioned Indenture.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 48%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: </FONT></TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">not in its individual capacity but solely as Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Authenticating Agent </FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory </FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If all of the Securities of any series may not
be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not comply with Section 102) by the Company, shall appoint in accordance
with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such
series of Securities.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE
AND COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 701. Company to Furnish Trustee Names and Addresses of
Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with Section 312(a) of the Trust
Indenture Act, the Company will furnish or cause to be furnished to the Trustee</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;semi-annually,
not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record
Date, or if there is no Regular Record Date for interest for such series of Securities, semi-annually, upon such dates as are set
forth in the Board Resolution or indenture supplemental hereto authorizing such series, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>provided, however</I>, that so long as the Trustee is the Security
Registrar no such list shall be required to be furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 702. Preservation of Information; Communications to Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 703. Reports by Trustee</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
60 days after May 15 of each year commencing with the year following the first issuance of Securities pursuant to Section 301,
if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the Trust Indenture
Act a brief report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred
since the later of the immediately preceding May 15 and the date of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the Trust
Indenture Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 704. Reports by Company</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company, pursuant to Section 314(a) of the
Trust Indenture Act, shall:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the Trustee, within 15 days after the Company actually files the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section
13 or Section 15(d) of the Securities </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exchange Act of 1934; or, if the Company is not required to file information, documents or
reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a Security listed and registered
on a national Securities exchange as may be prescribed from time to time in such rules and regulations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Company with respect to compliance by such obligor
with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transmit
within 30 days after the actual filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant
to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transmit
within 90 days of December 31 of each year to the Trustee, a brief certificate from the principal executive officer, principal
financial officer or principal accounting officer of the Company as to his or her knowledge of such obligor&rsquo;s compliance
with all conditions and covenants under the Indenture as determined without regard to any period of grace or requirement of notice
provided under the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such shall not constitute constructive or
other notice of any information contained therein or determinable from information contained therein, including the Company&rsquo;s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 801. Company May Consolidate Etc., Only on Certain Terms</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing contained in this Indenture or in any
of the Securities shall prevent any consolidation or merger of the Company with or into any other Person or Persons (whether or
not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any conveyance, transfer or lease of the property of the Company as an entirety or substantially
as an entirety, to any other Person (whether or not affiliated with the Company); PROVIDED, HOWEVER, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, the entity formed by such consolidation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and shall
expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed
and delivered by the successor Person to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the
principal of (and premium, if any) and interest on or any Additional Amounts in respect of all the Securities and the performance
of every other covenant of this Indenture on the part of the Company to be performed or observed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary
as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event
of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and
be continuing; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the successor Person has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 802. Successor Corporation Substituted For Company</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon any consolidation or merger or any conveyance,
transfer or lease of the properties and assets of the Company substantially as an entirety to any Person in accordance with Section
801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer
or lease 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 had been named as the Company herein, and thereafter, except in the case of a
lease to another Person, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the
Securities and the Coupons.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 901. Supplemental Indentures without Consent of Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without the consent of any Holders of Securities
or Coupons, the Company, when authorized by Board Resolutions, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
herein and in the Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are
to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal (or premium, if any) on Registered Securities or of principal
(or premium, if any) or any interest on Bearer Securities, to permit Registered Securities to be exchanged for Bearer Securities
or to permit or facilitate the issuance of Securities in uncertified form, PROVIDED any such action shall not adversely affect
the interests of the Holders of Securities of any series or any Coupons appertaining thereto in any material respect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
establish the form or terms of Securities of any series and any Coupons appertaining thereto as permitted by Sections 201 and 301;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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, pursuant to the requirements of Section 609(b);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent
with the provisions of this Indenture and which shall not adversely affect the interest of the Holders of Securities of any series
or any related coupons in any material respect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Securities, as herein set forth;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add any additional Events of Default;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to conform the obligations of
the Company and the Trustee under this Indenture to the obligations imposed on such Persons hereunder pursuant to the Trust Indenture
Act or under any similar federal statute hereafter enacted and rules or regulations of the Commission thereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
make provisions with respect to the conversion rights of Holders of Convertible Securities pursuant to the requirements of Section
1506; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to, change or eliminate any of the provisions of this Indenture in respect to one or more series of Securities; provided, however,
that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series issued prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such
pre-existing series of any Security with respect to the application of such provision to such pre-existing series of a Security
or (ii) shall become effective only when there is no such pre-existing series of a Security outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 902. Supplemental Indentures with Consent of Holders</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolutions, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of
such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental Indenture shall, without the consent of the Holder
of each Outstanding Security affected thereby, shall</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change
the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount thereof
or the rate of interest thereon or any Additional Amounts payable in respect thereof, or any premium payable upon the redemption
thereof, or change the obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by
Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security that
would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the Place
of Payment, coin or currency in which any Security or any premium or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after
the Redemption Date), or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section 1404 for quorum or voting, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify
any of the provisions of this section, or Sections 512, 513 or Section 1011, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may, but shall not be obligated
to, fix a record date for the purposes of determining the Persons entitled to consent to any indenture supplemental hereto. If
a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; PROVIDED, that unless
such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is
90 days after such record date, any such consent previously given shall automatically and without further action by any Holder
be cancelled and of no further effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It shall not be necessary for any Act of Holders
of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 903. Execution of Supplemental Indentures</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created
by this Indenture, the Trustee shall be provided with, and (subject to Section 315 of the Trust Indenture Act) shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture and that it complies with the terms of this Indenture. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 904. Effect of Supplemental Indentures</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder
and of any Coupons appertaining thereto shall be bound thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 905. Conformity with Trust Indenture Act</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906. Reference in Securities to Supplemental Indentures</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1001. Payment of Principal, Premium, If Any, and Interest</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants and agrees for the benefit
of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any), interest
on or any Additional Amounts payable in respect of the Securities of that series in accordance with the terms of such series of
Securities, any Coupons appertaining thereto and this Indenture. Any interest due on and any Additional Amounts payable in respect
of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section 1004 in respect
of principal of (or premium, if any, on) such a Security, shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they severally mature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1002. Maintenance of Office or Agency</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of such series (but not Bearer Securities, except as otherwise
provided below, unless such Place of </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment is located outside the United States) may be presented or surrendered for payment,
where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable
as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an office or agency in
a Place of Payment for such series which is located outside the United States where Securities of such series and the related Coupons
may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of such series
pursuant to Section 1004); PROVIDED, HOWEVER, that if the Securities of such series are listed on any other stock exchange located
outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent in any other required
city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange.
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, except that Bearer Securities of that series and the related Coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 1004) at the place
specified for the purpose pursuant to Section 301, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section 301, no payment of principal, premium or interest on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with
a bank located in the United States; PROVIDED, HOWEVER, payment of principal of and any premium and interest in U.S. dollars (including
Additional Amounts payable in respect thereof) on any Bearer Security may be made at the Corporate Trust Office or any office or
agency designated by the Company if (but only if) payment of the full amount of such principal, premium, interest or Additional
Amounts at all offices outside the United States maintained for the purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall
in any manner relieve the Company of their obligation to maintain an office or agency in each Place of Payment for Securities of
any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. Unless otherwise specified as contemplated by Section 301,
the Company hereby designates as the Place of Payment for each series the Corporate Trust Office of the Trustee. Pursuant to Section
301(9) of this Indenture, the Company may subsequently appoint a place or places where such Securities may be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1003. Money for Securities Payments to Be Held in Trust</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium,
if any), or interest on, any of the Securities of that series, segregate and hold in trust for the benefit of the Person entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of (and premium, if any), or
interest on, any Securities of that series, deposit with any Paying Agent a sum sufficient to pay the principal (and premium, if
any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will cause each Paying Agent for
any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hold
all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series in trust
for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any
payment of principal (and premium, if any) or interest on the Securities of that series; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided hereby or pursuant
hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of (and premium, if any) or interest and Additional Amounts on any Security of any series and remaining unclaimed for
two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any Coupon appertaining
thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense
of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed
to Holders of Registered Securities for such series, or both, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than two years
after such principal (and premium, if any) or interest has become due and payable, any unclaimed balance of such money then remaining
will be repaid to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1004. Additional Amounts</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Securities of a series provide for the
payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security of any such series or any Coupon appertaining
thereto Additional Amounts as provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the
principal of (or premium, if any) or interest on, or in respect of, any Security of any series or any related Coupon or the net
proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the
payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express mention of
the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts
in those provisions hereof where such express mention is not made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided herein or pursuant
hereto, if the Securities of a series provide for the Payment of Additional Amounts, at least 10 days prior to the first Interest
Payment Date with respect to such series of Securities (or if the Securities of that series shall not bear interest prior to Maturity,
the first day on which a payment of principal (and premium, if any, is made), and at least 10 days prior to each date of payment
of principal (and premium, if any) or interest if there has been any change with respect to the matters set forth in the below-mentioned
Officers&rsquo; Certificate, the Company will furnish the Trustee and the principal Paying Agent or Paying Agents, if other than
the Trustee, an Officers&rsquo; Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment
of principal (and premium, if any) of or interest on the Securities of that series shall be made to Holders of Securities of that
series or the Coupons appertaining thereto who are United States Aliens without withholding for or on account of any tax, assessment
or other governmental charge described in the Securities of that </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">series. If any such withholding shall be required, then such Officers&rsquo;
Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities
or Coupons and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section. The
Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or
expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or
omitted by any of them in reliance on any Officers&rsquo; Certificate furnished pursuant to this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1005. Statement as To Compliance; Notice of Certain Defaults</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will, in addition to the reports required by Section 704(4), deliver to the Trustee, within 120 days after the end of each
fiscal year (which on the date hereof ends on December 31), commencing December 31, 20[_], a written statement, which need not
comply with Section 102, signed by the Chairman of the Board, a Deputy Chairman, Vice Chairman, the President or a Vice President
and by the Treasurer or an Assistant Treasurer of the Company, stating, as to each signer thereof, that</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
review of the activities of the Company during such year and of performance under this Indenture has been made under his supervision,
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the best of his knowledge, based on such review, (a) the Company has fulfilled all of its obligations under this Indenture throughout
such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him
and the nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of time or
both would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to
him and the nature and status thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will deliver to the Trustee as soon as possible, and in any event, within five days after the occurrence thereof, written
notice of any event which after notice or lapse of time or both would become an Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1006. Limitation on Liens</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will not pledge, mortgage or hypothecate,
or permit to exist any pledge, mortgage or hypothecation or other lien upon, any shares of Capital Stock of the Subsidiary Bank
to secure any indebtedness for borrowed money without making effective provisions whereby the Securities shall be equally and ratably
secured with any and all such indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case the Company shall propose to pledge,
mortgage, or hypothecate any such shares of Capital Stock at any time owned by it to secure any indebtedness, the Company will
prior thereto give written notice thereof to the Trustee and will prior to or simultaneously with such pledge, mortgage or hypothecation,
by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Securities equally and
ratably with such indebtedness, by pledge, mortgage or hypothecation of such shares of Capital Stock. Such supplemental indenture
shall contain the provisions concerning the possession, control, release and substitution of mortgaged and pledged property and
Securities and other appropriate matters which are required or are permitted by the Trust Indenture Act (as in effect at the date
of execution of such supplemental indenture) to be included in a secured indenture qualified under said Trust Indenture Act, and
may also contain such additional and amendatory provisions permitted by said Trust Indenture Act as the Company and the Trustee
shall deem advisable or appropriate or as the Trustee shall deem necessary in connection with such pledge, mortgage or hypothecation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1007. Limitation on Certain Acquisitions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will not (a) acquire Capital Stock
of any corporation or (b) acquire substantially all the assets and liabilities of any corporation, if, immediately upon giving
effect to such acquisition, the Company would not then be in full compliance with all the terms, conditions and covenants contained
in this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1008. Payment of Taxes and Other Claims</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed
upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any subsidiary;
PROVIDED, HOWEVER, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1009. Corporate Existence</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to Article Eight, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter
and statutory) and franchises and the corporate existence, rights (charter and statutory) and franchises of the Subsidiary Bank;
PROVIDED, HOWEVER, that the Company shall not be required to preserve any such corporate existence, right or franchise if the Company
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries
considered as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1010. Waiver of Certain Covenants</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Section 1006, 1007 and 1008 with respect to the Securities of any
series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities
of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with
such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1011. Calculation of Original Issue Discount</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall file with the Trustee promptly
at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating
to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1101. Applicability of Article</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Redemption of Securities of any series at the
option of the Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such
Securities and (except as otherwise provided herein or pursuant hereto) this Article.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1102. Election To Redeem; Notice To Trustee</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The election of the Company to redeem any Securities
shall be evidenced by Board Resolution. In case of any redemption at the election of the Company of the Securities of any series,
with the same issue date, interest rate and Stated Maturity, the Company shall, at least 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Securities of such series to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1103. Selection by Trustee of Securities To Be Redeemed</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If less than all the Securities of any series
with the same issue date, interest rate, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount of Registered Securities of such series; PROVIDED, HOWEVER, that no
such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to
less than the minimum denomination for a Security of such series established herein pursuant hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Convertible Security selected for partial
redemption is converted in part before termination of the conversion right with respect to the portion of the Security so selected,
the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities
which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the
purpose of such selection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1104. Notice of Redemption</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified
in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any notice that is mailed to the Holder of any
Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such
Holder receives the notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Redemption Date,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Redemption Price,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
less than all outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Securities to be redeemed,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
case any Registered Security is to be redeemed in part only, the notice which relates to such Security shall state that on and
after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Registered
Security or Registered Securities of authorized denominations for the principal amount thereof remaining unredeemed,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Convertible Securities, the Conversion Price then in effect, the date on which the right to convert the principal amount
of the Securities or the portions thereof to be redeemed will terminate and the place or places where such Securities may be surrendered
for conversion,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed only, as to Bearer
Securities, against tender of such Security and any Coupons appertaining thereto, and, if applicable, that interest thereon and
Additional Amounts, if any, shall cease to accrue on and after said date,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
place or places where such Securities, together, in the case of Bearer Securities with all Coupons appertaining thereto, if any,
maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the redemption is for a sinking fund, if such is the case, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
CUSIP number, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A notice of redemption published as contemplated
by Section 106 need not identify particular Registered Securities to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company&rsquo;s request, by the Trustee in the name and
at the expense of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1105. Deposit of Redemption Price</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On or prior to any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect thereto, all the Securities
or portions thereof which are to be redeemed on that date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Convertible Security or portion thereof
called for redemption is converted pursuant to Article Fifteen, any money deposited with the Trustee or so segregated and held
in trust for the redemption of such Security or portion thereof shall (subject to any right of the Holder of the Security on a
Regular Record Date preceding such conversion to receive interest) be paid to the Company upon Company Request or, if then held
by the Company, shall be discharged from such trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1106. Securities Payable on Redemption Date</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed,
except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said
notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid
by the Company at the Redemption Price, together with accrued interest (or any Additional Amounts) to the Redemption Date; PROVIDED,
HOWEVER, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of coupons for such interest (at an office or agency located outside the United States
except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that installments of interest on Registered Securities whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the Regular Record Dates according to their terms and the provisions
of Section 308.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon
or Coupons may be waived by the Company and the Trustee if there be furnished to them such Security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; PROVIDED, HOWEVER, that interest (or any Additional Amounts) represented by
Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United
States except as otherwise provided in Section 1002.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1107. Securities Redeemed in Part</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any Registered Security which is to be redeemed
only in part shall be surrendered at any office or agency of the Company maintained for that purpose pursuant to Section 1002 (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered
Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and
deliver to the U.S. Depository or other depository for such Security in global form as shall be specified in the Company Order
with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange
for the unredeemed portion of the principal of the Security in global form so surrendered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1108. Conversion Arrangements on Call for Redemption</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding anything to the contrary contained
in this Indenture, in connection with any redemption of Convertible Securities of any series, the Company, by an agreement with
one or more investment bankers or other purchasers, may arrange for such purchasers to purchase all such Convertible Securities
called for redemption (the Called Securities) which are either (i) surrendered for redemption or (ii) not duly surrendered for
redemption or conversion prior to the close of business on the Redemption Date, and to convert the same into shares of Common Stock,
by the purchasers&rsquo; depositing with the Trustee (acting as Paying Agent with respect to the deposit of such amount and as
conversion agent with respect to the conversion of such Called Securities), in trust for the Holders of the Called Securities,
on or prior to the Redemption Date in the manner agreed to by the Company and such purchasers, an amount sufficient to pay the
Redemption Price, payable by the Company on redemption of such Called Securities. In connection with any such arrangement for purchase
and conversion, the Trustee as Paying Agent shall pay on or after the Redemption Date such amounts so deposited by the purchasers
in exchange for Called Securities surrendered for redemption prior to the close of business on the Redemption Date and for all
Called Securities surrendered after such Redemption Date. Notwithstanding anything to the contrary contained in this Article Eleven,
the obligation of the Company to pay the Redemption Price of such Called Securities shall be satisfied and discharged to the extent
such amount is so paid by such purchasers. However, nothing in this Section 1108 shall in any way relieve the Company of the obligation
to pay such Redemption Price on all Called Securities to the extent such amount is not so paid by said purchasers. For all purposes
of this Indenture, any Called Securities surrendered by the Holders for redemption, and any Called Securities not duly surrendered
for redemption or conversion prior to the close of business on the Redemption Date, shall be deemed acquired by such purchasers
from such Holders and surrendered by such purchasers for conversion and shall in all respects be deemed to have been converted,
all as of immediately prior to the close of business on the Redemption Date, subject to the deposit by the Purchasers of the above
amount as aforesaid. Nothing in this Section 1108 shall in any way limit the right of any Holder of a Security to convert his Security
pursuant to the terms of this Indenture and of such Security at any time prior to the close of business on the Redemption Date
applicable thereto.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1201. Applicability of Article</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or required by any form of Security
of such series issued pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory sinking fund payment&rdquo;,
and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as
an &ldquo;optional sinking fund payment&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 1202. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1202. Satisfaction of Sinking Fund Payments with Securities</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of such series to be made pursuant to the terms of such Securities
as provided for by the terms of such series (1) deliver Outstanding Securities of such series (other than any of such Securities
previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company), together
in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit
Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, PROVIDED
that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose
by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any
series in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of such series 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
for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to
the next succeeding sinking fund payment, PROVIDED, HOWEVER, that the Trustee or such Paying Agent shall at the request of the
Company from time to time 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 purchased by the Company having an unpaid principal amount
equal to the cash payment requested to be released to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1203. Redemption of Securities for Sinking Fund</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers&rsquo; Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series 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 pursuant to Section 1202, and the optional amount, if any, to be added in cash to the
next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers&rsquo; Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory
sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 1106 and 1107.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPAYMENT AT THE OPTION OF HOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1301. Applicability of Article</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities
of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 310, shall not operate as a payment, redemption or satisfaction
of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Article Thirteen, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by
an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall
be satisfied and discharged to the extent such payment is so paid by such purchasers.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1401. Purposes For Which Meetings May Be Called</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A meeting of Holders of Securities of such series
may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities
of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1402. Call, Notice and Place of Meetings</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1401, to be
held at such time and at such place in the Principle Office of the Trustee, or, if Securities of such series are to be issued as
Bearer Securities, in the City of [_________], as the Trustee shall determine. Notice of every meeting of Holders of Securities
of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed
for the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time the Company, pursuant to Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 1401, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of
such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders
of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting
and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1403. Persons Entitled To Vote At Meetings</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities
of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1404. Quorum; Action</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series.
In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not
less than </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in section 1402 (a), except that such notice need be given only once not less than five days prior to
the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as limited by the proviso to Section
902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote
of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of
Securities of such series and the Coupons appertaining thereto, whether or not present or represented at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1405. Determination of Voting Rights; Conduct and Adjournment
of Meetings</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature
of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify
to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 1402(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
meeting of Holders of Securities of any series duly called pursuant to Section 1402 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting; and the meeting may be held as so adjourned without further notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1406. Counting Votes and Recording Action of Meetings</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders
of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A record, at least in triplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given
as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1501. Conversion Privilege</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to and upon compliance with the provisions
of this Article Fifteen and the terms of the Convertible Securities of the series proposed to be converted, at the option of the
Holder, any Convertible Security or any portion of the principal amount thereof which is $1,000 or an integral multiple thereof,
may be converted into shares of Common Stock, as said shares shall be constituted at the Date of Conversion, at the Conversion
Price for such Convertible Securities of such series in effect at the Date of Conversion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1502. Manner of Exercise of Convertible Privilege</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to exercise the conversion privilege,
the Holder of any Convertible Security to be converted shall surrender such Convertible Security to the Company at its office or
agency, together with the conversion notice in the form provided on the Securities (or separate written notice) duly executed,
and, if so required by the Company, accompanied by instruments of transfer, in form satisfactory to the Company and to the Trustee,
duly executed by the Holder or by his duly authorized attorney in writing. Any Registered Convertible Security so surrendered during
the period from the close of business on the Regular Record Date preceding an Interest Payment Date for such Registered Convertible
Security to the opening of business on such Interest Payment Date shall (unless any such Registered Convertible Security or the
portion thereof being converted shall have been called for redemption on a Redemption Date during such period, in which event no
interest shall be payable with respect to such Registered Convertible Security or portion thereof, as the case may be, following
such Redemption Date) also be accompanied by payment in Clearing House funds or other funds acceptable to the Company of an amount
equal to the interest payable on such Interest Payment Date on the principal amount of such Registered Convertible Security then
being converted; provided, however, that no such payment need be made if there shall exist, at the time of conversion, a default
in the payment of interest on the Convertible Securities of such series. Except as provided in the immediately preceding sentence,
no adjustment shall be made for interest accrued on any Convertible Security that shall be converted or for dividends on any shares
of Common Stock that shall be delivered upon the conversion of such Convertible Securities. The funds so delivered to such office
or agency shall be paid to the Company on or after such Interest Payment Date, unless the Company shall default in the payment
of the interest due on such Interest Payment Date, in which event such funds shall be repaid to the Person who delivered the same.
As promptly as practicable after the surrender of any Convertible Security for conversion as aforesaid, the Company shall deliver
at said office or agency to such Holder, or on his written order, a certificate or certificates for the number of full shares deliverable
upon the conversion of such Convertible Security or portion thereof and a check or cash in respect of any fraction of a share of
Common Stock otherwise deliverable upon such conversion, all as provided in this Article Fifteen, together with a Convertible Security
or Convertible Securities of the same series in principal amount equal to the unconverted and unredeemed portion, if any, of the
Convertible Security so converted in accordance with Section 306 hereof. Such conversion shall be deemed to have been effected
on the date on which such notice shall </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">have been received at said office or agency and such Convertible Security shall have been
surrendered as aforesaid, and the Person or Persons in whose name or names any certificate or certificates for shares of Common
Stock shall be deliverable upon such conversion shall be deemed to have become on said date the Holder or Holders of record of
the shares represented thereby, provided, however, that any such surrender on any date when the stock transfer books of the Company
shall be closed shall constitute the Person or Persons in whose name or names the certificates are to be delivered as the record
Holder or Holders thereof for all purposes on the next succeeding day on which such stock transfer books are open, but such conversion
shall be at the Conversion Price in effect on the date of such surrender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1503. Cash Adjustment upon Conversion</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall not be required to deliver
fractions of shares of Common Stock upon conversions of Convertible Securities. If more than one Convertible Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be deliverable upon conversion
thereof shall be computed on the basis of the aggregate principal amount of the Securities so surrendered. If any fractional interest
in a share of Common Stock would be deliverable upon the conversion of any Convertible Security or Securities, the Company shall
make an adjustment therefor in cash equal to the current market value of such fractional interest computed to the nearest cent
either on the basis of the last reported sale price regular way of the Common Stock on The Nasdaq Global Select Market (or, if
not listed on The Nasdaq Global Select Market, then on such other exchange on which the shares of Common Stock are listed as the
Company may designate) on the last Business Day prior to the Date of Conversion or, if there shall not have been a sale on such
last Business Day, on the basis of the average of the bid and asked quotations therefor on such exchange on such last Business
Day or, if the Common Stock shall not then be listed on any exchange, at the highest bid quotation in the over-the- counter market
on such last Business Day as reported by the National Association of Securities Dealers through NASDAQ, its automated system for
reporting quotes, or its successor or such other generally accepted source of publicly reported bid and asked quotations as the
Company may reasonably designate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1504. Conversion Price</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Conversion Price applicable to any series
of Convertible Securities shall be the initial Conversion Price set forth on the Officers&rsquo; Certificate or supplemental indenture
establishing such series adjusted as provided in this Article Fifteen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1505. Adjustment of Conversion Price</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Conversion Price applicable to any series
of Convertible Securities shall be adjusted from time to time as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Securities of any series are outstanding, (i) pay a dividend
on its Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares,
or (iii) combine its outstanding Common Stock into a smaller number of shares, the Conversion Price for such series in effect immediately
prior thereto shall be adjusted so that the Holder of any Security of such series thereafter surrendered for conversion shall be
entitled to receive the number of shares of Common Stock or other securities of the Company which he would have owned or have been
entitled to receive after the happening of any of the events described above, had such Convertible Security of such series been
converted immediately prior to the happening of such event. An adjustment made pursuant to this subdivision (a) shall become effective,
in the case of a dividend, on the payment date retroactively to immediately after the opening of business on the day following
the record date for the determination of shareholders entitled to receive such dividend, subject to the provisions of paragraph
(g) of this Section 1505, and shall become effective in the case of a subdivision or combination immediately after the opening
of business on the day following the day when such subdivision or combination, as the case may be, becomes effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Convertible Securities of any series are outstanding, issue
rights or warrants to all holders of its shares of Common Stock entitling them (for a period expiring within 45 days of the record
date mentioned below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price
per share of Common Stock (as defined in paragraph (d) </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">below) at such record date, the Conversion Price of any series of Convertible
Securities in effect immediately prior to the issuance of such rights or warrants shall be adjusted as follows: the number of shares
of Common Stock into which $1,000 principal amount of Convertible Securities of such series was theretofore convertible shall be
multiplied by a fraction, of which the numerator shall be the number of shares of Common Stock outstanding immediately prior to
such record date plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the denominator
shall be the number of shares of Common Stock outstanding immediately prior to such record date plus the number of shares which
the aggregate offering price of the total number of shares so offered would purchase at such current market price; and the Conversion
Price for such series of Convertible Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000
principal amount of Securities of such series shall be convertible as aforesaid. Such adjustment shall become effective on the
date of such issuance retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such rights or warrants, subject to the provisions of paragraph (g) of this Section 1505. In
determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than
such current market price, and in determining the aggregate offering price of such shares, there shall be taken into account any
consideration received by the Company for such rights or warrants, the value of such consideration, if other than cash, to be determined
by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time from time to time while the Convertible Securities of any series are outstanding, distribute
to all holders of shares of its Common Stock evidences of its indebtedness or securities or assets (excluding cash dividends or
cash distributions payable out of consolidated net earnings or retained earnings) or rights or warrants to subscribe for shares
of Common Stock at a price per share less than the current market price per share of Common Stock, determined in the manner set
forth in paragraph (d) below, but excluding rights or warrants referred to in paragraph (b) above, the Conversion Price for such
series of Convertible Securities in effect immediately prior to such distribution shall be adjusted by multiplying the number of
shares of Common Stock into which $1,000 principal amount of Convertible Securities of such series of Convertible Securities was
theretofore convertible by a fraction, of which the numerator shall be the current market price per share of Common Stock (as defined
in paragraph (d) below) on the record date for such distribution, and of which the denominator shall be such current market price
per share of the Common Stock, less the then fair market value (as determined by the Board of Directors of the Company, whose determination
shall be conclusive) of the portion of such evidences of indebtedness, securities or assets or of such subscription rights or warrants
so distributed applicable to one share of Common Stock; and the Conversion Price for such series of Convertible Securities shall
be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal amount of Convertible Securities of such
series shall be convertible as aforesaid. Such adjustment shall become effective on the date of such distribution retroactively
to immediately after the opening of business on the day following the record date for the determination of shareholders entitled
to receive such distribution, subject to the provisions of paragraph (g) of this Section 1505. For the purposes of this paragraph
(c) consolidated net earnings or retained earnings shall be computed by adding thereto all charges against retained earnings on
account of dividends paid in shares of Common Stock in respect of which the Conversion Price has been adjusted, all as determined
by Independent Public Accountants, whose determination shall be conclusive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of any computation under paragraphs (b) and (c) above, the current market price per share of Common Stock at any date
shall be deemed to be the average of the market values of the shares of Common Stock for the ten consecutive Business Days immediately
preceding the day in question. The market value of the Common Stock for each day shall be determined as provided in Section 1503
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make such reductions in the Conversion Price for any series of Convertible Securities, in addition to those required
by paragraphs (a), (b) and (c) of this Section as it considers to be advisable in order that any event treated for Federal income
tax purposes as a dividend of stock or stock rights shall not be taxable to the recipients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as herein otherwise provided, no adjustment in the Conversion Price for any series of Convertible Securities shall be made by reason
of the issuance, in exchange for cash, property or services, of shares of Common Stock, or any securities convertible into or exchangeable
for shares of Common Stock, or carrying the right to purchase any of the foregoing.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive any dividend
or any subscription or purchase rights or any distribution and shall, thereafter and before the distribution to shareholders of
any such dividend, subscription or purchase rights or distribution, legally abandon its plan to pay or deliver such dividend, subscription
or purchase rights or distribution, then no adjustment of the Conversion Price for any series of Convertible Securities shall be
required by reason of the taking of such record.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
adjustment in the Conversion Price for any series of Convertible Securities shall be required unless such adjustment would require
an increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this paragraph
(h) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations
under this Article Fifteen shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Conversion Price for any series of Convertible Securities is adjusted as herein provided, the Company shall (i) forthwith place
on file at the Principal Office of the Trustee an Officers&rsquo; Certificate showing in detail the facts requiring such adjustment
and the Conversion Price after such adjustment and shall exhibit the same from time to time to any Holder of Convertible Securities
of such series desiring an inspection thereof, and (ii) cause a notice stating that such adjustment has been effected and the adjusted
Conversion Price to be mailed to the Holders of Registered Convertible Securities of such series at their last addresses as they
shall appear on the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may delete, modify or vary any of the provisions applicable to conversion of the Convertible Securities of any series,
or may add new provisions applicable thereto, all as may be contained in the Board Resolutions and Officers&rsquo; Certificate
or supplemental indenture establishing such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1506. Effect of Reclassifications, Consolidations, Mergers
or Sales on Conversion Privilege</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case of any reclassification or change of
outstanding shares of the class of Common Stock issuable upon conversion of the Convertible Securities (other than a change in
par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger or consolidation of the Company with one or more other corporations (other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in any reclassification or change of outstanding shares
of Common Stock issuable upon conversion of the Securities), or in case of the merger of the Company into another corporation,
or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an
entirety, the Holder of Convertible Securities then outstanding shall have the right to convert such Convertible Security into
the kind and amount of shares of capital stock or other securities and property, including cash, receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into which such Convertible
Security might have been converted immediately prior to such reclassification, change, consolidation, merger, sale or conveyance.
In any such case the Company, or such successor or purchasing corporation, as the case may be, shall execute with the Trustee one
or more supplemental indentures (which shall conform to the Trust Indenture Act of 1939 as in force at the date of the execution
of such supplemental indenture) containing provisions to the effect set forth above in this Section 1506 and providing further
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article Fifteen;
and any such adjustment which shall be approved by the Board of Directors and set forth in such supplemental indenture or supplemental
indentures shall be conclusive for all purposes of this Section, and the Trustee shall not be under any responsibility to determine
the correctness of any provision contained in such supplemental indenture or supplemental indentures relating to either the kind
or amount of shares of stock or securities or property receivable by Holders of Securities of any series upon the conversion of
their Convertible Securities after any such reclassification, change, consolidation, merger, sale or conveyance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The above provisions of this Section 1506 shall
similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1507. Taxes on Conversions</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The issue of stock certificates on conversions
of Convertible Securities shall be made without charge to the converting Holder of Convertible Securities for any tax in respect
of the issue thereof. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of shares in any name other than that of the Holder of any Registered Convertible Security converted,
and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person or Persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1508. Company to Reserve Common Stock</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall at all times reserve and keep
available out of the aggregate of its authorized but unissued shares or its issued shares held in its treasury, or both, for the
purpose of effecting the conversion of the Securities, such number of its duly authorized shares of Common Stock as shall from
time to time be sufficient to effect the conversion of all outstanding Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any shares of Common Stock reserved or to
be reserved for the purpose of conversion of Securities hereunder require registration with or approval of any governmental authority
under any Federal or State law before such shares may be validly delivered upon conversion, then the Company covenants that it
will in good faith and as expeditiously as possible endeavor to secure registration or approval, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants that all shares of Common
Stock which may be delivered upon conversion of Convertible Securities shall upon delivery be fully paid and nonassessable by the
Company and free from all taxes, liens and charges with respect to the issue or delivery thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1509. Disclaimer by Trustee of Responsibility for Certain
Matters</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Trustee nor any conversion agent
shall at any time be under any duty or responsibility to any Holder of Convertible Securities of any series to determine whether
any facts exist which may require any adjustment of the Conversion Price for such series, or with respect to the nature or extent
of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to
be employed, in making the same, subject, however, to the provisions of Sections 315(a) through 315(b) of the Trust Indenture Act.
Neither the Trustee nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock, or of any securities or property which may at any time be issued or delivered upon the conversion
of any Convertible Security; and neither of them makes any representation with respect thereto. Neither the Trustee nor any conversion
agent shall be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares
of Common Stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion
or, subject to Sections 315(a) through 315(b) of the Trust Indenture Act, to comply with any of the covenants of the Company contained
in this Article Sixteen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No recourse may be taken with respect to the
obligations of the Issuer or the Trustee against the Trustee in its individual capacity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 1510. Company to Give Notice of Certain Events</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Company shall pay any dividend or make any distribution to the holders of shares of Common Stock otherwise than in cash charged
against consolidated net earnings or retained earnings of the Company and its consolidated net earnings or retained earnings of
the Company and its consolidated subsidiaries or in Common Stock; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Company shall offer for subscription or purchase, pro rata, to the holders of shares of Common Stock any additional shares
of stock of any class or any securities convertible into or exchangeable for stock of any class; or</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any reclassification or change in outstanding shares of the class of Common Stock issuable upon the conversion of the Securities
(other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), or of any merger or consolidation of the Company with, or merger of the Company into, another corporation (other
than a merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification
or change of outstanding shares of Common Stock issuable upon conversion of the Securities), or of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an entirety;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then, and in any one or more of such events, the Company will give
to the Trustee and each conversion agent written notice thereof at least fifteen days prior to (i) the record date fixed with respect
to any of the events specified in (1) and (2) above, and (ii) the effective date of any of the events specified in (3) above; and
shall mail promptly a copy of such notice to the Holders of Registered Convertible Securities at their last addresses as they shall
appear upon the Security Register. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed as of the day and year first above written.</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 48%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST BANCORP</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
        not in its individual capacity <BR>
but solely as Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;By</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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<TYPE>EX-4.6
<SEQUENCE>3
<FILENAME>ex4-6.htm
<DESCRIPTION>EX-4.6
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 4.6</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 3in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 3in"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 3in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 3in"></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Subordinated Debt Securities</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 95%; text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE ONE&nbsp;&nbsp;&nbsp;DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</TD>
    <TD STYLE="width: 5%; text-align: right; padding-top: 12pt; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 101.&nbsp;&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 102.&nbsp;&nbsp;&nbsp;Compliance Certificates and Opinions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 103.&nbsp;&nbsp;&nbsp;Form of Documents Delivered to Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 104.&nbsp;&nbsp;&nbsp;Acts of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 105.&nbsp;&nbsp;&nbsp;Notices, Etc., to Trustee and Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 106.&nbsp;&nbsp;&nbsp;Notice to Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 107.&nbsp;&nbsp;&nbsp;Language of Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 108.&nbsp;&nbsp;&nbsp;Conflict With Trust Indenture Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 109.&nbsp;&nbsp;&nbsp;Effect of Headings and Table of Contents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 110.&nbsp;&nbsp;&nbsp;Successors and Assigns</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 111.&nbsp;&nbsp;&nbsp;Separability Clause</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 112.&nbsp;&nbsp;&nbsp;Benefits Of Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 113.&nbsp;&nbsp;&nbsp;Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 114.&nbsp;&nbsp;&nbsp;Legal Holidays</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE TWO&nbsp;&nbsp;&nbsp;SECURITIES FORMS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 201.&nbsp;&nbsp;&nbsp;Forms Generally</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 202.&nbsp;&nbsp;&nbsp;Form of Trustee&rsquo;s Certificate of Authentication</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 203.&nbsp;&nbsp;&nbsp;Securities in Global Form</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE THREE&nbsp;&nbsp;&nbsp;THE SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 301.&nbsp;&nbsp;&nbsp;Amount Unlimited, Issuable in Series</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 302.&nbsp;&nbsp;&nbsp;Denominations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 303.&nbsp;&nbsp;&nbsp;Securities in Foreign Countries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 304.&nbsp;&nbsp;&nbsp;Execution, Authentication, Delivery and Dating</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 305.&nbsp;&nbsp;&nbsp;Temporary Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 306.&nbsp;&nbsp;&nbsp;Registration, Transfer and Exchange</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 307.&nbsp;&nbsp;&nbsp;Mutilated, Destroyed, Lost and Stolen Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 308.&nbsp;&nbsp;&nbsp;Payment of Interest; Interest Rights Preserved</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 309.&nbsp;&nbsp;&nbsp;Persons Deemed Owners</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 310.&nbsp;&nbsp;&nbsp;Cancellation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 311.&nbsp;&nbsp;&nbsp;Computation of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 312.&nbsp;&nbsp;&nbsp;Cusip Numbers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE FOUR&nbsp;&nbsp;&nbsp;SATISFACTION AND DISCHARGE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 401.&nbsp;&nbsp;&nbsp;Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 402.&nbsp;&nbsp;&nbsp;Application of Trust Money</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 403.&nbsp;&nbsp;&nbsp;Satisfaction, Discharge and Defeasance of Securities of Any Series</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE FIVE&nbsp;&nbsp;&nbsp;REMEDIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 501.&nbsp;&nbsp;&nbsp;Events of Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 502.&nbsp;&nbsp;&nbsp;Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 503.&nbsp;&nbsp;&nbsp;Collection of Indebtedness and Suits For Enforcement By Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 504.&nbsp;&nbsp;&nbsp;Trustee May File Proofs of Claim</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 505.&nbsp;&nbsp;&nbsp;Trustee May Enforce Claims Without Possession of Securities or Coupons</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 506.&nbsp;&nbsp;&nbsp;Application of Money Collected</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 507.&nbsp;&nbsp;&nbsp;Limitations on Suits</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 508.&nbsp;&nbsp;&nbsp;Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 509.&nbsp;&nbsp;&nbsp;Restoration of Rights and Remedies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 510.&nbsp;&nbsp;&nbsp;Rights and Remedies Cumulative</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in; width: 95%">Section 511.&nbsp;&nbsp;&nbsp;Delay or Omission Not Waiver</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 512.&nbsp;&nbsp;&nbsp;Control By Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 513.&nbsp;&nbsp;&nbsp;Waiver of Past Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 514.&nbsp;&nbsp;&nbsp;Waiver of Stay or Extension Laws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE SIX&nbsp;&nbsp;&nbsp;THE TRUSTEE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 601.&nbsp;&nbsp;&nbsp;Notice of Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 602.&nbsp;&nbsp;&nbsp;Certain Rights of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 603.&nbsp;&nbsp;&nbsp;Not Responsible for Recitals or Issuance of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 604.&nbsp;&nbsp;&nbsp;May Hold Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 605.&nbsp;&nbsp;&nbsp;Money Held In Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 606.&nbsp;&nbsp;&nbsp;Compensation and Reimbursement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 607.&nbsp;&nbsp;&nbsp;Corporate Trustee required; Eligibility; Conflicting Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 608.&nbsp;&nbsp;&nbsp;Resignation and Removal; Appointment of Successor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 609.&nbsp;&nbsp;&nbsp;Acceptance of Appointment By Successor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 610.&nbsp;&nbsp;&nbsp;Merger, Conversion, Consolidation or Succession to Business</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 611.&nbsp;&nbsp;&nbsp;Appointment of Authenticating Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE SEVEN&nbsp;&nbsp;&nbsp;HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 701.&nbsp;&nbsp;&nbsp;Company to Furnish Trustee Names and Addresses of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 702.&nbsp;&nbsp;&nbsp;Preservation of Information; Communications to Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 703.&nbsp;&nbsp;&nbsp;Reports By Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 704.&nbsp;&nbsp;&nbsp;Reports By Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE EIGHT&nbsp;&nbsp;&nbsp;CONSOLIDATION, MERGER AND SALES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 801.&nbsp;&nbsp;&nbsp;Company May Consolidate Etc., Only on Certain Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 802.&nbsp;&nbsp;&nbsp;Successor Corporation Substituted For Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLEL NINE&nbsp;&nbsp;&nbsp;SUPPLEMENTAL INDENTURES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 901.&nbsp;&nbsp;&nbsp;Supplemental Indentures Without Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 902.&nbsp;&nbsp;&nbsp;Supplemental Indentures With Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 903.&nbsp;&nbsp;&nbsp;Execution of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 904.&nbsp;&nbsp;&nbsp;Effect of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 905.&nbsp;&nbsp;&nbsp;Conformity With Trust Indenture Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 906.&nbsp;&nbsp;&nbsp;Reference in Securities to Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 907.&nbsp;&nbsp;&nbsp;Subordination Unimpaired</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE TEN&nbsp;&nbsp;&nbsp;COVENANTS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1001.&nbsp;&nbsp;&nbsp;Payment of Principal, Premium, If Any, and Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1002.&nbsp;&nbsp;&nbsp;Maintenance of Office or Agency</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1003.&nbsp;&nbsp;&nbsp;Money For Securities Payments to Be Held in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1004.&nbsp;&nbsp;&nbsp;Additional Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1005.&nbsp;&nbsp;&nbsp;Statement As To Compliance; Notice of Certain Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1006.&nbsp;&nbsp;&nbsp;Payment of Taxes and Other Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1007.&nbsp;&nbsp;&nbsp;Corporate Existence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1008.&nbsp;&nbsp;&nbsp;Waiver of Certain Covenants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1009.&nbsp;&nbsp;&nbsp;Calculation of Original Issue Discount</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE ELEVEN&nbsp;&nbsp;&nbsp;REDEMPTION OF SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1101.&nbsp;&nbsp;&nbsp;Applicability of Article</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1102.&nbsp;&nbsp;&nbsp;Election To Redeem; Notice To Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1103.&nbsp;&nbsp;&nbsp;Selection By Trustee of Securities To Be Redeemed</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1104.&nbsp;&nbsp;&nbsp;Notice of Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1105.&nbsp;&nbsp;&nbsp;Deposit of Redemption Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1106.&nbsp;&nbsp;&nbsp;Securities Payable on Redemption Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1107.&nbsp;&nbsp;&nbsp;Securities Redeemed in Part</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in; width: 95%">Section 1108.&nbsp;&nbsp;&nbsp;Conversion Arrangements on Call for Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 5%">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE TWELVE&nbsp;&nbsp;&nbsp;SINKING FUNDS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1201.&nbsp;&nbsp;&nbsp;Applicability of Article</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1202.&nbsp;&nbsp;&nbsp;Satisfaction of Sinking Fund Payments With Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1203.&nbsp;&nbsp;&nbsp;Redemption of Securities For Sinking Fund</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE THIRTEEN&nbsp;&nbsp;&nbsp;REPAYMENT AT THE OPTION OF HOLDERS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1301.&nbsp;&nbsp;&nbsp;Applicability of Article</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE FOURTEEN&nbsp;&nbsp;&nbsp;MEETINGS OF HOLDERS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1401.&nbsp;&nbsp;&nbsp;Purposes for Which Meetings May Be Called</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1402.&nbsp;&nbsp;&nbsp;Call, Notice and Place of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1403.&nbsp;&nbsp;&nbsp;Persons Entitled To Vote At Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1404.&nbsp;&nbsp;&nbsp;Quorum; Action</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1405.&nbsp;&nbsp;&nbsp;Determination of Voting Rights; Conduct and Adjournment of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1406.&nbsp;&nbsp;&nbsp;Counting Votes and Recording Action of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE FIFTEEN&nbsp;&nbsp;&nbsp;SUBORDINATION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1501.&nbsp;&nbsp;&nbsp;Securities Subordinated To Senior Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1502.&nbsp;&nbsp;&nbsp;Subrogation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1503.&nbsp;&nbsp;&nbsp;Obligation Of Company Unconditional</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1504.&nbsp;&nbsp;&nbsp;Payment On Securities Permitted</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1505.&nbsp;&nbsp;&nbsp;Effectuation Of Subordination by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1506.&nbsp;&nbsp;&nbsp;Knowledge Of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1507.&nbsp;&nbsp;&nbsp;Trustee&rsquo;s Relation To Senior Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1508.&nbsp;&nbsp;&nbsp;Rights Of Holders Of Senior Indebtedness Not Impaired</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE SIXTEEN&nbsp;&nbsp;&nbsp;CONVERSION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1601.&nbsp;&nbsp;&nbsp;Conversion Privilege</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1602.&nbsp;&nbsp;&nbsp;Manner of Exercise of Convertible Privilege</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1603.&nbsp;&nbsp;&nbsp;Cash Adjustment Upon Conversion</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">61</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1604.&nbsp;&nbsp;&nbsp;Conversion Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">61</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1605.&nbsp;&nbsp;&nbsp;Adjustment of Conversion Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">61</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1606.&nbsp;&nbsp;&nbsp;Effect of Reclassifications, Consolidations, Merges or Sales on Conversions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1607.&nbsp;&nbsp;&nbsp;Taxes on Conversions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1608.&nbsp;&nbsp;&nbsp;Company to Reserve Common Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1609.&nbsp;&nbsp;&nbsp;Disclaimer by Trustee of Responsibility for Certain Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.5in">Section 1610.&nbsp;&nbsp;&nbsp;Company to Give Notice of Certain Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FIRST BANCORP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Reconciliation and tie between Trust Indenture
Act of 1939, as amended, and Subordinated Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 &nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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: 80%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Trust Indenture Act Section</U></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indenture Section</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 310(a)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 311(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">604</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 312(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">701, 702(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 313(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(a), 703(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 314(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">704</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 315(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">601</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 316(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">512</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">508</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 317(a)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">505</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">504</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1003</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 318(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Note: This reconciliation and tie shall not,
for any purpose, be deemed to be a part of this Subordinated Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">SUBORDINATED INDENTURE, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20[_]
(the &ldquo;Indenture&rdquo;), is made by and between First Bancorp, a corporation duly organized and existing under the laws of
the State of North Carolina (the </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Company&rdquo;), having its principal office at 300 SW Broad Street, Southern Pines, North
Carolina 28387 and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], having its principal office at [&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, not in its individual capacity but solely as Trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured subordinated debentures, notes or
other evidences of indebtedness (the &ldquo;Securities&rdquo;), unlimited as to principal amount, to bear such rates of interest,
to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter
provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has duly authorized the execution
and delivery of this Indenture and all things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For and in consideration of the premises and
the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit
of all Holders of the Securities or of series thereof or Coupons appertaining to any Securities, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE ONE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 101. Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the
singular;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles and, except as otherwise herein expressly provided, the term &ldquo;generally accepted accounting principles&rdquo;
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted
at the date of such computation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the words &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereto&rdquo; and &ldquo;hereunder&rdquo; and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>the word &ldquo;or&rdquo; is not exclusive;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>all words in the singular include the plural and all words in the plural include the singular; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>the word &ldquo;including&rdquo; means &ldquo;including without limitations.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain terms used principally in certain Articles
hereof are defined in those Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Act&rdquo;, when used with respect to
any Holders, has the meaning specified in Section 104.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 therein and which are owing to such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Affiliate</I>&rdquo; of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, &ldquo;control&rdquo;, when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting Securities, by contract or otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have the meanings
correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Authenticating Agent</I>&rdquo; means
any Person authorized by the Trustee pursuant to Section 611 to act on behalf of the Trustee to authenticate Securities of one
or more series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Authorized Newspaper</I>&rdquo; means
a newspaper, in an official language of the country of publication or in the English language, customarily published on each Business
Day, whether or not published on Legal Holidays, and of general circulation in each place in connection with which the term is
used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers
the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements
and in each case on any Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Bank</I>&rdquo; means (i) any institution
organized under the laws of the United States, any State of the United States, the District of Columbia, any territory of the United
States, Puerto Rico, Guam, American Samoa or the Virgin Islands which (a) accepts deposits that the depositor has a legal right
to withdraw on demand, and (b) engages in the business of making commercial loans and (ii) any trust company organized under any
of the foregoing laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Bearer Security</I>&rdquo; means any
Security in the form established pursuant to Section 201 which is payable to bearer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Board Of Directors</I>&rdquo; means
the board of directors of the Company or any committee of that board duly authorized to act for the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 duly adopted by the Board
of Directors, or a duly authorized committee thereof, and to be in full force and effect on the date of such certification, and
delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Business Day</I>&rdquo; except as
may otherwise be provided herein or in any Security, means any day, other than a Saturday or a Sunday, that is neither a Legal
Holiday nor a day 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Called Securities</I>&rdquo; means
any Convertible Security that is called for redemption by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Capital Stock</I>&rdquo; means, as
to shares of a particular corporation, outstanding shares of stock of any class whether now or hereafter authorized, irrespective
of whether such class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate
in dividends and in the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Commission</I>&rdquo; means the Securities
and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934 or, if at any time
after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Common Stock</I>&rdquo; means all
shares now or hereafter authorized of the class of common stock of the Company presently authorized and stock of any other class
into which such shares may hereafter have been changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Company</I>&rdquo; means the Person
named as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor corporation,
and any other obligor upon the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Company Request</I>&rdquo; and &ldquo;Company
Order&rdquo; mean a written request or order, as the case may be, signed in the name of the Company by the Chairman of the Board
of Directors, a Vice Chairman, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Subsidiary Bank</I>&rdquo; means any
Subsidiary which is a Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Convertible Security</I>&rdquo; or
&ldquo;Convertible Securities&rdquo; means any Security or Securities, as the case may be, which are by their terms convertible
into Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Conversion Price</I>&rdquo; means
the price per share of Common Stock from time to time in effect at which any Convertible Security may be converted into Common
Stock as determined by or pursuant to the terms of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Corporate Trust Office</I>&rdquo;
means, the principal office of the Trustee, at which at any particular time its corporate trust business shall be administered,
which office at the date of original execution of this Indenture is located at [&#9;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Corporation</I>&rdquo; includes corporations,
associations, companies and business trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Coupon</I>&rdquo; means any interest
coupon appertaining to a Bearer Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Date of Conversion</I>&rdquo; with
respect to any Convertible Security or portion thereof to be converted, means the date on which such Convertible Security shall
be surrendered for conversion and notice given in accordance with the provisions of Article Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Defaulted Interest</I>&rdquo; has
the meaning specified in Section 308.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Dollars</I>&rdquo; or &ldquo;$&rdquo;
means a dollar or other equivalent unit in the currency of the United States, except as may otherwise be provided herein or in
any Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Event Of Default</I>&rdquo; has the
meaning specified in Section 501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Government Obligations</I>&rdquo;,
with respect to any Securities unless otherwise specified herein or therein, means (i) direct obligations of the United States
of America or the government or governments which issued the currency, currency unit or composite currency in which any Securities
are payable, for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America or such government or governments which issued the
currency, currency unit or composite currency in which such Securities are payable, the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America or such other government or governments, which, in either
case, are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest
on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt,
PROVIDED that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific
payment of interest on or principal of the Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Holder</I>&rdquo;, in the case of
any Registered Security, means the Person in whose name such Security is registered in the Security Register and, in the case of
any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Indenture</I>&rdquo; means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, and with respect to any Security shall include the terms of such Securities
established as contemplated by Section 301; PROVIDED, HOWEVER, that, if at any time more than one Person is acting as Trustee under
this instrument, &ldquo;INDENTURE&rdquo; shall mean, with respect to any one or more series of Securities for which such Person
is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular
series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is Trustee, regardless of when such terms or provisions
were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed
and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;I<I>ndependent Public Accountant</I>s&rdquo;
means accountants or a firm of accountants that are independent public accountants with respect to the Company within the meaning
of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder who may be the
independent public accountants regularly retained by the Company or who may be other independent public accountants. Such accountants
or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating to the Indenture
or certificates required to be provided hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Interest</I>&rdquo;, with respect
to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity
and, with respect to any Security which provides for the payment of Additional Amounts pursuant to Section 1004, includes such
Additional Amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Interest Payment Date</I>&rdquo;,
with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Legal Holiday</I>&rdquo;, except as
otherwise may be provided herein or in any Securities, with respect to any Place of Payment or other location, means a Saturday,
a Sunday or a day on which banking institutions or trust companies in such Place of Payment or other location are not authorized
or obligated to be open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Maturity</I>&rdquo;, with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of
option to elect repayment or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Officers&rsquo; Certificate</I>&rdquo;
means a certificate signed by the Chairman of the Board, a Vice Chairman, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Opinion Of Counsel</I>,&rdquo; except
as otherwise provided herein or in any Security, means a written Opinion of Counsel, who may be an employee of or counsel for the
Company or other counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Original Issue Discount Security</I>&rdquo;
means a Security issued pursuant to this Indenture which provides for declaration of an amount less than the principal thereof
to be due and payable upon acceleration pursuant to Section 502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Outstanding</I>&rdquo;, with respect
to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture,
except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in
trust by the Company (if the Company shall act as its own </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paying Agent) for the Holders of such Securities and any Coupons appertaining
thereto, PROVIDED that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
except to the extent provided in Section 403, with respect to which the Company has effected defeasance and/or covenant defeasance
pursuant to Section 403 hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
which have been paid pursuant to Section 307 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>provided, however</I>, that 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 or are present at a meeting of Holders of Securities for quorum purposes and for purposes of making the calculations
required by Section 313 of the Trust Indenture Act, (i) the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that shall be deemed to be outstanding for such purposes shall be equal
to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be declared (or
shall have been declared to be) due and payable upon a declaration of acceleration pursuant to Section 502 at the time of such
determination or calculation, and (ii) the principal amount of any Security denominated other than in Dollars that may be counted
in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the Dollar
equivalent, determined by the Company as of the date such Security is originally issued by the Company, of the principal amount
(or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount
determined as provided in clause (i) above) of such Security, and (iii) Securities owned by the Company or any other obligor upon
the Securities or any Affiliate of the Company or such other obligor, shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in making any such calculation or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right so to act with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Paying Agent</I>&rdquo; means any
Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Security or Coupon on behalf
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Person</I>&rdquo; means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Place Of Payment</I>&rdquo;, with
respect to any Security, means the place or places where the principal of (and premium, if any) and interest on the Securities
of that series are payable as specified in or pursuant to Section 301(9) or Section 1002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Predecessor Security</I>&rdquo; of
any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 307 in exchange for
or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated, destroyed, lost or stolen Coupon
appertains shall be deemed to evidence the same debt as the lost, destroyed, mutilated or stolen Security or the Security to which
a mutilated, destroyed, lost or stolen Coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Redemption Date</I>&rdquo;, with respect
to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Redemption Price</I>&rdquo;, with
respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant
to the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Registered Security</I>&rdquo; means
any Security established pursuant to Section 201 which is registered and the transfer or exchange thereof is registrable in the
Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Regular Record Date</I>&rdquo; for
the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in such
Security as the &ldquo;Regular Record Date&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Responsible Officer</I>&rdquo; when
used with respect to the Trustee means any officer within the corporate trust department of the Trustee, including the vice president,
any assistant vice president, assistant treasurer, or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such person&rsquo;s knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Security&rdquo; or &ldquo;Securities</I>&rdquo;
means any Security or Securities, as the case may be, authenticated and delivered under this Indenture; PROVIDED, HOWEVER, that
if at any time there is more than one Person acting as Trustee under this Indenture, &ldquo;Securities&rdquo; with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series
as to which such Person is not Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Security Register</I>&rdquo; and &ldquo;Security
Registrar&rdquo; have the respective meanings specified in Section 306.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Senior Indebtedness</I>&rdquo; means:
(i) the principal and any premium or interest for money borrowed or purchased by the Company; (ii) the principal and any premium
or interest for money borrowed or purchased by another Person and guaranteed by the Company; (iii) any deferred obligation for
the payment of the purchase price of property or assets evidenced by a note or similar agreement; (iv) an obligation arising from
direct credit substitutes; and (v) any obligation associated with derivative products such as interest and foreign exchange rate
contracts, commodity contracts and similar arrangements; in each case, whether outstanding on the date this Subordinated Indenture
becomes effective, or created, assumed or incurred after that date. Senior Indebtedness excludes any indebtedness that: (a) expressly
states that it is junior to, or ranks equally in right of payment with, the Securities; or (b) is identified as junior to, or equal
in right of payment with, the Securities in any Board Resolution or in any supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Special Record Date</I>&rdquo; for
the payment of any Defaulted Interest on any registered Security means a date fixed by the Trustee pursuant to Section 308.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Stated Maturity</I>&rdquo;, with respect
to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security or a Coupon
representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal
or interest is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Subsidiary</I>&rdquo; means any corporation
of which at the time of determination the Company and/or one or more Subsidiaries owns or controls directly or indirectly more
than 50% of the shares of Voting Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Trust Indenture Act</I>&rdquo; means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided in Section
905.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 with
respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo;
shall mean each Person who is then a Trustee hereunder; PROVIDED, HOWEVER, that if at any time there is more than one such Person,
&ldquo;Trustee&rdquo; shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee
with respect to the Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>United States</I>&rdquo;, except as
otherwise provided herein or in any Security, means the United States of America (including the States and the District of Columbia),
its territories and possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>United States Alien</I>&rdquo;, except
as otherwise provided herein or in any Security, means any Person who, for United States Federal income tax purposes, is a foreign
corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership
one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>U.S. Depository</I>&rdquo; or &ldquo;Depository&rdquo;
means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as U.S.
Depository by the Company pursuant to Section 301, which must be a clearing agency registered under the Securities Exchange Act
of 1934, as amended, and, if so provided pursuant to Section 301 with respect to any Security, any successor to such Person. If
at any time there is more than one such Person, &ldquo;U.S. Depository&rdquo; or &ldquo;Depository&rdquo; shall mean, with respect
to any Securities, the qualifying entity which has been appointed with respect to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Vice President</I>&rdquo;, with respect
to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before
or after the title &ldquo;Vice President&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<I>Voting Stock</I>&rdquo; means stock
of a corporation of the class or classes having general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees of such corporation provided that, for the purposes hereof, stock which carries
only the right to vote conditionally on the happening of an event shall not be considered voting stock whether or not such event
shall have happened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 102. Compliance Certificates and
Opinions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers&rsquo;
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that, in the Opinion of such counsel, all such conditions precedent, if any,
have been complied with, except that in the case of any such application or request as to which the furnishing of such documents
or any of them is specifically required by any provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture and in any applicable Security (except Section 1005) shall
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>a statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions
herein and in any applicable Security relating thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 103. Form of Documents Delivered
to Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any certificate or opinion of an officer of
the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture
or any Security, they may, but need not, be consolidated and form one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 104. Acts of Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders
of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such
series duly called and held in accordance with the provisions of Article Fourteen, or a combination of such instruments and any
such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo;
of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any such instrument
or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company and any
agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities
shall be proved in the manner provided in Section 1406.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without limiting the generality of this Section
104, unless otherwise established in or pursuant to a Board Resolution or set forth or determined in an Officers&rsquo; Certificate,
or established in one or more indentures supplemental hereto, pursuant to Section 301, a Holder, including a U.S. Depository that
is a Holder of a global Security, may make, give or take, by a proxy, or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders,
and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests
in any such global Security through such U.S. Depository&rsquo;s standing instructions and customary practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall fix a record date, which shall
be not more than 30 days prior to the first solicitation of such Holders, for the purpose of determining the Persons who are beneficial
owners of interest in any permanent global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository
to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed,
the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain
Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall
be valid or effective if made, given or taken more than 90 days after such record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the
Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any
instance require further proof with respect to any of the matters referred to in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and
the date of termination of holding the same, shall be proved by the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the commencement and the
date of termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed,
as depositary, by any Bank, banker or other depositary reasonably acceptable to the Company, wherever situated, if such certificate
shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such
depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit
of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The
Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit
bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the
Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer
Security is no longer Outstanding. The principal amount and serial numbers of Bearer Securities held by the Person so executing
such instrument or writing and the date of the commencement and the date of termination of holding the same may also be proved
in any other manner which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may at its option, by Board Resolutions, fix in advance a record date, which shall be
not more than 30 days prior to the first solicitation of such Holders, for the determination of Holders of Registered Securities
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have
no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders of Registered Securities of record at the close
of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date;
provided no such authorization, agreement or consent of the Holders of Registered Securities shall be deemed effective unless it
shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 105. Notices, Etc., to Trustee and
Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer at the address
of its principal office specified in the first paragraph of this </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indenture or at any other address previously furnished in writing
to a Responsible Officer of the Trustee by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 106. Notice to Holders; Waiver.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise expressly provided herein
or in any Security, where this Indenture provides for notice to Holders of any event,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to
each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such Notice; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper and, if such
Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company
shall advise the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to
be not earlier than the earliest date and not later than the latest date prescribed for the giving of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities
or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice which is mailed in the manner
herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to
give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 107. Language of Notices.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if
the Company so elects, any published notice may be in an official language of the country of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 108. Conflict With Trust Indenture
Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any provision hereof limits, qualifies or
conflicts with the duties imposed pursuant to Section 318(c) of the Trust Indenture Act, such imposed duties shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 109. Effect of Headings and Table
of Contents.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 110. Successors and Assigns.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 111. Separability Clause.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case any provision in this Indenture, any
Security or any Coupon 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 112. Benefits Of Indenture.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing in this Indenture, any Security or any
Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and
their successors hereunder and the Holders of Securities or Coupon, any benefit or any legal or equitable right, remedy or claim
under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 113. Governing Law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Indenture, the Securities and the Coupons
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 114. Legal Holidays.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security, or the last day on which a Holder has the right to convert these Securities,
is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security or Coupon
other than a provision in any Security or any Coupon that specifically states that such provision shall apply in lieu of this Section)
payment of interest or any Additional Amounts or principal (and premium, if any) or conversion of the Securities need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or the last such day of
conversion, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE TWO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES FORMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 201. Forms Generally.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Registered Security, Bearer Security, Coupon
and temporary global Security issued pursuant to this Indenture shall be in the form established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, shall have appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture or any indenture supplemental hereto and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Security, as evidenced by their execution of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Definitive Securities and definitive Coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities
or Coupons, as evidenced by their execution of such Securities or Coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 202. Form of Trustee&rsquo;s Certificate
of Authentication.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to Section 611, the Trustee&rsquo;s
certificate of authentication shall be in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This certificate represents Securities of the
series designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 48%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: </FONT></TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">not in its individual capacity but solely <BR>
as Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory </FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 203. Securities in Global Form.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If Securities of a series are issuable in global
form, any such Security may provide that it shall represent the aggregate amount of Outstanding Securities of such series from
time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may
from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount,
or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall
be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant
to Section 304 or 305 with respect thereto. Subject to the provisions of Section 304 and, if applicable, Section 305, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. If a Company Order pursuant to Section 304 or 305 has been, or simultaneously
is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not comply
with Section 102 and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of the immediately preceding
sentence shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount
of Securities represented thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the provisions of Section 308,
unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and interest on any Security
in permanent global form shall be made to the Person or Persons specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the provisions of Section 309,
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the case
of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, the Person or Persons specified pursuant to Section 301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE THREE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 301. Amount Unlimited; Issuable in
Series.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. The Securities shall be subordinated in right of payment
to Senior Indebtedness as provided in Article Fifteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Securities may be issued in one or more
series. There shall be established in or pursuant to one or more Board Resolutions, and set forth in an Officers&rsquo; Certificate,
or established in one or more indentures supplemental hereto,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the title of the Securities and the series in which such Securities shall be included;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>any limit upon the aggregate principal amount of the Securities of such title or the Securities of such series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 305, 306, 307, 906, 1107 or 1502 or the
terms of such Securities);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>whether Securities of the series are to be issuable as Registered Securities, Bearer Securities or both and, if the Securities
are to be issuable exclusively or alternatively as Bearer Securities, whether the Bearer Securities are to be issuable with Coupons,
without Coupons or both, and any restrictions applicable to the offer, sale delivery or conversion of the Bearer Securities and
the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and vice versa;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>whether any Securities of the series are to be issuable initially or otherwise in global form and, if so, (i) whether beneficial
owners of interests in any such global Security may exchange such interest for Securities of such series and of like tenor of any
authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner specified
in Section 306, (ii) the name of the depository or the U.S. Depository, as the case may be, with respect to any global Security
and (iii) the manner in which interest payable on a global Security will be paid;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>the date as of which any Bearer Securities of the series and any global Security representing Outstanding Securities of the
series shall be dated if other than the date of original issuance of the first Security of the series to be issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>if Securities of the series are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary
Bearer Security in global form (representing all of the Outstanding Bearer Securities of the series) payable in respect of an Interest
Payment Date prior to the exchange of such temporary Bearer Security for definitive Securities of the series shall be paid to any
clearing organization with respect to the portion of such temporary Bearer Security held for its account and, in such event, the
terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization
will be credited to the Persons entitled to interest payable on such Interest Payment Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>the date or dates, or the method, if any, by which such date or dates shall be determined, on which the principal of such Securities
is payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>the rate or rates at which such Securities shall bear interest, if any, or the method, if any, by which such rate or rates
are to be determined, the date or dates, if any, from which such interest shall accrue or the method, if any, by which such date
or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record
Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances
Additional Amounts on such Securities or any of them shall be payable, and the basis upon which interest shall be calculated if
other than that of a 360-day year of twelve 30-day months;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>the place or places, if any, where the principal of (and premium, if any) and interest (including Additional Amounts), if any,
on such Securities shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities
of the series may be surrendered</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD> for exchange or conversion and notices or demands to or upon the Company in respect of the Securities
of the series and this Indenture may be served;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>whether the Securities of the series or any of them are to be redeemable at the option of the Company and, if so, the period
or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed,
in whole or in part, at the option of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD>whether the Company is obligated to redeem, or purchase Securities of the series or any of them pursuant to any sinking fund
or at the option of any Holder thereof and, if so, the period or periods within which, the price or prices at which and the other
terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation,
and any provisions for the remarketing of the Securities of the series so redeemed or purchased;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(12)</TD><TD>the denominations in which Registered Securities of the series, if any, shall be issuable if other than denominations of $1,000
and any integral multiple thereof, and the denominations in which Bearer Securities of the series, if any, shall be issuable if
other than the denomination of $5,000;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(13)</TD><TD>if other than the principal amount thereof, the portion of the principal amount of the Securities of the series of any of them
which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which
such portion is to be determined;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(14)</TD><TD>if other than such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public or private debts, the coin or currency, composite currencies or currency unit or units in which payment of the principal
of (and premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series or any of
them shall be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(15)</TD><TD>if the principal of (and premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of
the series or any of them are to be payable, at the election of the Company or a Holder thereof, in a coin or currency, composite
currencies or currency unit or units other than that in which the Securities of the series or any of them are stated to be payable,
the period or periods within which, and the terms and conditions upon which, such election may be made;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(16)</TD><TD>whether the amount of payments of principal of (and premium, if any) or interest (including Additional Amounts), if any, on
the Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method
may be based, without limitation, on one or more currencies, currency units, composite currencies, commodities, equity indices
or other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and
paid or payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(17)</TD><TD>whether the principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities of the
series are to be payable, at the election of the Company or any Holder thereof or otherwise, in a currency or currencies, currency
unit or units or composite currency or currencies other than that in which such Securities or any of them are denominated or stated
to be payable, the period or periods within which, and the other terms and conditions upon which, such election, if any, may be
made, and the time and manner of determining the exchange rate between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities or any of them are denominated or stated to be payable and the currency or currencies,
currency unit or units or composite currency or currencies in which such Securities or any of them are to be so payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(18)</TD><TD>any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to the
Securities of the series or any of them, whether or not such Events of Default or covenants are consistent with the Events of Default
or covenants set forth herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(19)</TD><TD>the applicability, if any, of Section 403 to the Securities of the series and any provisions in modification of, in addition
to or in lieu of any of the provisions of Section 403;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(20)</TD><TD>if the Securities of the series or any of them are to be issued upon the exercise of warrants, the time, manner and place for
such Securities to be authenticated and delivered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(21)</TD><TD>if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then
the form and terms of such certificates, documents or conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(22)</TD><TD>if there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar,
Paying Agent and/or Authenticating Agent with respect to the Securities of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(23)</TD><TD>whether any of the Securities of a series shall be issued as Original Issue Discount Securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(24)</TD><TD>any other terms of the Securities of the series or any of them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All Securities of any one series and Coupons
appertaining to Bearer Securities of such series, if any, shall be substantially identical except as to denomination and the rate
or rates of interest, if any, and Stated Maturity, the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to one or more Board Resolutions and set forth in such Officers&rsquo; Certificate or
in any indenture or indentures supplemental hereto pertaining to such series of Securities. All Securities of any one series need
not be issued at the same time and, unless otherwise so provided by the Company, a series may be reopened for issuances of additional
Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any of the terms of the Securities of any
series were established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee
at or prior to the delivery of the Officers&rsquo; Certificate setting forth the terms of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 302. Denominations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise established with respect to
any Securities pursuant to Section 301, the Registered Securities of each series, if any, denominated in Dollars shall be issuable
in registered form without coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities of each
series, if any, denominated in Dollars shall be issuable in the denomination of $1,000. Securities not denominated in Dollars shall
be issuable in such denominations as are established with respect to such Securities pursuant to Section 301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 303. Securities in Foreign Countries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever this Indenture provides for (i) any
action by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities
are denominated in the same currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the
contrary in the form of Security of any particular series, any amount in respect of any Security denominated in a currency other
than United States dollars shall be treated for any such action or distribution as that amount of United States dollars that could
be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities
of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date,
such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify
in a written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 304. Execution, Authentication, Delivery
and Dating.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Securities and any Coupons appertaining
thereto shall be executed on behalf of the Company by its Chairman of the Board, Deputy Chairman, one of its Vice Chairmen, its
President or one of its Vice Presidents under its corporate seal reproduced thereon and attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities and any Coupons appertaining thereto may be manual
or facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities and Coupons bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any Coupons appertaining
thereto, executed by the Company, to the Trustee for authentication, and, provided that the Board Resolution or Resolutions and
Officers&rsquo; Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 301
and a Company Order for the authentication and delivery of such Securities, has been delivered to the Trustee, the Trustee in accordance
with the Company Order and subject to the provisions hereof of such Securities shall authenticate and deliver such Securities.
In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities
and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(b)
of the Trust Indenture Act) shall be fully protected in relying upon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(1)&nbsp;</TD>
    <TD>an Opinion of Counsel stating, to the effect</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>that the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the provisions
of this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>that all conditions precedent to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto,
have been complied with and that such Securities, and Coupons, when completed by appropriate insertion and executed and delivered
by the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legally
valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors&rsquo;
rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law) and will entitle the Holders thereof to the benefits of the Indenture; such Opinion of Counsel need express no opinion
as to the availability of equitable remedies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD>that all laws and requirements in respect of the execution and delivery by the Company of such Securities and Coupons, if any,
have been complied with; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD>as to such other matters as the Trustee may reasonably request; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Officers&rsquo; Certificate stating that, to the best knowledge of the Persons executing such certificate, no Event of Default
with respect to any of the Securities shall have occurred and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If all the Securities of any series are not
to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officers&rsquo; Certificate at the
time of issuance of each Security, but such opinion and certificate, with appropriate modifications to cover future issuances,
shall be delivered at or before the time of issuance of the first Security of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee&rsquo;s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing
Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Registered Security shall be dated the
date of its authentication. Each Bearer Security and any temporary Bearer Security in global form shall be dated as of the date
specified as contemplated by Section 301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No Security or Coupon shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of
authentication substantially in the form provided for in Section 202 or 611 executed by or on behalf of the Trustee by the manual
signature of one of its authorized officers, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by Section 307 or 308, the
Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured have been
detached and cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 305. Temporary Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pending the preparation of definitive Securities
of any series, the Company may execute and deliver to the Trustee and, upon Company Order the Trustee shall authenticate and deliver,
in the manner provided in Section 304, temporary Securities of such series which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized, in bearer form with one or more Coupons or without Coupons and with such
appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities
may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary
Securities may be in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except in the case of temporary Securities in
global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued,
the Company shall cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Securities of any series, the temporary Securities of such series, if any, shall be exchangeable upon request for definitive
Securities of such series containing identical terms and provisions upon surrender of the temporary Securities of such series at
an office or agency of the Company maintained for such purpose pursuant to Section 1002, without charge to any Holder. Upon surrender
for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured Coupons appertaining thereto),
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series containing identical terms and provisions; PROVIDED, HOWEVER, that no
definitive Bearer Security, except as provided pursuant to Section 301, shall be delivered in exchange for a temporary Registered
Security; and PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security
only in compliance with the conditions set forth herein or therein. Unless otherwise specified as contemplated by Section 301 with
respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as definitive Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 306. Registration, Transfer and Exchange.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to the Registered Securities of
each series, if any, the Company shall cause to be kept, at an office or agency of the Company maintained pursuant to Section 1002,
a register (each such register being herein sometimes referred to as the &ldquo;Security Register&rdquo;) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered Securities of
each series and of transfers of the Registered Securities of such series. In the event that the Trustee shall not be the Security
Registrar, it shall have the right to examine the Security Register at all reasonable times. [First Bancorp] is hereby initially
appointed as Security Registrar for each series of Securities. In the event that [First Bancorp] shall cease to be Security Registrar
with respect to a series of Securities, the Trustee shall have the right to examine the Security Register for such series at all
reasonable times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon surrender for registration of transfer
of any Registered Security of any series at any office or agency of the Company maintained for such series pursuant to Section
1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series of any authorized denominations, of a like aggregate principal amount
bearing a number not contemporaneously outstanding and containing identical terms and provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same series containing identical terms and provisions, in
any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any
such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If specified as contemplated by Section 301
with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms and provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any such office or agency for such series, with all unmatured Coupons
and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured
Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons,
or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such
Security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such
Holder shall be entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise provided in Section
1002, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency
for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered
at any such office or agency in exchange for a Registered Security of such series and like tenor after the close of business at
such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related
date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest
Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such
Coupon shall be returned to the person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may
be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If specified as contemplated by Section 301
with respect to Securities of any series, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided pursuant hereto with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever any Securities are so surrendered for
exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 301, any global Security of any series shall be exchangeable for Securities of such series
only if (i) the Securities Depository is at any time unwilling or unable or ineligible to continue as Securities Depository and
a successor depository is not appointed by the Company within 90 days of the date the Company is so notified in writing, (ii) the
Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests
in a global Security are entitled to exchange such interests for Securities of such series and of like tenor and principal amount
of any authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any
event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive
Securities of that series in aggregate principal amount equal to the principal amount of such global Security, executed by the
Company. On or after the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> earliest date on which such interests may be so exchanged, such global Security shall be surrendered from
time to time by the U.S. Depository or such other depository as shall be specified in the Company Order with respect thereto, and
in accordance with instructions given to the Trustee and the U.S. Depository or such other depository, as the case may be (which
instructions shall be in writing but need not comply with Section 102 or be accompanied by an Opinion of Counsel), as shall be
specified in the Company Order with respect thereto to the Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged,
in whole or in part, for definitive Securities of the same series without charge. The Trustee shall authenticate and make available
for delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged
which (unless the Securities of such series are not issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities are issuable,
as specified as contemplated by Section 301) shall be in the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; PROVIDED, HOWEVER, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities of such series to be redeemed and ending on the
relevant Redemption Date; and provided, further, that (unless otherwise specified as contemplated by Section 301) no Bearer Security
delivered in exchange for a portion of a global Security shall be mailed or otherwise delivered to any location in the United States.
Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S.
Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions
of the Company referred to above. If a Registered Security is issued in exchange for any portion of a global Security after the
close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business
at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest
will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered
Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such global Security is payable in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All Securities endorsed thereon issued upon
any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt,
and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration
of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every Registered Security presented or surrendered
for registration of transfer or for exchange, redemption or conversion shall (if so required by the Company or the Security Registrar
for such series of Security presented) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory
to the Company and such Security Registrar duly executed by the Holder thereof or his attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No service charge shall be made for any registration
of transfer or exchange, redemption or conversion of Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section 301, the Company shall not be required (i) to issue, register the transfer of or exchange any Securities of any series
during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of such
series under Section 1103 and ending at the close of business on the day of such selection, or (ii) to register the transfer of
or exchange any Registered Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed
in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except, to
the extent provided with respect to such Security, that such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment
consistent with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in
accordance with its terms specified as contemplated by Section 301, has been surrendered for repayment at the option of the Holder,
except the portion, if any, of such Security not to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 307. Mutilated, Destroyed, Lost and
Stolen Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any mutilated Security or a Security with
a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 307, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons corresponding
to the Coupons, if any, appertaining to the surrendered Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If there be delivered to the Company and to
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such Security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant
Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount
and bearing a number not contemporaneously outstanding, with Coupons corresponding to the Coupons, if any, appertaining to such
destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing provisions of
this Section 307, in case any such mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; PROVIDED, HOWEVER,
that payment of principal of (and premium, if any) and any interest on Bearer Securities shall, except as otherwise provided in
Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated
by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the Coupons appertaining
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every new Security of any series, with its Coupons,
if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security and its Coupons, if any, or the destroyed,
lost or stolen Coupon shall constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Security
and its Coupons, if any, or the destroyed, lost or stolen Coupon 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 and their Coupons,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 308. Payment of Interest; Interest
Rights Preserved.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise specified as contemplated by
Section 301, interest on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered as of
the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is surrendered in exchange
for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series)
on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment
Date, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date in respect of the Registered Security issued in exchange of such Bearer Security, but
will be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any interest on any Registered Security of any
series which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered
Security (herein called &ldquo;Defaulted </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Interest&rdquo;) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities affected (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each such Registered Security and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the
proposed payment. Money will be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause
provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not
more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of such Registered Securities at his address
as it appears in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the Persons in whose names such Registered Securities (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). In case
a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange for a
Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security
shall be surrendered without the Coupon relating to such proposed date of payment and Defaulted Interest will not be payable on
such proposed date of payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable
only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any Securities
exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the option of the Company, interest on Registered
Securities of any series that bear interest may be paid by mailing a check to the address of the person entitled thereto as such
address shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the foregoing provisions of this
Section and Section 306, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 309. Persons Deemed Owners.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal
of (and premium, if any), and (subject to Sections 306 and 308) interest on or any Additional Amounts with respect to, such Registered
Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any Coupon as the absolute owner of such Security
or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with respect to such Security or Coupon be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 310. Cancellation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All Securities and Coupons surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee or the Security Registrar, be delivered to the Trustee or the Security Registrar, and any such Securities
and Coupons and Securities and Coupons surrendered directly to the Trustee or the Security Registrar for any such purpose shall
be promptly cancelled by the Trustee or the Security Registrar, as the case may be. The Company may at any time deliver to the
Trustee or the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee or the Security
Registrar, as the case may be. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture or as otherwise specified as contemplated by Section 301. All
cancelled Securities and Coupons held by the Trustee or the Security Registrar shall be returned to the Company by the Trustee
or the Security Registrar, as the case may be, upon a Company Order. The Trustee shall promptly notify the Company of all cancelled
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 311. Computation of Interest.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of 360-day
year of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 312. CUSIP Numbers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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; PROVIDED 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company will promptly notify the Trustee of any change in the &ldquo;CUSIP&rdquo; numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE FOUR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SATISFACTION AND DISCHARGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 401. Satisfaction and Discharge of
Indenture.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the direction of the Company by a Company
Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such Company Order
(except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided
for and any right to receive Additional Amounts, as provided in Section 1004), and the Trustee, on receipt of a Company Order,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(1)&nbsp;</TD>
    <TD>either</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>all Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i)
Coupons appertaining to Bearer Securities of such series surrendered for exchange for Registered Securities of such series and
maturing after such exchange, whose surrender is not required or has been waived as provided in Section 306, (ii) Securities and
Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 307,
(iii) Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date,
whose surrender has been waived as provided in Section 1107, and (iv) Securities and Coupons of such series for whose payment money
has </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD>theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>all Securities of such series and, in the case of (i) or (ii) below, any such Coupons appertaining thereto not theretofore
delivered to the Trustee for cancellation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>have become due and payable, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>will become due and payable at their Stated Maturity within one year and such Securities are not convertible into other Securities,
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>if redeemable at the option of the Company, such Securities are not convertible into other Securities and 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,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">and the Company, in the case of (i), (ii) or (iii) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose, lawful money of the United States
Government Obligations which through the payment of interest and principal or other amounts in respect thereof in accordance with
their terms will provide not later than the opening of business on the due dates of any payment of principal (and premium, if any)
and interest, or any Additional Amounts with respect thereto, or a combination thereof, in an amount sufficient to pay and discharge
the entire indebtedness on such Securities and Coupons not theretofore delivered to the Trustee for cancellation, for principal
(and premium, if any) and interest, or any Additional Amounts with respect thereto, to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Company has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied
with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event there are two or more Trustees
hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all Trustees
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and discharge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 402. Application of Trust Money.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 or this section 402 shall be held in trust and applied
by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium, if any) and any interest or any Additional Amounts for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All monies deposited with the Trustee pursuant
to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted shall be returned to the
Company upon Company Request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 403. Satisfaction, Discharge and
Defeasance of Securities of Any Series.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If pursuant to Section 301 provision is made
for defeasance of Securities of any series pursuant to Section 403, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the Outstanding Securities of such series and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of such indebtedness, when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(1)</TD>
    <TD>either</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>with respect to all Outstanding Securities of such series and any Coupons appertaining thereto,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the Company has deposited or caused to be deposited with the Trustee, as trust funds in trust for such purpose, an amount sufficient
to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any),
any Additional Amounts, and interest to the Stated Maturity or any Redemption Date as contemplated by the penultimate paragraph
of this Section 403, as the case may be; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>with respect to any Series of Securities which are denominated in United States dollars, the Company has deposited or caused
to be deposited with the Trustee, as obligations in trust for such purpose, such amount of direct obligations of, or obligations
the timely payment of the principal of and interest on which are fully guaranteed by, the United States of America and which are
not callable at the option of the issuer thereof as will, together with the income to accrue thereon without consideration of any
reinvestment thereof, be sufficient to pay and discharge the entire indebtedness on all Outstanding Securities of such series for
principal (and premium, if any), any Additional Amounts, and interest to the stated Maturity or any Redemption Date as contemplated
by the penultimate paragraph of this Section 403; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section
301, to be applicable to the Securities of such series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Company has paid or caused to be paid all other sums payable hereunder with respect to the Outstanding Securities of such
series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Company has delivered to the Trustee a certificate signed by a nationally recognized firm of Independent Public Accountants
certifying as to the sufficiency of the amounts deposited pursuant to subsections (A)(i) or (ii) of this Section for payment of
the principal (and premium, if any) and interest on the dates such payments are due, an Officers&rsquo; Certificate and an Opinion
of Counsel, each such Certificate and opinion stating that no Event of Default or event which with notice or lapse of time or both
would become an Event of Default with respect to such Securities shall have occurred and all conditions precedent herein provided
for relating to the satisfaction and discharge of the entire indebtedness on all Outstanding Securities of any such series have
been complied with; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the Company has delivered to the Trustee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>a ruling from the Internal Revenue Service or an opinion of independent counsel that the holders of the Securities of such
series 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; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>if the Securities of such series are then listed on The Nasdaq Global or Global Select Market, an Opinion of Counsel that the
Securities of such series will not be delisted as a result of the exercise of this option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any deposits with the Trustee referred to in
subsection (1)(A) of this Section shall be irrevocable and shall be made under the terms of an escrow trust agreement in form and
substance satisfactory to the Trustee. If any Outstanding Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption or repayment provisions or in accordance with any mandatory sinking fund requirement,
the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the satisfaction of the conditions set
forth in this Section 403 with respect to all the Outstanding Securities of any series, the terms and conditions of such series,
including the terms and conditions with respect thereto set forth in this Indenture, other than the provisions of Sections 306,
307, and 1002, other than the right of Holders of Securities and any Coupons of such series to receive, from the trust fund described
in this Section, payment of the principal (and premium, if any) of, the interest on or any Additional Amounts with respect to such
Securities and Coupons (if any) appertaining thereto when such payments are due, other than any right of conversion of such Securities
and the rights, powers, duties and immunities of the Trustee hereunder, shall no longer be binding upon, or applicable to, the
Company except those responsibilities and obligations which by the terms of the Indenture survive the termination of the Indenture;
PROVIDED that the Company shall not be discharged from any payment obligations in respect of Securities of such series which are
deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations
of the Company under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE FIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REMEDIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 501. Events of Default.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;Event of Default&rdquo;, wherever used
herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Subsidiary
Bank in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and adjudging
it a bankrupt or insolvent or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of the Company or the Subsidiary Bank or for any substantial part of its property, or ordering the winding-up or liquidation of
its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or the Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or
shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or similar official) of the Company or the Subsidiary Bank or for any substantial part of its property, or shall make any general
assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate
action in furtherance of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an Event of Default with respect to Securities
of any series 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 and any related Coupons 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: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 502. Acceleration of Maturity; Rescission
and Annulment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an Event of Default with respect to 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 Securities of that series may declare the principal of all the Securities of that series, or such lesser
amount as may be provided for in the Securities of that series, to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount shall
become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At any time after such a declaration of acceleration
with respect to Securities of any series 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 provided, the Holders of not less than 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">(1)</TD>
    <TD>the Company has paid or deposited with the Trustee a sum sufficient to pay</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>all overdue installments of interest on and any Additional Amounts payable in respect of all Securities of such series,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the principal of (and premium, if any, on) any Securities of such series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD>to the extent that payment of such interest is lawful, interest upon overdue installments of interest or any Additional Amounts
at the rate or rates borne by or provided for in such Securities, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD>all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel as provided in Section 606 hereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>all Events of Default with respect to Securities of such series, have been cured or waived as provided in Section 513.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 503. Collection of Indebtedness and
Suits for Enforcement by Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants that if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>default is made in the payment of any installment of interest on or any Additional Amounts payable in respect of any Security
when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days,
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>default is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then the Company will, upon demand of the Trustee, pay to it, for
the benefit of the Holders of such Securities and any Coupons appertaining thereto, the whole amount then due and payable on such
Securities and Coupons for principal (and premium, if any) and interest or Additional Amounts, if any, with interest upon the overdue
principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments
of interest or any Additional Amounts, at the rate or rates borne by or provided for in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, and may prosecute such 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 decreed 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an Event of Default with respect to Securities
of any series 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 and any Coupons appertaining thereto 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 such Securities 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 504. Trustee May File Proofs of Claim.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 any 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: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to file and prove a claim for the whole amount or such lesser amount as may be provided for in the Securities of such series,
of principal (and premium, if any) and interest and any Additional Amounts owing and unpaid in respect of the Securities and any
Coupons appertaining thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
or counsel) and of the Holders allowed in such judicial proceeding, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities or Coupons to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders
of Securities or Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or Coupon any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or Coupon in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 505. Trustee May Enforce Claims Without
Possession of Securities or Coupons.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All rights of action and claims under this Indenture
or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable
benefit of the Holders of the Security and Coupon in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 506. Application of Money Collected.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal (and premium, if any), interest or any Additional Amounts, upon presentation of the Securities
or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof
if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">FIRST:</TD><TD>To the payment of all amounts due the Trustee and any predecessor Trustee under Section 606;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">SECOND:</TD><TD>To the payment of the amounts then due and unpaid upon the Securities and Coupons for principal (and premium, if any) and interest
or any Additional Amounts payable 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 aggregate amounts due and payable on such Securities and Coupons for principal
(and premium, if any), interest or any Additional Amounts, respectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">THIRD:</TD><TD>The balance, if any, to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 507. Limitation on Suits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No Holder of any Security of any series or any
related Coupons shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder, unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of such series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>such Holder or Holders have offered indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>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 such series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">it being understood and intended 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 or any Security to
affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or
to seek to obtain priority or preference over any other 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 508. Unconditional Right of Holders
to Receive Principal, Premium, Interest and Additional Amounts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of (and premium, if any) and (subject to Sections 306 and 308) interest on or any Additional Amounts in respect of
such Security or payment of such </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Coupon on the respective Stated Maturity or Maturities specified in such Security or Coupon (or,
in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 509. Restoration of Rights and Remedies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Trustee or any Holder of a Security or
Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the
Company, the Trustee and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue
as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 510. Rights and Remedies Cumulative.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 307,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of a Security or Coupon is intended to be
exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 511. Delay or Omission Not Waiver.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No delay or omission of the Trustee or of any
Holder of any Security or coupon to exercise any right or remedy accruing upon any 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 or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders of Securities or Coupons, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 512. Control by Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities
of such series and any Coupons appertaining thereto, PROVIDED that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>such direction shall not be in conflict with any rule of law or with this Indenture,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>such direction is not unduly prejudicial to the rights of other Holders of Securities of such series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 513. Waiver of Past Defaults.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Holders of not less than a majority in principal
amount of the outstanding Securities of any series may on behalf of the Holders of all the Securities of such Series and any Coupons
appertaining thereto waive any past default hereunder with respect to such series and its consequences, except a default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>in the payment of the principal of (and premium, if any) or interest on or Additional Amounts payable in respect of any Security
of such series or any Coupons appertaining thereto, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series affected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 514. Waiver of Stay or Extension
Laws.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE SIX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 601. Notice of Defaults.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit to the Holders in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder known to a Responsible Officer of the Trustee,
unless such default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the case of a default in the payment of
the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to, any Security of such series or
in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of Securities
and Coupons of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 602. Certain Rights of Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the provisions of Sections 315(a)
through 315(d) of the Trust Indenture Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company
Order (other than delivery of any Security, together with any Coupons appertaining thereto to the Trustee for authentication and
delivery pursuant to Section 304 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of
Directors may be sufficiently evidenced by a Board Resolution or Board Resolutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, conclusively rely upon an Officers&rsquo; Certificate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>the Trustee may consult with counsel of its selection 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 in good faith and
in reliance thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>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 of any series or any Coupons appertaining thereto pursuant to this Indenture,
unless such Holders shall have offered to the Trustee reasonable 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost to the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>the Trustee shall not be liable for any action taken, suffered, omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>the Trustee shall not be deemed to have knowledge or 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 or Event of Default
is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent,
custodian and other Person employed to act hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 603. Not Responsible For Recitals
or Issuance of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The recitals contained herein and in the Securities,
except the Trustee&rsquo;s certificate of authentication, and in any coupons shall be taken as the statements of the Company and
neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities or Coupons, except that the Trustee represents that it
is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility and Qualification on Form T-l supplied to the Company are true and
accurate, subject to the qualifications set forth therein. The Trustee or any Authenticating Agent shall not be accountable for
the use or application by the Company of Securities or the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 604. May Hold Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and Coupons and, subject to Sections 310(b) and 311 of the Trust
Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 605. Money Held in Trust.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be
under no liability for interest on any money received by it hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 606. Compensation and Reimbursement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company agrees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to pay to the Trustee from time to time such compensation for all services rendered by it hereunder as shall be mutually agreed
upon by the Company and the Trustee in writing (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may
be attributable to its negligence or bad faith; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to indemnify each of the Trustee and any predecessor Trustee and its agents for, and to hold them harmless against, any loss,
liability, claim, damage or expense including taxes (other than taxes based upon, measured by or determined by the income of the
Trustee) incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As Security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest
on Securities. When the Trustee incurs expenses or renders services after an Event of Default occurs, the expenses and compensation
for the services of the Trustee are intended to constitute expenses of administration under any bankruptcy law or any similar federal
or state law for the relief of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of this Section 606 shall survive
the termination of this Indenture and the resignation or removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 607. Corporate Trustee Required;
Eligibility; Conflicting Interests.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There shall at all times be a Trustee hereunder
that is a corporation permitted by Section 310(a)(1) and (5) of the Trust Indenture Act to act as trustee under the Trust Indenture
Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at
least $50,000,000. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article. If the Trustee has or shall acquire
any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series,
the Trustee shall take such action as is required pursuant to said Section 310(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 608. Resignation and Removal; Appointment
of Successor.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee pursuant to Section 609.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">resigning Trustee may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. If an instrument of acceptance by
a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the
Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act after
written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least
six months, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company
or by any such Holder of a Security, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of
its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then, in any such case, (a) the Company, by or pursuant to Board
Resolution, may remove the Trustee with respect to all Securities, or (b) subject to Section 315(c) of the Trust Indenture Act
any Holder of a Security who has been a bona fide Holder of a Security of any series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities of such series and the appointment of a successor Trustee or Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by or pursuant to Board Resolutions, shall promptly appoint
a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of
Section 609. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 609, become
the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company
or the Holders of Securities and accepted appointment in the manner required by Section 609, any Holder of a Security who has been
a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses
appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such
event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 609. Acceptance of Appointment by
Successor.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company and/or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall
be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part
of any other Trustee hereunder, and upon the execution and delivery of such supplemental indenture the resignation or removal of
the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates have no further responsibility for the exercise
of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture other than
as hereinafter expressly set forth, and each such successor Trustee without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 610. Merger, Conversion, Consolidation
or Succession to Business.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 611. Appointment of Authenticating
Agent.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee may appoint an Authenticating Agent
or Authenticating Agents, which may be an Affiliate of the Company, with respect to one or more series of Securities which shall
be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue or
exchange, registration of transfer or partial redemption thereof or pursuant to Section 307, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Authenticating Agent shall be acceptable
to the Company and, except as specified as contemplated by Section 301, shall at all times be a corporation that would be permitted
by Section 310(a)(1) and (5) of the Trust Indenture Act to be able to act as a trustee under an indenture qualified under the Trust
Indenture Act, is authorized under applicable law and by its charter to act as such and that has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of not less than $50,000,000. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section. If the Authenticating Agent has or shall acquire any conflicting interest,
as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series, the Authenticating Agent
shall take action as is required pursuant to said Section 310 (b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities,
if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security
Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once
in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is located
outside the United States. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company agrees to pay each Authenticating
Agent from time to time reasonable compensation for its services under this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of Sections 309, 603 and 604
shall be applicable to each Authenticating Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of
the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This certificate represents Securities of the
series designated herein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 48%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Dated: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">not in its individual capacity but solely as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

</TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Authenticating Agent </FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory </FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If all of the Securities of any series may not
be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not comply with Section 102) by the Company, shall appoint in accordance
with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such
series of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE SEVEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE
AND COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 701. Company to Furnish Trustee Names
and Addresses of Holders. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with Section 312(a) of the Trust
Indenture Act, the Company will furnish or cause to be furnished to the Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>semi-annually, not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in
such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such series
as of such Regular Record Date, or if there is no Regular Record Date for interest for such series of Securities, semi-annually,
upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>provided, however,</I> that so long as the Trustee is the Security
Registrar no such list shall be required to be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 702. Preservation of Information;
Communications to Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 703. Reports By Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
60 days after May 15 of each year commencing with the year following the first issuance of Securities pursuant to Section 301,
if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the Trust Indenture
Act a brief report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred
since the later of the immediately preceding May 15 and the date of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the Trust
Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 704. Reports By Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company, pursuant to Section 314(a) of the
Trust Indenture Act, shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>file with the Trustee, within 15 days after the Company actually files the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or
reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a Security listed and registered
on a national Securities exchange as may be prescribed from time to time in such rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with respect to compliance by such
obligor with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>transmit within 30 days after the actual filing thereof with the Trustee, in the manner and to the extent provided in Section
313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company
pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by
the Commission; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>transmit within 90 days of December 31 of each year to the Trustee, a brief certificate from the principal executive officer,
principal financial officer or principal accounting officer of the Company as to his or her knowledge of such obligor&rsquo;s compliance
with all conditions and covenants under the Indenture as determined without regard to any period of grace or requirement of notice
provided under the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such shall not constitute constructive or
other notice of any information contained therein or determinable from information contained therein, including the Company&rsquo;s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE EIGHT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATION, MERGER AND SALES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 801. Company May Consolidate Etc.,
Only on Certain Terms.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing contained in this Indenture or in any
of the Securities shall prevent any consolidation or merger of the Company with or into any other Person or Persons (whether or
not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any conveyance, transfer or lease of the property of the Company as an entirety or substantially
as an entirety, to any other Person (whether or not affiliated with the Company); PROVIDED, HOWEVER, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>in case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, the entity formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an
entirety shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the
District of Columbia and shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee)
supplemental hereto, executed and delivered by the successor Person to the Trustee, in form satisfactory to the Trustee, the due
and punctual payment of the principal of (and premium, if any) and interest on or any Additional Amounts in respect of all the
Securities and the performance of every other covenant of this Indenture on the part of the Company to be performed or observed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company
or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction,
no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened
and be continuing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>each of the Company and the successor Person has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with
this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 802. Successor Corporation Substituted
For Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon any consolidation or merger or any conveyance,
transfer or lease of the properties and assets of the Company substantially as an entirety to any Person in accordance with Section
801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer
or lease 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 had been named as the Company herein, and thereafter, except in the case of a
lease to another Person, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the
Securities and the Coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE NINE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUPPLEMENTAL INDENTURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 901. Supplemental Indentures Without
Consent of Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without the consent of any Holders of Securities
or Coupons, the Company, when authorized by Board Resolutions, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the
Company herein and in the Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants
are to be for the benefit of less than all series of Securities, </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD>stating that such covenants are expressly being included solely
for the benefit of such series) or to surrender any right or power herein conferred upon the Company;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal (or premium, if any) on Registered Securities or of principal
(or premium, if any) or any interest on Bearer Securities, to permit Registered Securities to be exchanged for Bearer Securities
or to permit or facilitate the issuance of Securities in uncertified form, PROVIDED any such action shall not adversely affect
the interests of the Holders of Securities of any series or any Coupons appertaining thereto in any material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>to establish the form or terms of Securities of any series and any Coupons appertaining thereto as permitted by Sections 201
and 301;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of
one or more series 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, pursuant to the requirements of Section 609(b);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other
provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall
not be inconsistent with the provisions of this Indenture and which shall not adversely affect the interest of the Holders of Securities
of any series or any related coupons in any material respect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of
issue, authentication and delivery of Securities, as herein set forth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>to add any additional Events of Default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to conform the obligations
of the Company and the Trustee under this Indenture to the obligations imposed on such Persons hereunder pursuant to the Trust
Indenture Act or under any similar federal statute hereafter enacted and rules or regulations of the Commission thereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>to make provisions with respect to the conversion rights of Holders of Convertible Securities pursuant to the requirements
of Section 1606; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD>to add to, change or eliminate any of the provisions of this Indenture in respect to one or more series of Securities; provided,
however, that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series issued prior to
the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder
of any such pre-existing series of any Security with respect to the application of such provision to such pre-existing series of
a Security or (ii) shall become effective only when there is no such pre-existing series of a Security outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 902. Supplemental Indentures With
Consent of Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolutions, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of
such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental Indenture shall, without the consent of the Holder
of each Outstanding Security affected thereby, shall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>change the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount
thereof or the rate of interest thereon or any Additional Amounts payable in respect thereof, or any premium payable upon the redemption
thereof, or change the obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by
Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security that
would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the Place
of Payment, coin or currency in which any Security or any premium or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after
the Redemption Date), or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section 1404 for quorum or voting, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>modify any of the provisions of this section, or Sections 512, 513 or Section 1011, except to increase any such percentage
or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Security affected thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may, but shall not be obligated
to, fix a record date for the purposes of determining the Persons entitled to consent to any indenture supplemental hereto. If
a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; PROVIDED, that unless
such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is
90 days after such record date, any such consent previously given shall automatically and without further action by any Holder
be cancelled and of no further effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It shall not be necessary for any Act of Holders
of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 903. Execution of Supplemental Indentures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created
by this Indenture, the Trustee shall be provided with, and (subject to Section 315 of the Trust Indenture Act) shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture and that it complies with the terms of this Indenture. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 904. Effect of Supplemental Indentures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder
and of any Coupons appertaining thereto shall be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 905. Conformity With Trust Indenture
Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 906. Reference in Securities to Supplemental
Indentures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 907. Subordination Unimpaired.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No supplemental indenture entered into under
this Article Nine shall modify, directly or indirectly, the provisions of Article Fifteen or the definition of Senior Indebtedness
in Section 101 in any manner that might alter or impair the subordination of the Securities with respect to Senior Indebtedness
then outstanding, unless each holder of such Senior Indebtedness has consented thereto in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE TEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COVENANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1001. Payment of Principal, Premium,
If Any, and Interest.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants and agrees for the benefit
of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any), interest
on or any Additional Amounts payable in respect of the Securities of that series in accordance with the terms of such series of
Securities, any Coupons appertaining thereto and this Indenture. Any interest due on and any Additional Amounts payable in respect
of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section 1004 in respect
of principal of (or premium, if any, on) such a Security, shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they severally mature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1002. Maintenance of Office or Agency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of such series (but not Bearer Securities, except as otherwise
provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for payment,
where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable
as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an office or agency in
a Place of Payment for such series which is located outside the United States where Securities of such series and the related Coupons
may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of such series
pursuant to Section 1004); PROVIDED, HOWEVER, that if the Securities of such series are listed on any other stock exchange located
outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent in any other required
city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange.
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, except that Bearer Securities of that series and the related Coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 1004) at the place
specified for the purpose pursuant to Section </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">301, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise specified as contemplated
by Section 301, no payment of principal, premium or interest on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with
a bank located in the United States; PROVIDED, HOWEVER, payment of principal of and any premium and interest in U.S. dollars (including
Additional Amounts payable in respect thereof) on any Bearer Security may be made at the Corporate Trust Office or any office or
agency designated by the Company if (but only if) payment of the full amount of such principal, premium, interest or Additional
Amounts at all offices outside the United States maintained for the purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall
in any manner relieve the Company of their obligation to maintain an office or agency in each Place of Payment for Securities of
any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. Unless otherwise specified as contemplated by Section 301,
the Company hereby designates as the Place of Payment for each series the Corporate Trust Office of the Trustee. Pursuant to Section
301(9) of this Indenture, the Company may subsequently appoint a place or places where such Securities may be payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1003. Money For Securities Payments
to Be Held in Trust.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium,
if any), or interest on, any of the Securities of that series, segregate and hold in trust for the benefit of the Person entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of (and premium, if any), or
interest on, any Securities of that series, deposit with any Paying Agent a sum sufficient to pay the principal (and premium, if
any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will cause each Paying Agent for
any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>hold all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series
in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of
as herein provided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making
of any payment of principal (and premium, if any) or interest on the Securities of that series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same terms as those upon </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided hereby or pursuant
hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of (and premium, if any) or interest and Additional Amounts on any Security of any series and remaining unclaimed for
two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any Coupon appertaining
thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense
of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed
to Holders of Registered Securities for such series, or both, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than two years
after such principal (and premium, if any) or interest has become due and payable, any unclaimed balance of such money then remaining
will be repaid to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1004. Additional Amounts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Securities of a series provide for the
payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security of any such series or any Coupon appertaining
thereto Additional Amounts as provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the
principal of (or premium, if any) or interest on, or in respect of, any Security of any series or any related Coupon or the net
proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the
payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express mention of
the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts
in those provisions hereof where such express mention is not made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided herein or pursuant
hereto, if the Securities of a series provide for the Payment of Additional Amounts, at least 10 days prior to the first Interest
Payment Date with respect to such series of Securities (or if the Securities of that series shall not bear interest prior to Maturity,
the first day on which a payment of principal (and premium, if any, is made), and at least 10 days prior to each date of payment
of principal (and premium, if any) or interest if there has been any change with respect to the matters set forth in the below-mentioned
Officers&rsquo; Certificate, the Company will furnish the Trustee and the principal Paying Agent or Paying Agents, if other than
the Trustee, an Officers&rsquo; Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment
of principal (and premium, if any) of or interest on the Securities of that series shall be made to Holders of Securities of that
series or the Coupons appertaining thereto who are United States Aliens without withholding for or on account of any tax, assessment
or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officers&rsquo;
Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities
or Coupons and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section. The
Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or
expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or
omitted by any of them in reliance on any Officers&rsquo; Certificate furnished pursuant to this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1005. Statement As To Compliance;
Notice of Certain Defaults.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will, in addition to the reports required by Section 704(4), deliver to the Trustee, within 120 days after the end of each
fiscal year (which on the date hereof ends on December 31), commencing December 31, 20[_], a written statement, which need not
comply with Section 102, signed by the Chairman of the Board, a Deputy Chairman, Vice Chairman, the President or a Vice President
and by the Treasurer or an Assistant Treasurer of the Company, stating, as to each signer thereof, that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>a review of the activities of the Company during such year and of performance under this Indenture has been made under his
supervision, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to the best of his knowledge, based on such review, (a) the Company has fulfilled all of its obligations under this Indenture
throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known
to him and the nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of
time or both would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event
known to him and the nature and status thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will deliver to the Trustee as soon as possible, and in any event, within five days after the occurrence thereof, written
notice of any event which after notice or lapse of time or both would become an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1006. Payment of Taxes and Other
Claims.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed
upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any subsidiary;
PROVIDED, HOWEVER, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1007. Corporate Existence.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to Article Eight, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter
and statutory) and franchises and the corporate existence, rights (charter and statutory) and franchises of the Subsidiary Bank;
PROVIDED, HOWEVER, that the Company shall not be required to preserve any such corporate existence, right or franchise if the Company
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries
considered as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1008. Waiver of Certain Covenants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Section 1006 with respect to the Securities of any series if before
the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series
shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision
or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect
of any such term, provision or condition shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1009. Calculation of Original Issue
Discount.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall file with the Trustee promptly
at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating
to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE ELEVEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REDEMPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1101. Applicability of Article.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Redemption of Securities of any series at the
option of the Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such
Securities and (except as otherwise provided herein or pursuant hereto) this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1102. Election To Redeem; Notice
To Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The election of the Company to redeem any Securities
shall be evidenced by Board Resolution. In case of any redemption at the election of the Company of the Securities of any series,
with the same issue date, interest rate and Stated Maturity, the Company shall, at least 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Securities of such series to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1103. Selection By Trustee of Securities
To Be Redeemed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If less than all the Securities of any series
with the same issue date, interest rate, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount of Registered Securities of such series; PROVIDED, HOWEVER, that no
such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to
less than the minimum denomination for a Security of such series established herein pursuant hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Convertible Security selected for partial
redemption is converted in part before termination of the conversion right with respect to the portion of the Security so selected,
the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities
which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the
purpose of such selection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1104. Notice of Redemption.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified
in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any notice that is mailed to the Holder of any
Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such
Holder receives the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the Redemption Date,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the Redemption Price,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>if less than all outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Securities to be redeemed,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>in case any Registered Security is to be redeemed in part only, the notice which relates to such Security shall state that
on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a
new Registered Security or Registered Securities of authorized denominations for the principal amount thereof remaining unredeemed,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>in the case of Convertible Securities, the Conversion Price then in effect, the date on which the right to convert the principal
amount of the Securities or the portions thereof to be redeemed will terminate and the place or places where such Securities may
be surrendered for conversion,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed only, as
to Bearer Securities, against tender of such Security and any Coupons appertaining thereto, and, if applicable, that interest thereon
and Additional Amounts, if any, shall cease to accrue on and after said date,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>the place or places where such Securities, together, in the case of Bearer Securities with all Coupons appertaining thereto,
if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>that the redemption is for a sinking fund, if such is the case, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>the CUSIP number, if any.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A notice of redemption published as contemplated
by Section 106 need not identify particular Registered Securities to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company&rsquo;s request, by the Trustee in the name and
at the expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1105. Deposit of Redemption Price.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On or prior to any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect thereto, all the Securities
or portions thereof which are to be redeemed on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Convertible Security or portion thereof
called for redemption is converted pursuant to Article Fifteen, any money deposited with the Trustee or so segregated and held
in trust for the redemption of such Security or portion thereof shall (subject to any right of the Holder of the Security on a
Regular Record Date preceding such conversion to receive interest) be paid to the Company upon Company Request or, if then held
by the Company, shall be discharged from such trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1106. Securities Payable on Redemption
Date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed,
except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said
notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid
by the Company at the Redemption Price, together with accrued interest (or any Additional Amounts) to the Redemption Date; PROVIDED,
HOWEVER, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">surrender of coupons for such interest (at an office or agency located outside the United States
except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that installments of interest on Registered Securities whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the Regular Record Dates according to their terms and the provisions
of Section 308.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon
or Coupons may be waived by the Company and the Trustee if there be furnished to them such Security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; PROVIDED, HOWEVER, that interest (or any Additional Amounts) represented by
Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United
States except as otherwise provided in Section 1002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1107. Securities Redeemed in Part.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any Registered Security which is to be redeemed
only in part shall be surrendered at any office or agency of the Company maintained for that purpose pursuant to Section 1002 (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered
Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and
deliver to the U.S. Depository or other depository for such Security in global form as shall be specified in the Company Order
with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange
for the unredeemed portion of the principal of the Security in global form so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1108. Conversion Arrangements on
Call for Redemption.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding anything to the contrary contained
in this Indenture, in connection with any redemption of Convertible Securities of any series, the Company, by an agreement with
one or more investment bankers or other purchasers, may arrange for such purchasers to purchase all such Convertible Securities
called for redemption (the &ldquo;Called Securities&rdquo;) which are either (i) surrendered for redemption or (ii) not duly surrendered
for redemption or conversion prior to the close of business on the Redemption Date, and to convert the same into shares of Common
Stock, by the purchasers&rsquo; depositing with the Trustee (acting as Paying Agent with respect to the deposit of such amount
and as conversion agent with respect to the conversion of such Called Securities), in trust for the Holders of the Called Securities,
on or prior to the Redemption Date in the manner agreed to by the Company and such purchasers, an amount sufficient to pay the
Redemption Price, payable by the Company on redemption of such Called Securities. In connection with any such arrangement for purchase
and conversion, the Trustee as Paying Agent shall pay on or after the Redemption Date such amounts so deposited by the purchasers
in exchange for Called Securities surrendered for redemption prior to the close of business on the Redemption Date and for all
Called Securities surrendered after such Redemption Date. Notwithstanding anything to the contrary contained in this Article Eleven,
the obligation of the Company to pay the Redemption Price of such Called Securities shall be satisfied and discharged to the extent
such amount is so paid by such purchasers. However, nothing in this Section 1108 shall in any way relieve the Company of the obligation
to pay such Redemption Price on all Called Securities to the extent such amount is not so paid by said purchasers. For all purposes
of this Indenture, any Called Securities surrendered by the Holders for redemption, and any Called Securities not duly surrendered
for redemption or </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">conversion prior to the close of business on the Redemption Date, shall be deemed acquired by such purchasers
from such Holders and surrendered by such purchasers for conversion and shall in all respects be deemed to have been converted,
all as of immediately prior to the close of business on the Redemption Date, subject to the deposit by the Purchasers of the above
amount as aforesaid. Nothing in this Section 1108 shall in any way limit the right of any Holder of a Security to convert his Security
pursuant to the terms of this Indenture and of such Security at any time prior to the close of business on the Redemption Date
applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE TWELVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SINKING FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1201. Applicability of Article.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or required by any form of Security
of such series issued pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory sinking fund payment&rdquo;,
and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as
an &ldquo;optional sinking fund payment&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 1202. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1202. Satisfaction of Sinking Fund
Payments With Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of such series to be made pursuant to the terms of such Securities
as provided for by the terms of such series (1) deliver Outstanding Securities of such series (other than any of such Securities
previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company), together
in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit
Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, PROVIDED
that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose
by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any
series in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of such series 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
for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to
the next succeeding sinking fund payment, PROVIDED, HOWEVER, that the Trustee or such Paying Agent shall at the request of the
Company from time to time 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 purchased by the Company having an unpaid principal amount
equal to the cash payment requested to be released to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1203. Redemption of Securities For
Sinking Fund.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers&rsquo; Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series 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 pursuant to Section 1202, and the optional amount, if any, to be added in cash to the
next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers&rsquo; Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory
sinking fund payment, the Company shall thereupon be obligated to pay the amount therein </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">specified. Not less than 60 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 1106 and 1107.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE THIRTEEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPAYMENT AT THE OPTION OF HOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1301. Applicability of Article.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities
of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 310, shall not operate as a payment, redemption or satisfaction
of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Article Thirteen, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by
an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall
be satisfied and discharged to the extent such payment is so paid by such purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE FOURTEEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MEETINGS OF HOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1401. Purposes For Which Meetings
May Be Called.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A meeting of Holders of Securities of such series
may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities
of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1402. Call, Notice and Place of Meetings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1401, to be
held at such time and at such place in the Principle Office of the Trustee, or, if Securities of such series are to be issued as
Bearer Securities, in the City [____________], as the Trustee shall determine. Notice of every meeting of Holders of Securities
of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed
for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time the Company, pursuant to Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 1401, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of
such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders
of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting
and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1403. Persons Entitled To Vote At
Meetings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities
of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1404. Quorum; Action.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series.
In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in section 1402(a), except that such notice need be given only once not less than five days prior to
the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as limited by the proviso to Section
902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote
of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of
Securities of such series and the Coupons appertaining thereto, whether or not present or represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1405. Determination of Voting Rights;
Conduct and Adjournment of Meetings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature
of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify
to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 1402(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
meeting of Holders of Securities of any series duly called pursuant to Section 1402 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting; and the meeting may be held as so adjourned without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1406. Counting Votes and Recording
Action of Meetings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders
of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A record, at least in triplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given
as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE FIFTEEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUBORDINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1501. Securities Subordinated To
Senior Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants and agrees, and each Holder
of Securities, by its acceptance thereof, likewise covenants and agrees, that the indebtedness evidenced by the Securities and
the payment of the principal of (and premium, if any) and interest on and any Additional Amounts payable in respect thereof is
hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment
in full of Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Anything in this Indenture or in the Securities
of any series to the contrary notwithstanding, the indebtedness evidenced by the Securities shall be subordinate and junior in
right of payment, to the extent and in the manner hereinafter set forth, to all Senior Indebtedness:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization, arrangement or
other similar proceedings in connection therewith, relative to the Company or to its property, and in the event of any proceedings
for voluntary liquidation, dissolution or other winding-up of the Company, whether or not involving insolvency or bankruptcy, then
the holders of Senior Indebtedness shall be entitled to receive payment in full of all principal, premium and interest on all Senior
Indebtedness before the Holders of the Securities are entitled to receive any payment on account of principal, premium, if any,
interest or Additional Amounts upon the Securities, and to that end (but subject to the power of a court of competent jurisdiction
to make other equitable provisions reflecting the rights conferred in the Securities upon Senior Indebtedness and the Holders thereof
with respect to the subordinated indebtedness represented by the Securities and the Holders hereof by a lawful plan of reorganization
under</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD> applicable bankruptcy law) the holders of Senior Indebtedness shall be entitled to receive for application in payment thereof
any payment or distribution of any kind or character, whether in cash or property or securities, which may be payable or deliverable
in any such proceedings in respect of the Securities after giving effect to any concurrent payment or distribution in respect of
such Senior Indebtedness, except securities which are subordinate and junior in right of payment to the payment of all Senior Indebtedness
then outstanding;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>In the event that any Security of any series is declared or otherwise becomes due and payable before its expressed maturity
because of the occurrence of an Event of Default hereunder (under circumstances when the provisions of the foregoing clause (1)
or the following clause (3) shall not be applicable), the holders of Senior Indebtedness outstanding at the time such Security
so becomes due and payable because of such occurrence of an Event of Default hereunder shall, so long as such declaration has not
been rescinded and annulled pursuant to Section 502, be entitled to receive payment in full of all principal of, and premium and
interest on, all such Senior Indebtedness before the Holders of the Securities of such series are entitled to receive any payment
on account of principal of, premium, if any, or interest and Additional Amounts on the Securities of such series. However, nothing
herein shall prevent the Holders of Securities from seeking any remedy allowed at law or at equity so long as any judgment or decree
obtained thereby makes provision for enforcing this clause; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>In the event that any default shall occur and be continuing with respect to any Senior Indebtedness permitting the holders
of such Senior Indebtedness to accelerate the maturity thereof, if either</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>notice of such default, in writing or by telegram, shall have been given to the Company and to the Trustee, provided that judicial
proceedings shall be commenced in respect of such default within 180 days in the case of a default in payment of principal or interest
and within 90 days in the case of any other default after the giving of such notice, and provided further that only one such notice
shall be given pursuant to this Section 1601(3) in any twelve months period, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>judicial proceedings shall be pending in respect of such default, the Holders of the Securities and the Trustee for their benefit
shall not be entitled to receive any payment on account of principal, premium, if any, or interest and Additional Amounts thereon
(including any such payment which would cause such default) unless payment in full of all principal of, and premium and interest
on, such Senior Indebtedness shall have been made or provided for. The Trustee, forthwith upon receipt of any notice received by
it pursuant to this Section 1601(3), shall, as soon as practicable, send a notice thereof to each Holder of Securities at the time
outstanding as the names and addresses of such Holders appear on the Security Register.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case despite the foregoing provisions, any
payment or distribution shall, in any such event, be paid or delivered to any Holder of the Securities or to the Trustee for their
benefit before all Senior Indebtedness shall have been paid in full, such payment or distribution shall be held in trust for and
so paid and delivered to the holders of Senior Indebtedness (or their duly authorized representatives) until all Senior Indebtedness
shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall give written notice to the
Trustee within five days after the occurrence of any insolvency, bankruptcy, receivership, liquidation, reorganization, arrangement
or similar proceeding of the Company within the meaning of this Section 1601. Upon any payment or distribution of assets of the
Company referred to in this Article Fifteen, the Trustee, subject to the provisions of Section 315(a) through 315(b) of the Trust
Indenture Act, and the Holders of the Securities shall be entitled to rely upon a certificate of the trustee in bankruptcy, receiver,
assignee for the benefit of creditors or other liquidating agent making such payment or distribution, delivered to the Trustee
or to the Holders of Securities, for the purpose of ascertaining the persons entitled to participate in such distribution, the
holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fifteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee shall be entitled to conclusively
rely on the delivery to it of a written notice by a person representing himself to be a holder of Senior Indebtedness (or a trustee
or agent on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness (or a trustee
or agent on behalf of any such holder). In the event that the Trustee determines, in good faith, that further evidence is required
with respect to the right of any person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant
to this Section 1601, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Indebtedness held by such person, as to the extent to which such person is entitled to participate in such
payment or distribution, and as to other facts pertinent to the rights of such person under this Section 1601, and if such evidence
is not furnished, the Trustee may defer any payment to such person pending judicial determination as to the right of such person
to receive such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1502. Subrogation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the payment in full of all Senior
Indebtedness to which the indebtedness evidenced by the Securities is in the circumstances subordinated as provided in Section
1601, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments
or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until all amounts owing
on the Securities shall be paid in full. As between the Company, its creditors other than holders of such Senior Indebtedness,
and the Holders of the Securities, no such payment or distribution made to the holders of such Senior Indebtedness by virtue of
this Article Fifteen which otherwise would have been made to the Holders of the Securities shall be deemed to be a payment by the
Company on account of such Senior Indebtedness, it being understood that the provisions of this Article Fifteen are and are intended
solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand, and the holders of the
Senior Indebtedness, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1503. Obligation Of Company Unconditional.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing contained in this Article Fifteen or
elsewhere in this Indenture or in the Securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>is intended to or shall impair as between its creditors other than the holders of Senior Indebtedness and the Holders of the
Securities, the obligation of the Company which is absolute and unconditional, to pay to the Holders of the Securities the principal
of (and premium, if any), interest on, or any Additional Amounts with respect to, the Securities as and when the same shall become
due and payable in accordance with their terms, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than
the holders of Senior Indebtedness, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, under this Article Fifteen of the holders of Senior Indebtedness in respect
of cash, property or securities of the Company received upon the exercise of any such Upon any payment or distribution of assets
of the Company referred to in this Article Fifteen, the Trustee and the Holders of the Securities shall be entitled to rely upon
any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization
proceeding affecting the affairs of the Company is pending or upon a certificate of the trustee in bankruptcy, receiver, assignee
for the benefit of creditors, liquidating trustee or agent or other person making any payment or distribution, delivered to the
Trustee or to the Holders of the Securities, for the purpose of ascertaining the persons entitled to participate in such payment
or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company the amount thereof or payable thereon,
the amount paid or distributed thereon and all other facts pertinent thereto or to this Article Fifteen.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1504. Payment On Securities Permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Nothing contained in this Article Fifteen or
elsewhere in this Indenture, or in any of the Securities, shall affect the obligation of the Company to make, or prevent the Company
from making payment of the principal of (or premium, if any), interest or any Additional Amounts on the Securities in accordance
with the provisions hereof and thereof, except as otherwise provided in this Article Fifteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1505. Effectuation Of Subordination
by Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Holder of Securities, by his or her acceptance
thereof, authorizes and directs the Trustee in his or her behalf to take such action as may be necessary or appropriate to effectuate
the subordination provided in this Article Fifteen and appoints the Trustee his or her attorney-in-fact for any and all such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1506. Knowledge Of Trustee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the provisions of this Article
Fifteen or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts
which would prohibit the making of any payment of monies to or by the Trustee, or the taking of any other action by the Trustee,
unless and until the Trustee shall have received written notice thereof from the Company, any Holder of the Securities, any paying
agent of the Company or the holder or representative of any class of Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1507. Trustee&rsquo;s Relation To
Senior Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise provided in the Trust Indenture
Act, the Trustee shall be entitled to all the rights set forth in this Article Fifteen with respect to any Senior Indebtedness
at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive
the Trustee of any of its rights as such holder. Notwithstanding anything in this Indenture or in the Securities of any series,
nothing in this Article Fifteen shall apply to or limit claims of or payment to the Trustee under or pursuant to Sections 506 and
606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article Fifteen, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into
this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness
and the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders, the Company
or any other Person monies or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article Fifteen
or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No recourse may be taken with respect to the
obligations of the Issuer or the Trustee against the Trustee in its individual capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1508. Rights Of Holders Of Senior
Indebtedness Not Impaired.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No right of any present or future holder of
any Senior Indebtedness to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act
or failure to act on the part of the Company or by any non-compliance by the Company with the terms, provisions or covenants of
this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE SIXTEEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONVERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1601. Conversion Privilege.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to and upon compliance with the provisions
of this Article Fifteen and the terms of the Convertible Securities of the series proposed to be converted, at the option of the
Holder, any Convertible Security or any portion of the principal amount thereof which is $1,000 or an integral multiple thereof,
may be converted into shares of Common Stock, as said shares shall be constituted at the Date of Conversion, at the Conversion
Price for such Convertible Securities of such series in effect at the Date of Conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1602. Manner of Exercise of Convertible
Privilege.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to exercise the conversion privilege,
the Holder of any Convertible Security to be converted shall surrender such Convertible Security to the Company at its office or
agency, together with the conversion notice in the form provided on the Securities (or separate written notice) duly executed,
and, if so required by the Company, accompanied by instruments of transfer, in form satisfactory to the Company and to the Trustee,
duly executed by the Holder or by his duly authorized attorney in writing. Any Registered Convertible Security so surrendered during
the period from the close of business on the Regular Record Date preceding an Interest Payment Date for such Registered Convertible
Security to the opening of business on such Interest Payment Date shall (unless any such Registered Convertible Security or the
portion thereof being converted shall have been called for redemption on a Redemption Date during such period, in which event no
interest shall be payable with respect to such Registered Convertible Security or portion thereof, as the case may be, following
such Redemption Date) also be accompanied by payment in Clearing House funds or other funds acceptable to the Company of an amount
equal to the interest payable on such Interest Payment Date on the principal amount of such Registered Convertible Security then
being converted; provided, however, that no such payment need be made if there shall exist, at the time of conversion, a default
in the payment of interest on the Convertible Securities of such series. Except as provided in the immediately preceding sentence,
no adjustment shall be made for interest accrued on any Convertible Security that shall be converted or for dividends on any shares
of Common Stock that shall be delivered upon the conversion of such Convertible Securities. The funds so delivered to such office
or agency shall be paid to the Company on or after such Interest Payment Date, unless the Company shall default in the payment
of the interest due on such Interest Payment Date, in which event such funds shall be repaid to the Person who delivered the same.
As promptly as practicable after the surrender of any Convertible Security for conversion as aforesaid, the Company shall deliver
at said office or agency to such Holder, or on his written order, a certificate or certificates for the number of full shares deliverable
upon the conversion of such Convertible Security or portion thereof and a check or cash in respect of any fraction of a share of
Common Stock otherwise deliverable upon such conversion, all as provided in this Article Fifteen, together with a Convertible Security
or Convertible Securities of the same series in principal amount equal to the unconverted and unredeemed portion, if any, of the
Convertible Security so converted in accordance with Section 306 hereof. Such conversion shall be deemed to have been effected
on the date on which such notice shall have been received at said office or agency and such Convertible Security shall have been
surrendered as aforesaid, and the Person or Persons in whose name or names any certificate or certificates for shares of Common
Stock shall be deliverable upon such conversion shall be deemed to have become on said date the Holder or Holders of record of
the shares represented thereby, provided, however, that any such surrender on any date when the stock transfer books of the Company
shall be closed shall constitute the Person or Persons in whose name or names the certificates are to be delivered as the record
Holder or Holders thereof for all purposes on the next succeeding day on which such stock transfer books are open, but such conversion
shall be at the Conversion Price in effect on the date of such surrender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1603. Cash Adjustment Upon Conversion.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall not be required to deliver
fractions of shares of Common Stock upon conversions of Convertible Securities. If more than one Convertible Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be deliverable upon conversion
thereof shall be computed on the basis of the aggregate principal amount of the Securities so surrendered. If any fractional interest
in a share of Common Stock would be deliverable upon the conversion of any Convertible Security or Securities, the Company shall
make an adjustment therefor in cash equal to the current market value of such fractional interest computed to the nearest cent
either on the basis of the last reported sale price regular way of the Common Stock on The Nasdaq Global Market (or, if not listed
on The Nasdaq Global Market, then on such other exchange on which the shares of Common Stock are listed as the Company may designate)
on the last Business Day prior to the Date of Conversion or, if there shall not have been a sale on such last Business Day, on
the basis of the average of the bid and asked </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">quotations therefor on such exchange on such last Business Day or, if the Common
Stock shall not then be listed on any exchange, at the highest bid quotation in the over-the- counter market on such last Business
Day as reported by the NASDAQ, its automated system for reporting quotes, or its successor or such other generally accepted source
of publicly reported bid and asked quotations as the Company may reasonably designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1604. Conversion Price.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Conversion Price applicable to any series
of Convertible Securities shall be the initial Conversion Price set forth on the Officers&rsquo; Certificate or supplemental indenture
establishing such series adjusted as provided in this Article Fifteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1605. Adjustment of Conversion Price.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Conversion Price applicable to any series
of Convertible Securities shall be adjusted from time to time as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Securities of any series are outstanding, (i) pay a dividend
on its Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares,
or (iii) combine its outstanding Common Stock into a smaller number of shares, the Conversion Price for such series in effect immediately
prior thereto shall be adjusted so that the Holder of any Security of such series thereafter surrendered for conversion shall be
entitled to receive the number of shares of Common Stock or other securities of the Company which he would have owned or have been
entitled to receive after the happening of any of the events described above, had such Convertible Security of such series been
converted immediately prior to the happening of such event. An adjustment made pursuant to this subdivision (a) shall become effective,
in the case of a dividend, on the payment date retroactively to immediately after the opening of business on the day following
the record date for the determination of shareholders entitled to receive such dividend, subject to the provisions of paragraph
(g) of this Section 1605, and shall become effective in the case of a subdivision or combination immediately after the opening
of business on the day following the day when such subdivision or combination, as the case may be, becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time or from time to time while the Convertible Securities of any series are outstanding, issue
rights or warrants to all holders of its shares of Common Stock entitling them (for a period expiring within 45 days of the record
date mentioned below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price
per share of Common Stock (as defined in paragraph (d) below) at such record date, the Conversion Price of any series of Convertible
Securities in effect immediately prior to the issuance of such rights or warrants shall be adjusted as follows: the number of shares
of Common Stock into which $1,000 principal amount of Convertible Securities of such series was theretofore convertible shall be
multiplied by a fraction, of which the numerator shall be the number of shares of Common Stock outstanding immediately prior to
such record date plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the denominator
shall be the number of shares of Common Stock outstanding immediately prior to such record date plus the number of shares which
the aggregate offering price of the total number of shares so offered would purchase at such current market price; and the Conversion
Price for such series of Convertible Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000
principal amount of Securities of such series shall be convertible as aforesaid. Such adjustment shall become effective on the
date of such issuance retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such rights or warrants, subject to the provisions of paragraph (g) of this Section 1605. In
determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than
such current market price, and in determining the aggregate offering price of such shares, there shall be taken into account any
consideration received by the Company for such rights or warrants, the value of such consideration, if other than cash, to be determined
by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case the Company shall, at any time from time to time while the Convertible Securities of any series are outstanding, distribute
to all holders of shares of its Common Stock evidences of its indebtedness or securities or assets (excluding cash dividends or
cash distributions payable out of consolidated net earnings or retained earnings) or rights or warrants to subscribe for shares
of Common Stock at a price per share less than the </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">current market price per share of Common Stock, determined in the manner set
forth in paragraph (d) below, but excluding rights or warrants referred to in paragraph (b) above, the Conversion Price for such
series of Convertible Securities in effect immediately prior to such distribution shall be adjusted by multiplying the number of
shares of Common Stock into which $1,000 principal amount of Convertible Securities of such series of Convertible Securities was
theretofore convertible by a fraction, of which the numerator shall be the current market price per share of Common Stock (as defined
in paragraph (d) below) on the record date for such distribution, and of which the denominator shall be such current market price
per share of the Common Stock, less the then fair market value (as determined by the Board of Directors of the Company, whose determination
shall be conclusive) of the portion of such evidences of indebtedness, securities or assets or of such subscription rights or warrants
so distributed applicable to one share of Common Stock; and the Conversion Price for such series of Convertible Securities shall
be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal amount of Convertible Securities of such
series shall be convertible as aforesaid. Such adjustment shall become effective on the date of such distribution retroactively
to immediately after the opening of business on the day following the record date for the determination of shareholders entitled
to receive such distribution, subject to the provisions of paragraph (g) of this Section 1605. For the purposes of this paragraph
(c) consolidated net earnings or retained earnings shall be computed by adding thereto all charges against retained earnings on
account of dividends paid in shares of Common Stock in respect of which the Conversion Price has been adjusted, all as determined
by Independent Public Accountants, whose determination shall be conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of any computation under paragraphs (b) and (c) above, the current market price per share of Common Stock at any date
shall be deemed to be the average of the market values of the shares of Common Stock for the ten consecutive Business Days immediately
preceding the day in question. The market value of the Common Stock for each day shall be determined as provided in Section 1603
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make such reductions in the Conversion Price for any series of Convertible Securities, in addition to those required
by paragraphs (a), (b) and (c) of this Section as it considers to be advisable in order that any event treated for Federal income
tax purposes as a dividend of stock or stock rights shall not be taxable to the recipients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as herein otherwise provided, no adjustment in the Conversion Price for any series of Convertible Securities shall be made by reason
of the issuance, in exchange for cash, property or services, of shares of Common Stock, or any securities convertible into or exchangeable
for shares of Common Stock, or carrying the right to purchase any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive any dividend
or any subscription or purchase rights or any distribution and shall, thereafter and before the distribution to shareholders of
any such dividend, subscription or purchase rights or distribution, legally abandon its plan to pay or deliver such dividend, subscription
or purchase rights or distribution, then no adjustment of the Conversion Price for any series of Convertible Securities shall be
required by reason of the taking of such record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
adjustment in the Conversion Price for any series of Convertible Securities shall be required unless such adjustment would require
an increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this paragraph
(h) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations
under this Article Fifteen shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Conversion Price for any series of Convertible Securities is adjusted as herein provided, the Company shall (i) forthwith place
on file at the Principal Office of the Trustee an Officers&rsquo; Certificate showing in detail the facts requiring such adjustment
and the Conversion Price after such adjustment and shall exhibit the same from time to time to any Holder of Convertible Securities
of such series desiring an inspection thereof, and (ii) cause a notice stating that such adjustment has been effected and the adjusted
Conversion Price to be mailed to the Holders of Registered Convertible Securities of such series at their last addresses as they
shall appear on the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may delete, modify or vary any of the provisions applicable to conversion of the Convertible Securities of any series,
or may add new provisions applicable thereto, all as may be contained in the Board Resolutions and Officers&rsquo; Certificate
or supplemental indenture establishing such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1606. Effect of Reclassifications,
Consolidations, Mergers or Sales on Conversion Privilege.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In case of any reclassification or change of
outstanding shares of the class of Common Stock issuable upon conversion of the Convertible Securities (other than a change in
par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger or consolidation of the Company with one or more other corporations (other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in any reclassification or change of outstanding shares
of Common Stock issuable upon conversion of the Securities), or in case of the merger of the Company into another corporation,
or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an
entirety, the Holder of Convertible Securities then outstanding shall have the right to convert such Convertible Security into
the kind and amount of shares of capital stock or other securities and property, including cash, receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into which such Convertible
Security might have been converted immediately prior to such reclassification, change, consolidation, merger, sale or conveyance.
In any such case the Company, or such successor or purchasing corporation, as the case may be, shall execute with the Trustee one
or more supplemental indentures (which shall conform to the Trust Indenture Act of 1939 as in force at the date of the execution
of such supplemental indenture) containing provisions to the effect set forth above in this Section 1606 and providing further
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article Fifteen;
and any such adjustment which shall be approved by the Board of Directors and set forth in such supplemental indenture or supplemental
indentures shall be conclusive for all purposes of this Section, and the Trustee shall not be under any responsibility to determine
the correctness of any provision contained in such supplemental indenture or supplemental indentures relating to either the kind
or amount of shares of stock or securities or property receivable by Holders of Securities of any series upon the conversion of
their Convertible Securities after any such reclassification, change, consolidation, merger, sale or conveyance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The above provisions of this Section 1606 shall
similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1607. Taxes on Conversions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The issue of stock certificates on conversions
of Convertible Securities shall be made without charge to the converting Holder of Convertible Securities for any tax in respect
of the issue thereof. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of shares in any name other than that of the Holder of any Registered Convertible Security converted,
and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person or Persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1608. Company to Reserve Common Stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company shall at all times reserve and keep
available out of the aggregate of its authorized but unissued shares or its issued shares held in its treasury, or both, for the
purpose of effecting the conversion of the Securities, such number of its duly authorized shares of Common Stock as shall from
time to time be sufficient to effect the conversion of all outstanding Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any shares of Common Stock reserved or to
be reserved for the purpose of conversion of Securities hereunder require registration with or approval of any governmental authority
under any Federal or State law before such shares may be validly delivered upon conversion, then the Company covenants that it
will in good faith and as expeditiously as possible endeavor to secure registration or approval, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company covenants that all shares of Common
Stock which may be delivered upon conversion of Convertible Securities shall upon delivery be fully paid and nonassessable by the
Company and free from all taxes, liens and charges with respect to the issue or delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1609. Disclaimer by Trustee of Responsibility
for Certain Matters.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Trustee nor any conversion agent
shall at any time be under any duty or responsibility to any Holder of Convertible Securities of any series to determine whether
any facts exist which may require any adjustment of the Conversion Price for such series, or with respect to the nature or extent
of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to
be employed, in making the same, subject, however, to the provisions of Sections 315(a) through 315(b) of the Trust Indenture Act.
Neither the Trustee nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock, or of any securities or property which may at any time be issued or delivered upon the conversion
of any Convertible Security; and neither of them makes any representation with respect thereto. Neither the Trustee nor any conversion
agent shall be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares
of Common Stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion
or, subject to Sections 315(a) through 315(b) of the Trust Indenture Act, to comply with any of the covenants of the Company contained
in this Article Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Section 1610. Company to Give Notice of Certain
Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>that the Company shall pay any dividend or make any distribution to the holders of shares of Common Stock otherwise than in
cash charged against consolidated net earnings or retained earnings of the Company and its consolidated net earnings or retained
earnings of the Company and its consolidated subsidiaries or in Common Stock; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>that the Company shall offer for subscription or purchase, pro rata, to the holders of shares of Common Stock any additional
shares of stock of any class or any securities convertible into or exchangeable for stock of any class; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>of any reclassification or change in outstanding shares of the class of Common Stock issuable upon the conversion of the Securities
(other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), or of any merger or consolidation of the Company with, or merger of the Company into, another corporation (other
than a merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification
or change of outstanding shares of Common Stock issuable upon conversion of the Securities), or of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an entirety;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then, and in any one or more of such events, the Company will give
to the Trustee and each conversion agent written notice thereof at least fifteen days prior to (i) the record date fixed with respect
to any of the events specified in (1) and (2) above, and (ii) the effective date of any of the events specified in (3) above; and
shall mail promptly a copy of such notice to the Holders of Registered Convertible Securities at their last addresses as they shall
appear upon the Security Register. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 48%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST BANCORP</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
        <BR>
not in its individual capacity but solely as Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;By</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Title:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; text-align: left"></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>4
<FILENAME>ex4-11.htm
<DESCRIPTION>EX-4.11
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 4.11</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FORM OF DEPOSIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This DEPOSIT AGREEMENT (&ldquo;<U>Deposit
Agreement</U>&rdquo;) is made and entered into as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 , by and among First Bancorp,
a North Carolina corporation, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], and all holders from time to time of Receipts (as hereinafter defined) issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WITNESSETH:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, it is desired
to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] shares
of Preferred Stock (as hereinafter defined) with the Depositary (as hereinafter defined) for the purposes set forth in this Deposit
Agreement and for the issuance hereunder of the Receipts evidencing Depositary Shares (as hereinafter defined), on the date hereof
representing a fractional interest in the deposited Preferred Stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Receipts
are to be substantially in the form as set forth in <U>Exhibit A</U> annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following definitions
shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Articles
of Incorporation</U>&rdquo; shall mean the Articles of Incorporation of the Company, as amended and supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Articles
of Amendment</U>&rdquo; shall mean the Articles of Amendment filed by the Company with the Secretary of State of the State of North
Carolina designating [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] shares of preferred stock of the Company as Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
shall mean First Bancorp, a North Carolina corporation, and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Corporate
Office</U>&rdquo; shall mean the corporate office of the Depositary at which at any particular time its business in respect of
matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depositary</U>&rdquo;
shall mean [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], and any successor as depositary hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depositary Share</U>&rdquo;
shall mean a 1/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fractional interest of a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate
interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this
Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner
of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock represented
by such Depositary Share, including the dividend and </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">distribution, voting, redemption, conversion and liquidation rights contained
in the Articles of Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Event</U>&rdquo; shall mean with respect to any Global Registered Receipt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(1) (A) the Global
Receipt Depository which is the holder of such Global Registered Receipt or Receipts notifies the Company that it is no longer
willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible
or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the Company has not appointed a qualified successor
Global Receipt Depository within ninety (90) calendar days after the Company received such notice, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(2) the Company
in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of
one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;Global Receipt
Depository&rdquo; shall mean, with respect to any Receipt issued hereunder, The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;)
or such other entity designated as Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person
must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Global
Registered Receipts</U>&rdquo; shall mean a global registered Receipt registered in the name of a nominee of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Letter
of Representations</U>&rdquo; shall mean any applicable agreement among the Company, the Depositary and a Global Receipt Depository
with respect to such Global Receipt Depository&rsquo;s rights and obligations with respect to any Global Registered Receipts, as
the same may be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Preferred
Stock</U>&rdquo; shall mean shares of the Company&rsquo;s [description of preferred stock].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Receipt</U>&rdquo;
shall mean a Depositary Receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary
form, substantially in the form as set forth in <U>Exhibit A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>record
date</U>&rdquo; shall mean the date fixed pursuant to Section 4.04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>record
holder</U>&rdquo; or &ldquo;<U>holder</U>&rdquo; as applied to a Receipt shall mean the person in whose name a Receipt is registered
on the books maintained by the Depositary for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>redemption
date</U>&rdquo; shall mean the date fixed for redemption of Preferred Stock and Depositary Shares contemplated in Section 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registrar</U>&rdquo; shall
mean [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], or any bank or trust company appointed to register ownership and transfers of
Receipts or the deposited Preferred Stock, as the case may be, as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities
Act</U>&rdquo; shall mean the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Signature
Guarantee</U>&rdquo; shall have the meaning as set forth in Section 2.04.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Special
Damages</U>&rdquo; shall have the meaning as set forth in Section 5.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer
Agent</U>&rdquo; shall mean [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
or any bank or trust company appointed to transfer the Receipts or the deposited Preferred Stock, as the case may be, as herein
provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><B>ARTICLE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0"><B>FORM OF RECEIPTS, DEPOSIT OF PREFERRED
STOCK, EXECUTION AND DELIVERY, <BR>
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.01. <I><U>Form
and Transferability of Receipts</U></I>. Definitive Receipts shall be engraved or printed or lithographed with steel-engraved borders
and underlying tint and shall be substantially in the form as set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary,
upon the written order of the Company, delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts
which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts
in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the
Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive
Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the
Corporate Office or such other offices, if any, as the Depositary may designate, without charge to the holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts
representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange
shall be made at the Company&rsquo;s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall
in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited,
as definitive Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Receipts shall be
executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary, provided that
if a Registrar (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual signature
of a duly authorized signatory of such Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or
be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary
shall record on its books each Receipt executed as provided above and delivered as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as the Depositary
may otherwise determine, Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated
the date of their issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Receipts may be
endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions
of this Deposit Agreement as may be required by the Company or required to comply with any applicable law or regulation or with
the rules and regulations of any securities exchange or interdealer quotation system upon which the Preferred Stock, the Depositary
Shares or the Receipts may be listed or quoted or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts are subject, in each case, as directed by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Title to any Receipt
(and to the Depositary Shares evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument
of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided,
however, that until a Receipt shall be transferred on the books of the Registrar, the Depositary may, notwithstanding any notice
to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the
person entitled to dividends or other distributions, the exercise of any redemption or voting rights or to any notice provided
for in this Deposit Agreement and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Receipts may
be issued in the form of one or more Global Registered Receipts, in which case, the Depositary shall, in accordance with the other
provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts, which
(i) shall represent the aggregate number of Depositary Shares to be represented by such Receipts, (ii) shall be registered in the
name of the Global Receipt Depository therefor or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global
Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered
Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt
Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a
successor Global Receipt Depository for such Global Registered Receipt selected or approved by the Company or to a nominee of such
successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt
shall not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such
beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit
Agreement with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt
Depository may be treated by the Company, the Depositary and any director, officer, employee or agent of the Company or the Depositary
as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered
to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make
book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered
Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any
notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the
Company and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders
to the applicable Global Receipt Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Exchange Event
has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written
order from the Company for the execution and delivery of individual definitive registered Receipts in exchange for such Global
Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like
tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in exchange for
such Global Registered Receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Definitive registered
Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names and in such
authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its
participants, shall </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">instruct the Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names
such Receipts are so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in this Deposit Agreement, should the Company determine that the Receipts should be issued as a Global
Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.02. <I><U>Deposit
of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof</U></I>. Concurrently with the execution of this Deposit
Agreement, the Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary
and evidencing [&#9;] shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may
be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written letter of instruction
of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in
such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock. The Depositary acknowledges
receipt of the deposited Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account
to be established by the Depositary at the Corporate Office or at such other office as the Depositary shall determine. The Company
hereby appoints the Depositary as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the Depositary
hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of
deposited Preferred Stock held by it by notation, book-entry or other appropriate method. The Depositary also acknowledges that
the Company may deposit additional shares of Preferred Stock from time to time after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If required by the
Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the
Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary,
that will provide for the prompt transfer to the Depositary or its nominee of any distribution or right to subscribe for additional
Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter
receive upon or in respect of such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement
as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon receipt by
the Depositary of a certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified
above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions
of this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order
delivered to the Depositary referred to in the first paragraph of this Section 2.02 a Receipt or Receipts for the number of whole
Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such
person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Corporate Office, except that, at the
request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated
by such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Other than in the
case of splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of distributions of Preferred
Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth
in the Articles of Amendment, as such may be amended.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary
to perform its obligations under this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.03. <I><U>Optional
Redemption of Preferred Stock for Cash</U></I>. Whenever the Company shall elect to redeem shares of deposited Preferred Stock
for cash in accordance with the provisions of the Articles of Amendment, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 30 days&rsquo; prior written notice of the date of such proposed redemption and of
the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price, as set
forth in the Articles of Amendment, including the amount, if any, of accrued and unpaid dividends thereon to and including the
date fixed for redemption. The Depositary shall mail, first-class postage prepaid, notice of the redemption of Preferred Stock
and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than
30 nor more than 60 days prior to the date fixed for redemption of such Preferred Stock and Depositary Shares (the &ldquo;<U>redemption
date</U>&rdquo;), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of
such holders as the same appear on the records of the Depositary; provided that if the Depositary Shares are held in the form of
Global Registered Receipts through the Global Receipt Depositary, the Company may provide such notice of redemption in any manner
permitted by such Global Receipt Depositary. No failure to give such notice or any defect thereto or in the mailing thereof shall
affect the sufficiency of notice or validity of the proceedings for redemption except as to a holder to whom notice was defective
or not given. A redemption notice which has been mailed in the manner provided herein shall be conclusively presumed to have been
duly given on the date mailed whether or not the holder received the redemption notice. The Company shall provide the Depositary
with such notice, and each such notice shall state: the redemption date; the redemption price and accrued and unpaid dividends
payable on the redemption date; the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; if fewer
than all the Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder
to be so redeemed; the place or places where Receipts evidencing the Depositary Shares to be redeemed are to be surrendered for
payment of the redemption price and accrued and unpaid dividends payable on the redemption date; and that from and after the redemption
date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue. If fewer
than all of the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be redeemed pro rata
(as nearly as may be practicable without creating fractional Depositary Shares) or by any other equitable method determined by
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that notice of redemption
has been made as described in the immediately preceding paragraph and the Company shall then have paid or caused to be paid in
full to the Depositary the redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock deposited
with the Depositary to be redeemed (including any accrued and unpaid dividends to and including the redemption date), the Depositary
shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and from
and after the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by
it as set forth in the Company&rsquo;s notice provided for in the preceding paragraph), all dividends in respect of the shares
of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no
longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive
the redemption price plus all accrued and unpaid dividends to and including the redemption date) shall, to the extent of such Depositary
Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly
endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed
at a redemption price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per Depositary Share plus all accrued </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">and unpaid dividends to and including the redemption date.
The foregoing shall be further subject to the terms and conditions of the Articles of Amendment. In the event of any conflict between
the provisions of this Deposit Agreement and the provisions of the Articles of Amendment, the provisions of the Articles of Amendment
will govern and the Company will instruct the Depositary accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If fewer than all
of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect
of the Depositary Shares called for redemption, a new Receipt evidencing such holder&rsquo;s Depositary Shares evidenced by such
prior Receipt that are not called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company acknowledges
that the bank accounts maintained by the Depositary in connection with the performance of the services described herein will be
in the name of the Depositary and that the Depositary may receive investment earnings in connection with the investment at the
Depositary&rsquo;s risk and for its benefit of funds held in those accounts from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.04. <I><U>Registration
of Transfers of Receipts</U></I>. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the Receipts
and the Depositary hereby accepts such appointment and, as such, the Depositary shall register on its books from time to time transfers
of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative, properly
endorsed or accompanied by a properly executed instrument of transfer or endorsement and including a guarantee of the signature
thereon by a participant in a signature guarantee medallion program approved by the Securities Transfer Association (a &ldquo;<U>Signature
Guarantee</U>&rdquo;), together with evidence of the payment of any transfer taxes as may be required by applicable law. Upon such
surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled
thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.05. <I><U>Combinations
and Split-ups of Receipts</U></I>. Upon surrender of a Receipt or Receipts at the Corporate Office or such other office as the
Depositary may designate for the purpose of effecting a split up or combination of Receipts, subject to the terms and conditions
of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested
evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.06. <I><U>Surrender
of Receipts and Withdrawal of Preferred Stock</U></I>. Any holder of a Receipt or Receipts may withdraw any or all of the whole
shares of deposited Preferred Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and
other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate Office
or at such other office as the Depositary may designate for such withdrawals. Fractional shares of Preferred Stock may not be withdrawn
by any holder. After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person
or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money
and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal,
but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or
to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with
such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number
of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">addition to such number
of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject
to Section 2.04) upon his order, a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such
Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of
title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed
or accompanied by a properly executed instrument of transfer or endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the deposited
Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record
holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to
the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered
by such holder for withdrawal of such whole shares of Preferred Stock be properly endorsed in blank or accompanied by a properly
executed instrument of transfer or endorsement in blank with a Signature Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
deliver the whole shares of deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal at the Corporate Office, except that, at the request, risk and expense of the
holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other
place as may be designated by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.07. <I><U>Limitations
on Execution and Delivery, Transfer, Split-up, Combination</U></I>. As a condition precedent to the execution and delivery, transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary or the Company may require any or all of the following:
(i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such
payment, the reimbursement to it) of any tax or other governmental charge with respect thereto (including any such tax or charge
with respect to the Preferred Stock being withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness
of any signature (or the authority of any signature), including a Signature Guarantee; and (iii) compliance with such regulations,
if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and as may be required
by any securities exchange upon which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for
quotation or listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The transfer of
Receipts may be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may
be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed
reasonably necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement
of applicable law or of any government or governmental body or commission, or under any provision of this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.5pt; text-align: justify; text-indent: 31.5pt">SECTION 2.08.
<I><U>Lost Receipts, etc</U>.</I> In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary in its
discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or
in lieu of and in substitution for such destroyed, lost or stolen Receipt, provided that the holder thereof provides the Depositary
with (i) evidence reasonably satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity
thereof and of his ownership thereof and (ii) reasonable indemnification and the provision of an open penalty surety bond, in each
case, satisfactory to the Depositary and the Company and holding the Depositary and the Company harmless.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.5pt; text-align: justify; text-indent: 31.5pt">SECTION 2.09.
<I><U>Cancellation and Destruction of Surrendered Receipts</U></I>. All Receipts surrendered to the Depositary shall be cancelled
by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts
so cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTAIN OBLIGATIONS OF HOLDERS OF
RECEIPTS AND THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.01. <I><U>Filing
Proofs, Certificates and Other Information</U></I>. Any holder of a Receipt may be required from time to time to file such proof
of residence or other information and to execute such certificates as the Depositary or the Company may reasonably deem necessary
or proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange
of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt,
the distribution of any distribution or the sale of any rights or of the proceeds thereof, until such proof or other information
is filed or such certificates are executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.02. <I><U>Payment
of Fees and Expenses</U></I>. Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses,
as provided in Section 5.08, or provide evidence reasonably satisfactory to the Depositary that such fees and expenses have been
paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property,
if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any distribution may be withheld, and any
part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold
for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior
to such sale). Any distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses,
the holder of such Receipt remaining liable for any deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.03. <I><U>Representations
and Warranties as to Preferred Stock</U></I>. In the case of the initial deposit of the Preferred Stock hereunder, the Company
shall be deemed thereby to represent and warrant that the Preferred Stock and each certificate therefor are valid and that such
deposit has been duly authorized. The Company hereby further represents and warrants that such Preferred Stock is validly issued,
fully paid and non-assessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance
of Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.04. <I><U>Representation
and Warranty as to Receipts and Depositary Shares</U></I>. The Company hereby represents and warrants that the Receipts, when issued,
will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid fractional
interest in a share of deposited Preferred Stock represented by such Depositary Share. Such representation and warranty shall survive
the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THE PREFERRED STOCK; NOTICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.01. <I><U>Dividends
and Other Cash Distributions</U></I>. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited
Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary
shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such
amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by
the Receipts held by such holders; provided, however, that, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">in case the Company or the Depositary shall be required by law to withhold
and shall withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required
by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares
shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not
so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.02. <I><U>Distributions
Other Than Cash</U></I>. Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock,
the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section
4.04 such amounts of the securities or other property received by it as are, as nearly as practicable, in proportion to the respective
numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company
may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary after consultation
with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including
any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method
as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private
sale) of the securities or other property thus received, or any part thereof, at such place or places and upon such terms as the
Depositary may deem proper. The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available
for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of
a distribution received in cash. The Depositary shall not be obligated hereunder to make any distribution of such securities to
the holders of Receipts unless the Company shall have provided to the Depositary, upon request of the Depositary, an opinion of
counsel stating that such securities have been registered under the Securities Act or do not need to be registered thereunder in
order to be freely transferable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.03. <I><U>Subscription
Rights, Preferences or Privileges</U></I>. If the Company shall at any time offer or cause to be offered with respect to the deposited
Preferred Stock any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences
or privileges of any other nature, the offering of such rights, preferences or privileges shall in each such instance be communicated
to the Depositary and thereafter made available by the Depositary to the record holders of Receipts in such manner as the Company
shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges);
provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines
upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences or privileges available to
the holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of Receipts who
do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so instructed by the Company, and
if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges
of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds
of any such sale shall, subject to Section 3.01 and Section 3.02, be distributed by the Depositary to the record holders of Receipts
entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not be obligated
hereunder to make any distribution of such rights, preferences or privileges, unless the Company shall have provided to the Depositary,
upon request of the Depositary, an </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">opinion of counsel stating that such rights, preferences or privileges have been registered
under the Securities Act or do not need to be registered thereunder in order to be freely transferable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.04. <I><U>Notice
of Distributions; Fixing of Record Date for Holders of Receipts</U></I>. Whenever any dividend or other cash distributions shall
become payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered,
with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders
of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election
on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date, if any, fixed by the Company with respect to the Preferred Stock) for the
determination of the holders of Receipts (a) who shall be entitled to receive such dividend, distribution, rights, preferences
or privileges or the net proceeds of the sale thereof, (b) who shall be entitled to give instructions for the exercise of voting
rights at any such meeting or to receive notice of such meeting or (c) whose Depositary Shares are to be so redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.05. <I><U>Voting
Rights</U>.</I> Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by
the Company and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders
of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any
applicable provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred
Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions
may be given. Upon the written request of a holder of a Receipt on such record date, the Depositary shall vote or cause to be voted
the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions
set forth in such request. To the extent any such instructions request the voting of a fractional interest of a share of deposited
Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with
the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions
received in such requests. The Company hereby agrees to take all reasonable action that may be reasonably deemed necessary by the
Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence
of specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of the Preferred Stock
represented by the Depositary Shares evidenced by such Receipt. The Depositary shall not be required or allowed to exercise discretion
in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.06. <I><U>Changes
Affecting Preferred Stock; Reclassifications, Recapitalizations, etc</U></I>. Upon any change in par or stated value, split-up,
combination or any other reclassification of Preferred Stock, or upon any recapitalization, reorganization, merger, amalgamation
or consolidation affecting the Company or to which the Company is a party, or upon the sale of all or substantially all of the
Company&rsquo;s assets, the Depositary shall, upon the instructions of the Company, (i) make such adjustments in (a) the fraction
of an interest represented by one Depositary Share in one share of Preferred Stock and (b) the ratio of the redemption price per
Depositary Share to the redemption price of a share of Preferred Stock, in each case as may be required by or as is consistent
with the provisions of the Articles of Amendment to fully reflect the effects of such change in liquidation preference, split-up,
combination or other reclassification of stock, or of such recapitalization, reorganization, merger, amalgamation, consolidation,
or of such sale and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the
Depositary in exchange for or upon conversion of or in respect of the Preferred Stock </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">as new deposited property under this Deposit
Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new
deposited property so received in exchange for or upon conversion of or in respect of such Preferred Stock. In any such case the
Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the
surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything
to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such
change in par or stated value, split-up, combination or other reclassification of the Preferred Stock, or any such recapitalization,
reorganization, merger, amalgamation or consolidation, or any such sale of substantially all the assets of the Company to surrender
such Receipts to the Depositary with instructions to convert, exchange or surrender the Preferred Stock represented thereby only
into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the
deposited Preferred Stock evidenced by such Receipts might have been converted or for which such Preferred Stock might have been
exchanged or surrendered immediately prior to the effective date of such transaction, subject to any subsequent change in par or
stated value, split-up, combination or other reclassification or any subsequent recapitalization, reorganization, merger, amalgamation
or consolidation or sale of substantially all the assets. The Company shall cause effective provision to be made in the charter
of the resulting or surviving corporation (if other than the Company) for protection of such rights as may be applicable upon exchange
of the deposited Preferred Stock for securities or property or cash of the surviving corporation in connection with the transactions
set forth above. The Company shall cause any such surviving corporation (if other than the Company) expressly to assume the obligations
of the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.07. <I><U>Inspection
of Reports</U></I>. The Depositary shall make available for inspection by holders of Receipts at the Corporate Office and at such
other places as the Depositary may from time to time deem advisable during normal business hours any reports and communications
received from the Company that are both received by the Depositary as the holder of the deposited Preferred Stock and made generally
available to the holders of the Preferred Stock. In addition, the Depositary shall transmit certain notices and reports to the
holders of Receipts as provided in Section 5.05.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.08. <I><U>Lists
of Receipt Holders</U></I>. Promptly upon reasonable request from time to time by the Company, the Depositary shall furnish to
the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of
all persons in whose names Receipts are registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.09. <I><U>Withholding</U></I>.
Notwithstanding any other provision of this Deposit Agreement to the contrary, in the event that the Depositary determines that
any distribution in property is subject to any tax which the Depositary is obligated by applicable law to withhold, the Depositary
may dispose of all or a portion of such property in such amounts and in such manner as the Depositary reasonably deems necessary
and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such
sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion
to the number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that
such distribution of property is subject to withholding tax only with respect to some but not all holders of Receipts, the Depositary
will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate
sufficient proceeds to pay such withholding tax and (ii) to effect any such sale in such a manner so as to avoid affecting the
rights of any other holders of Receipts to receive such distribution in property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE V</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THE DEPOSITARY AND THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.01. <I><U>Maintenance
of Offices, Agencies and Transfer Books by the Registrar</U></I>. The Depositary shall maintain at the Corporate Office facilities
for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and the withdrawal
of Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be
open for inspection by the record holders of Receipts as provided by applicable law. The Depositary may close such books, at any
time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. The Depositary
may maintain such books in customary electronic form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Receipts
or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the
Nasdaq Global Select Market or any other stock exchange, or quoted on any interdealer quotation system, the Depositary will, at
the request and expense of the Company, arrange such facilities for the delivery, transfer, surrender, redemption and exchange
of such Receipts, such Depositary Shares or such Preferred Stock as maybe required by applicable law or applicable stock exchange
or quotation system regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.02. <I><U>Prevention
or Delay in Performance by the Depositary or the Company</U></I>. Neither the Depositary nor the Company shall incur any liability
to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United
States of America or of any other governmental authority or, in the case of the Depositary or the Registrar, by reason of any provision,
present or future, of the Articles of Incorporation or the Articles of Amendment or, by reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depositary, or the Company shall be prevented or forbidden from doing
or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary,
the Registrar or the Company incur any liability to any holder of a Receipt by reason of any nonperformance or delay, caused as
aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed,
or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.03. <I><U>Obligations
of the Depositary and the Company</U></I>. The Depositary shall at all times act in good faith and shall use its best efforts within
reasonable time limits to insure the accuracy of all services performed pursuant to this Deposit Agreement. The Company assumes
no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other
than from acts or omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance
of such duties as are specifically set forth in this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
not be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited
Preferred Stock, Depositary Shares or Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity
reasonably satisfactory to it against all expense and liability be furnished as often as may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
not be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information
provided by any holder of a Receipt or any other person believed by it in good faith to be competent to give such advice or information.
The Company may rely and shall be protected in acting upon any written notice, request, direction or other document </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">believed by
it in good faith to be genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event the
Depositary shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company,
on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company,
and shall be entitled to the full indemnification set forth in Section 5.06 hereof in connection with any action so taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
not be responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner
or effect of any such vote made, as long as any such action or non-action is in good faith and does not result from gross negligence
or willful misconduct of the Depositary. The Depositary undertakes to perform such duties and only such duties as are specifically
set forth in this Deposit Agreement, and no implied covenants, obligations or liabilities shall be read into this Deposit Agreement
against the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
its parent, affiliate, or subsidiaries, may own, buy, sell or deal in any class of securities of the Company and its affiliates
and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates
may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary hereunder.
If so appointed, the Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates,
or act in any other capacity for the Company or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is intended that
the Depositary shall not be deemed to be an &ldquo;issuer&rdquo; of the securities under the federal securities laws or applicable
state securities laws, it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity as
Depositary for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting
and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary makes
no representation and has no responsibility as to the validity of the registration statement pursuant to which the Depositary Shares
are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature
thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided,
however, that the Depositary is responsible for its representations in this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company represents
that it has registered the deposited Preferred Stock and the Depositary Shares for sale in accordance with applicable securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.04. <I><U>Resignation
and Removal of the Depositary</U></I>; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of
a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case at any time
the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice
of resignation or removal, as the case may be, appoint </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">a successor depositary, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If a successor
depositary shall not have been appointed in 60 days, the resigning Depositary may, at the expense of the Company, petition a court
of competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor
and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for
all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on
the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights
and powers of such predecessor hereunder, and shall duly assign, transfer and deliver all rights, title and interest in the deposited
Preferred Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record
holders of all outstanding Receipts. Any successor depositary shall promptly mail notice of its appointment to the record holders
of Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any corporation
or other legal entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of such
Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the Receipts
either in the name of the predecessor depositary or in the name of the successor depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.05. <I><U>Notices,
Reports and Documents</U></I>. The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after
receipt thereof transmit to the record holders of Receipts, in each case at the address recorded in the Depositary&rsquo;s books,
copies of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange
or interdealer quotation system upon which the Preferred Stock, the Depositary Shares or the Receipts are listed or quoted or by
the Articles of Incorporation and the Articles of Amendment to be furnished by the Company to holders of the deposited Preferred
Stock and, if requested by the holder of any Receipt, a copy of this Deposit Agreement, the form of Receipt, the Articles of Amendment
and the form of Preferred Stock. Such transmission will be at the Company&rsquo;s expense and the Company will provide the Depositary
with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit
to the record holders of Receipts at the Company&rsquo;s expense such other documents as may be requested by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.06. <I><U>Indemnification
by the Company</U></I>. The Company agrees to indemnify the Depositary against, and hold it harmless from, any claim, action, suit,
penalty, liability, costs and expenses (including reasonable attorneys&rsquo; fees) of any kind and nature whatsoever that may
arise out of, or in connection with, its acting as Depositary under this Deposit Agreement and the Receipts, except for any liability
to the extent arising out of the willful misconduct, gross negligence, or bad faith on the part of the Depositary. The obligations
of the Company set forth in this Section 5.06 shall survive any succession of any Depositary or termination of this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.07. <I><U>Damages</U></I>.
The Depositary shall not be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including,
but not limited to, loss of anticipated profits (collectively, &ldquo;<U>Special Damages</U>&rdquo;), occasioned by breach of any
provision of this Deposit Agreement by the Depositary even if apprised of the possibility of such damages. The Company shall not
be liable to the Depositary for Special Damages occasioned by breach of any provision of this Deposit Agreement by the Company
even if apprised of the possibility of such damages.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.08. <I><U>Fees,
Charges and Expenses</U></I>. No charges and expenses of the Depositary hereunder shall be payable by any person, except as provided
in this Section 5.08. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence
of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with the initial deposit
of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred
Stock at the option of the Company and all withdrawals of the Preferred Stock by holders of Receipts. If a holder of Receipts requests
the Depositary to perform duties not required under this Deposit Agreement, the Depositary shall notify the holder of the expected
cost of the performance of such duties prior to the performance thereof. Upon approval of such cost by such holder, such holder
will thereafter be liable for the charges and expenses related to such performance. All other fees and expenses of the Depositary
hereunder (including, in each case, fees and expenses of counsel) incident to the performance of its obligations hereunder will
be promptly paid by the Company. The Depositary shall present its statement for fees and expenses to the Company every month or
at such other intervals as the Company and the Depositary may agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.09. <I><U>Additional
Depositary Rights and Duties</U></I>. The Depositary shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">have no duties or obligations other than those specifically set forth herein. Depositary shall
not be liable for any improper payment made in accordance with the information provided by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">not be obligated to take any legal action hereunder that might, in its judgment, involve any expense
or liability, unless it has been furnished with reasonable indemnity by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">be able to rely on and shall be protected in acting on the written or oral instructions with respect
to any matter relating to its actions as Depositary specifically covered by this Deposit Agreement, of any officer of the Company
authorized to give instructions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">be able to rely on and shall be protected in acting upon any certificate, instrument, opinion,
notice, letter, telegram or any other document or security delivered to it and believed by it reasonably and in good faith to be
genuine and to have been signed by the proper party or parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">not be responsible for or liable in any respect on account of the identity, authority or rights
of any person executing or delivering or purporting to execute or deliver any document or property under this Deposit Agreement,
and shall have no responsibility with respect to the use or application of any property delivered by it pursuant to the provisions
hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">be able to consult with counsel satisfactory to it (including counsel for the Company) and the
advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with advice or opinion of such counsel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">not be liable for anything which it may do or refrain from doing in connection with this Deposit
Agreement except for its own gross negligence, willful misconduct or bad faith;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">not be bound by any notice or demand, or any waiver or modification of this Deposit Agreement or
any of the terms hereof, unless evidenced by a writing delivered to the Depositary signed by the proper authority or authorities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">have no duty to enforce any obligation of any person to make delivery, or to direct or cause any
delivery to be made, or to enforce any obligation of any person to perform any other act; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">have the right to assume, in the absence of written notice to the contrary from the proper person
or persons, that a fact or an event by reason of which an action would or might be taken by the Depositary does not exist or has
not occurred without incurring liability for any action taken or omitted, or any action suffered by the Depositary to be taken
or omitted, in good faith or in the exercise of the Depositary&rsquo;s best judgment, in reliance upon such assumption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE VI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>AMENDMENT AND TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 6.01. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Amendment</U></I>.
The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no such
amendment (other than any change in the fees of the Depositary that are payable by the Company) which (i) shall materially and
adversely alter any substantial existing right of the holders of Receipts or (ii) would be materially and adversely inconsistent
with the rights granted to the holders of the Preferred Stock pursuant to the Articles of Amendment shall be effective unless such
amendment shall have been approved by the holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding.
In no event shall any amendment impair the right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of
any holder of any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary
to deliver to the holder the whole shares of the deposited Preferred Stock and all money and other property if any, represented
thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time
any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment
and to be bound by this Deposit Agreement as amended thereby. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 6.02. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Termination</U></I>.
This Deposit Agreement may be terminated by the Company upon not less than 30 days&rsquo; prior written notice to the Depositary,
whereupon the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such
holder, such number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced
by such Receipt, together with any other property held by the Depositary in respect of such Receipt. This Deposit Agreement will
automatically terminate if (i) all outstanding Depositary Shares shall have been (A) redeemed pursuant to Section 2.03 and/or (B)
surrendered in connection with withdrawal of Preferred Stock pursuant to Section 2.06, or (ii) there shall have been made a final
distribution in respect of the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company
and such distribution shall have been distributed to the holders of Receipts entitled thereto. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon the termination
of this Deposit Agreement, (i) the Company shall be discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary under Section 5.06 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">and Section 5.08 and (ii) the Depositary shall be discharged from all obligations
under this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE VII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.01. <I><U>Counterparts</U></I>.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement
by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.02. <I><U>Exclusive
Benefits of Parties</U></I>. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors
hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.03. <I><U>Invalidity
of Provisions</U></I>. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.04. <I><U>Notices</U></I>.
Unless otherwise expressly provided herein, all notices, requests, demands and other communications hereunder or under the Receipts
shall be in writing, shall be delivered by hand or by First Class Mail, postage prepaid, shall be deemed given when received and
shall be addressed to the Depositary and the Company at the respective addresses listed below or to such other addresses as they
shall designate from time to time in writing, forwarded in like manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If to the Depositary, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If to the Company, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Bancorp</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">300 SW Broad Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Southern Pines, North Carolina 28387</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any notices given
to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
if personally delivered or sent by First Class mail, postage prepaid, addressed to such record holder at the address of such record
holder as it appears on the books of the Depositary or, if such holder shall have filed with the Depositary in a timely manner
a written request that notices intended for such holder he mailed to some other address, at the address designated in such request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.05. <I><U>Holders
of Receipts Are Parties</U></I>. The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement
amid shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.06. <I><U>Governing
Law</U></I>. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by, and construed in accordance with, the internal laws of the State of&#9; [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
without regard to its conflicts of law provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.07. <I><U>Inspection
of Deposit Agreement and Articles of Amendment</U></I>. Copies of this Deposit Agreement and the Articles of Amendment shall be
filed with the Depositary and shall be open to inspection during business hours at the Corporate Office by any holder of any Receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.08. <I><U>Headings</U></I>.
The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have
been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the
meaning or interpretation of any provision contained herein or in the Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company and the Depositary have caused this Deposit Agreement to be duly executed on their behalf as of the day and year first
above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts
issued in accordance with the terms hereof.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FIRST BANCORP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; width: 4in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as Depositary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[FORM OF FACE OF RECEIPT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DR __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPRESENTING 1/_________ OF ONE SHARE OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[DESCRIPTION OF PREFERRED STOCK],</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FIRST BANCORP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INCORPORATED UNDER THE LAWS OF THE STATE OF
NORTH CAROLINA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CUSIP _____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SEE REVERSE FOR CERTAIN DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
as Depositary (the &ldquo;<U>Depositary</U>&rdquo;), hereby certifies that Cede &amp; Co. is the registered owner of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Depositary Shares (&ldquo;<U>Depositary Shares</U>&rdquo;), each Depositary Share representing 1/___of one share of [<B>Description
of Preferred Stock</B>], (the &ldquo;<U>Stock</U>&rdquo;), of First Bancorp, a North Carolina corporation (the &ldquo;<U>Corporation</U>&rdquo;),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
20[ ] (the &ldquo;<U>Deposit Agreement</U>&rdquo;), among the Corporation, the Depositary, and the holders from time to time of
the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all
the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature
of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary
Receipts by the manual signature of a duly authorized officer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Depositary
Receipt is transferable in [_______________________].</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">Dated:
    ___, 20__ </TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
    Depositary </TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 3in; padding-bottom: 12pt; text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-decoration: none; padding-right: 0; padding-left: 0; text-indent: 0">By:</TD>
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 0; text-indent: 0; text-decoration: none">Authorized Officer </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[FORM OF REVERSE OF RECEIPT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FIRST BANCORP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">FIRST BANCORP WILL
FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES
OF AMENDMENT ESTABLISHING THE <B>[DESCRIPTION OF PREFERRED STOCK]</B> OF FIRST BANCORP ANY SUCH REQUEST IS TO BE ADDRESSED TO THE
DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Corporation
will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations
or restrictions of such preferences and/or rights. Such request may be made to the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXPLANATION OF ABBREVIATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following abbreviations
when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according
to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.</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: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent Phrase</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equivalent Phrase</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT TEN</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As joint tenants, with right of survivorship and not as tenants in common</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN BY ENT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As tenants by the entireties</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN IN COM</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As tenants in common</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIF GIFT MIN ACT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uniform Gifts to Minors Act</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; 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="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abbreviation</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equivalent</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Word</B></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Abbreviation</B></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equivalent</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Word</B></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Abbreviation</B></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equivalent</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Word</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADM</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Administrator(s),</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Administrator</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executor(s),</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executrix</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAR</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGMT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FBO</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the benefit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PL</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Law</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ART</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDN</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foundation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TR</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(As) trustee(s), for, or</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CH</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chapter</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GDN</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guardian(s)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUST</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian for</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GDNSHP</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guardianship</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Declaration</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIN</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minor(s)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UW</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Under will of,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">will of, Under</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 13%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 16%">Last will &amp; testament</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For value received, ___hereby sell(s),
assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE <BR>
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF <BR>
ASSIGNEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Depositary Shares represented by the
within Receipt, and do(es) hereby irrevocably constitute and appoint [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Attorney to transfer the said Depositary Shares on
the books of the within named Depositary with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dated: __________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">NOTICE: The signature to the assignment
must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or
any change whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">SIGNATURE GUARANTEED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">NOTICE: The signature(s) should be guaranteed
by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in
an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>ex5-1.htm
<DESCRIPTION>EX-5.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: right"><B>Exhibit 5.1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[BPMHL Letterhead]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">February 28, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Bancorp</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">300 SW Broad Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Southern Pines, North Carolina 28387</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Registration Statement on Form S-3 filed by First Bancorp </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have acted as
counsel to First Bancorp, a North Carolina corporation (the &ldquo;Company&rdquo;), in connection with the Registration Statement
on Form S-3 (the &ldquo;Registration Statement&rdquo;) to be filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on February 28, 2020 pursuant to the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;). The Registration Statement, including
the Prospectus (the &ldquo;Prospectus&rdquo;) as supplemented by the various Prospectus Supplements (&ldquo;Prospectus Supplements&rdquo;),
relates to the registration of up to $100,000,000 of certain classes of securities (the &ldquo;Securities&rdquo;) consisting of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;senior
debt securities issued by the Company (the &ldquo;Senior Debt Securities&rdquo;) consisting of unsecured senior debentures, notes
and/or other evidences of indebtedness, in one or more series, to be issued from time to time under a form of Senior Indenture
to be filed as an exhibit to the Registration Statement (as supplemented or amended, the &ldquo;Senior Indenture&rdquo;), proposed
to be entered between the Company and a trustee (any such trustee, the &ldquo;Senior Indenture Trustee&rdquo;) to be chosen by
the Company and qualified to act as such under the Trust Indenture Act of 1939 (the &ldquo;TIA&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subordinated
debt securities issued by the Company (the &ldquo;Subordinated Debt Securities,&rdquo; and collectively with the Senior Debt Securities,
the &ldquo;Debt Securities&rdquo;) consisting of unsecured subordinated debentures, notes and/or other evidences of indebtedness,
in one or more series, to be issued under a form of Subordinated Indenture to be filed as an exhibit to the Registration Statement
(as supplemented or amended, the &ldquo;Subordinated Indenture&rdquo; and together with the Senior Indenture, the &ldquo;Indentures&rdquo;),
proposed to be entered into between the Company and a trustee (any such trustee, the &ldquo;Subordinated Indenture Trustee&rdquo;)
chosen by the Company and qualified to act as such under the TIA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock of the Company, no par value per share (the &ldquo;Common Stock&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of preferred stock of the Company, no par value per share (the &ldquo;Preferred Stock&rdquo;), to be issued in one or more series,
and fractional shares of Preferred Stock (the &ldquo;Depositary Shares&rdquo;), which may be evidenced by depositary receipts (&ldquo;Depositary
Receipts&rdquo;) to be issued under a form of deposit agreement (the &ldquo;Deposit Agreement&rdquo;) to be filed as an exhibit
to the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase
contracts to be issued in a form that will be filed as an exhibit to a post-effective amendment to the Registration Statement or
incorporated by reference therein (&ldquo;Purchase Contracts&rdquo;) obligating holders to purchase from the Company and the Company
to sell to holders a fixed or varying number of shares of Common Stock, Preferred Stock, Depositary Shares or Debt Securities that
may be fixed at the time of issuance or may be determined by reference to a specific formula set forth in the Purchase Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;two
or more Securities described in the Prospectus offered as units (&ldquo;Units&rdquo;) to be issued under a unit agreement (the
&ldquo;Unit Agreement&rdquo;) in a form that will be filed as an exhibit to a post-effective amendment to the Registration Statement
or incorporated by reference therein;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Bancorp</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 28, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;warrants
to purchase Senior Debt Securities, Subordinated Debt Securities, Common Stock, Preferred Stock or Depositary Shares, or any combination
of these Securities registered under the Registration Statement (the &ldquo;Warrants&rdquo;), to be issued under a warrant agreement
(the &ldquo;Warrant Agreement&rdquo;) in a form that will be filed as an exhibit to a post-effective amendment to the Registration
Statement or incorporated by reference therein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rights
offered to shareholders of the Company to purchase additional shares of Common Stock or Preferred Stock (the &ldquo;Rights&rdquo;),
to be issued under a rights agreement (the &ldquo;Rights Agreement&rdquo;) in a form that will be filed as an exhibit to a post-effective
amendment to the Registration Statement or incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For purposes of
giving the opinions hereinafter set forth, we have examined such documents, records and matters of law as we have deemed necessary
for the purposes of such opinions. We have examined, among other documents, originals or copies of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Articles of Incorporation of the Company and amendments thereto, which were filed with the Commission as: (i) Exhibits 3.a.i through
3.a.v to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002; (ii) Exhibits 3.1 and 3.2 to the
Company&rsquo;s Current Report on Form 8-K filed on January 13, 2009; (iii) Exhibit 3.1b to the Company&rsquo;s Registration Statement
on Form S-3D filed on June 29, 2010; (iv) Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed September 6, 2011;
and (v) Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed December 26, 2012 (collectively, the &ldquo;Articles
of Incorporation&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Bylaws of the Company filed as Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed with the
Commission on February 9, 2018 (the &ldquo;Bylaws&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, including the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
form of Senior Indenture to be filed with the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
form of Subordinated Indenture to be filed with the Registration Statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
form of Deposit Agreement to be filed with the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In our examination,
we have assumed the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to us as certified or photostatic copies, and the authenticity of the
originals of such copies. We have also assumed the genuineness of the signatures of persons signing all documents in connection
with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto other than the Company,
and the due authorization, execution and delivery of all documents by parties thereto other than the Company. As to any facts material
to the opinions expressed herein, we have not undertaken to independently establish or verify any such factual information, but
rather we have relied upon statements and representations of officers and other representatives of the Company and others. We have
also assumed that (1) any applicable indenture and trustee will have been qualified under the TIA, (2) appropriate corporate actions
will be taken by the Company to authorize the forms, terms, execution and delivery of any supplemental indentures, the terms of
any series of Debt Securities, and any other agreements or instruments pursuant to which any Securities will be issued and any
certificates that will evidence any Securities, (3) any required consents, approvals, authorizations and other orders of the Commission
and any other regulatory authorities or third parties will be obtained in connection with the issuance of any Securities, and (4)
the Registration Statement shall have become effective pursuant to the provisions of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Based on the foregoing
and subject to such legal considerations as we have deemed relevant, we are of the opinion that:</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Bancorp</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 28, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Debt Securities and of their issuance and sale have been duly authorized by the Company, and duly
established in conformity with the applicable Indenture, and (ii) the Debt Securities have been duly executed, authenticated and
delivered in accordance with the applicable Indenture against payment of the purchase price therefor, and duly issued and sold
as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, the Debt Securities will constitute
valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the issuance and sale of the Common Stock have been duly authorized by the Company, and (ii) the Common
Stock has been duly issued and sold against payment of the purchase price therefor, and as contemplated in the Registration Statement,
the Prospectus and the related Prospectus Supplement, and certificates representing such shares of Common Stock have been duly
executed by the duly authorized officers of the Company in accordance with applicable law and, if appropriate, by the Company&rsquo;s
transfer agent, the Common Stock will be validly issued, fully paid, and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of a particular series of the Preferred Stock and of its issuance and sale have been duly authorized by
the Company and duly established in conformity with the Company&rsquo;s Articles of Incorporation and Bylaws and applicable law,
(ii) articles of amendment to the Articles of Incorporation with respect to such series of the Preferred Stock have been duly filed
with the North Carolina Secretary of State, and (iii) the Preferred Stock of such series has been duly issued and sold against
payment of the purchase price therefor, and as contemplated in the Registration Statement, the Prospectus and the related Prospectus
Supplement, and certificates representing such shares of Preferred Stock have been duly executed by the duly authorized officers
of the Company in accordance with applicable law and, if appropriate, by the Company&rsquo;s transfer agent, the Preferred Stock
of such series will be validly issued, fully paid, and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the Deposit Agreement relating to the Depositary Shares has been duly authorized, executed and delivered by the parties
thereto, (ii) the terms of a particular series of the Preferred Stock and of its issuance and sale, and the issuance and sale of
the Depositary Shares of such series, have been duly authorized by the Company and duly established in conformity with the Articles
of Incorporation, Bylaws, applicable law, and the related Deposit Agreement, (iii) the articles of amendment to the Articles of
Incorporation with respect to such series of the Preferred Stock have been duly filed with the North Carolina Secretary of State,
(iv) the Preferred Stock of such series has been duly issued and sold against payment of the purchase price therefor, and certificates
representing such shares of Preferred Stock have been duly executed by the duly authorized officers of the Company in accordance
with applicable law and delivered to the depositary, and (v) the Depositary Receipts evidencing the Depositary Shares have been
executed and countersigned in accordance with the related Deposit Agreement and issued against deposit of the Preferred Stock and
against payment therefor as contemplated in the Registration Statement, the Prospectus, the related Prospectus Supplement, and
the related Deposit Agreement, the Depositary Receipts evidencing the Depositary Shares of such series of Preferred Stock will
be validly issued and will entitle the holders thereof to the rights specified in the Depositary Shares and the related Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Purchase Contracts and of their issuance and sale have been duly authorized by the Company and duly
established in conformity with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the Purchase Contracts
have been duly authorized, executed and delivered by the parties thereto, and (iii) such Purchase Contracts have been duly executed
and delivered (including by being countersigned by the applicable Purchase Contract Agent in accordance with the applicable Purchase
Contract agreement, if required by such Purchase Contract agreement) and duly issued and sold against payment of the purchase price
therefor, and as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, such Purchase
Contracts will constitute valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Units and of their issuance and sale have been duly authorized by the Company and duly established
in conformity with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the applicable Units have been
duly authorized, executed and delivered by the parties thereto, and </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(iii) such Units have been duly executed and delivered (including
by being countersigned by the applicable Unit agent in accordance with the applicable Unit Agreement, if required by the applicable
Unit Agreement) and duly issued and sold against payment of the purchase price therefor, and as contemplated in the Registration
Statement, the Prospectus and the related Prospectus Supplement, such Units will constitute valid and binding obligations of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Warrants and of their issuance and sale have been duly authorized by the Company and duly established
in conformity with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the applicable Warrant Agreement
has been duly authorized, executed and delivered by the parties thereto, and (iii) such Warrants have been duly executed and delivered
in accordance with the applicable Warrant Agreement (including by being countersigned by the applicable Warrant agent in accordance
with the applicable Warrant Agreement, if required by such Warrant Agreement) and duly issued and sold against payment of the purchase
price therefor, and as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement, such Warrants
will constitute valid and binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When,
as and if (i) the terms of the Rights and of their issuance have been duly authorized by the Company and duly established in conformity
with Company&rsquo;s Articles of Incorporation and Bylaws and applicable law, (ii) the agreements, instruments or certificates
creating, affecting or evidencing the Rights have been duly authorized, executed and delivered by the parties thereto, and (iii)
such Rights have been issued as contemplated in the Registration Statement, the Prospectus and the related Prospectus Supplement,
such Rights will constitute valid and binding obligations of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The opinions expressed
above are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i)
any bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law or judicially
developed doctrine in this area (such as substantive consolidation or equitable subordination) affecting the enforcement of creditors&rsquo;
rights generally, (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity
or at law), (iii) public policy considerations which may limit the rights of parties to obtain certain remedies and (iv) any laws
except the North Carolina Business Corporation Act (including the statutory provisions, all applicable provisions of the North
Carolina Constitution and reported judicial decisions interpreting those laws) and, to the extent set forth as the governing law
in an agreement filed as an exhibit to the Registration Statement under which Securities are to be issued as described in this
opinion, the laws of the State of New York, in each case, that, in our experience, are normally applicable to transactions of the
type contemplated by the Registration Statement. We advise you that issues addressed by this letter may be governed in whole or
in part by other laws, but we express no opinion as to whether any relevant difference exists between the laws upon which our opinions
are based and any other laws which may actually govern. The Securities may be issued from time to time on a delayed or continuous
basis, but this opinion is limited to the laws, including the rules and regulations thereunder, as in effect on the date hereof,
which laws are subject to change with possible retroactive effect. We disclaim any obligations to advise you of any change in any
of these sources of law or subsequent legal or factual developments which might affect any matters or opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For purposes of
each of our opinions, appropriate corporate action with respect to any issuance of Securities involving Common Stock or Preferred
Stock (including any Purchase Contracts, Units, Rights, Warrants or convertible Debt Securities involving Common Stock or Preferred
Stock) would include, without limitation, the requirement that the Company not approve any issuance of Common Stock or Preferred
Stock in excess of the number of shares of Common Stock or Preferred Stock, as the case may be, authorized and properly available
for such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We hereby consent
to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the reference to us as counsel for the Company
under the caption &ldquo;Experts&rdquo; in the prospectus comprising a part of such Registration Statement. In giving such consent,
we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the Commission promulgated thereunder.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Bancorp</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 28, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We do not find it
necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities
or &ldquo;Blue Sky&rdquo; laws of the various states to the issuance of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion is
limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.
We assume no obligation to revise or supplement this opinion for events occurring or coming to our attention after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion is
furnished to you in connection with the filing of the Registration Statement and is not be used, circulated, quoted or otherwise
relied upon for any other purposes.</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Very truly yours,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><U>/s/ Brooks, Pierce, McLendon, Humphrey &amp; Leonard,
        L.L.P.</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, L.L.P.</P></TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0">Exhibit 23.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Consent of Independent Registered Public
Accounting Firm</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">First Bancorp</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Southern Pines, North Carolina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We hereby consent to the incorporation
by reference in the Prospectus constituting a part of this Registration Statement of our reports dated February 28, 2020, relating
to the consolidated financial statements and the effectiveness of internal control over financial reporting of First Bancorp appearing
in the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We also consent to the reference to
us under the caption &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ BDO USA, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Raleigh, North Carolina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">February 28, 2020</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>ex23-2.htm
<DESCRIPTION>EX-23.2
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0">Exhibit 23.2</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in this Registration Statement on Form S-3 of First Bancorp of our report dated March 1, 2019, relating to the consolidated financial
statements as of December 31, 2018 and for each of the two years then ended, appearing in the Annual Report on Form 10-K of First
Bancorp for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We also consent to the reference to us under
the caption &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Elliott Davis, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Charlotte, North Carolina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 28, 2020</P>



<P STYLE="margin: 0"></P>

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<SEQUENCE>8
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