<SEC-DOCUMENT>0001104659-21-110510.txt : 20210827
<SEC-HEADER>0001104659-21-110510.hdr.sgml : 20210827
<ACCEPTANCE-DATETIME>20210827160613
ACCESSION NUMBER:		0001104659-21-110510
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20210827
DATE AS OF CHANGE:		20210827
EFFECTIVENESS DATE:		20210827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vericel Corp
		CENTRAL INDEX KEY:			0000887359
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943096597
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259119
		FILM NUMBER:		211218931

	BUSINESS ADDRESS:	
		STREET 1:		64 SIDNEY ST.
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		7349305555

	MAIL ADDRESS:	
		STREET 1:		64 SIDNEY ST.
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AASTROM BIOSCIENCES INC
		DATE OF NAME CHANGE:	19960428
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>tm2125905-1_s3.htm
<DESCRIPTION>S-3ASR
<TEXT>
<html>
  <head>
    <title>tm2125905-1_s3 - none - 7.4062669s</title>
  </head>
  <body style="margin-left:auto;margin-right:auto;width:595.31pt;">
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:27pt;width:541.31pt;">
        <div style="text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">As filed with the Securities and Exchange Commission on August&#160;27, 2021</font><font style="font-weight:normal;letter-spacing:0.14pt;"> </font>
        </div>
        <div style="margin-top:2pt; text-align:right; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">Registration No. 333-&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</font>&#8203;</div>
        <div style="margin-top:3.167pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3.16666666666667pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:1pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:14pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">UNITED STATES </font>
          <br >
          <font style="letter-spacing:-0.28pt;">SECURITIES AND EXCHANGE COMMISSION </font>
          <br >
          <font style="font-size:9pt;letter-spacing:-0.18pt;">Washington, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:4.5pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 4.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:14pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Form S-3 </font>
        </div>
        <div style="text-align:center; width:541.31pt; line-height:11.5pt;font-weight:bold;font-size:9pt;">
          <font style="letter-spacing:-0.18pt;">REGISTRATION STATEMENT </font>
          <br >
          <font style="letter-spacing:-0.18pt;">UNDER </font>
          <br >
          <font style="letter-spacing:-0.18pt;">THE SECURITIES ACT OF 1933</font><font style="font-weight:normal;font-size:14pt;">&#8203;<font style="letter-spacing:0.28pt;"> </font></font>
        </div>
        <div style="margin-top:4.5pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 4.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:14pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">VERICEL CORPORATION </font>
        </div>
        <div style="text-align:center; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">(Exact name of registrant as specified in its charter) </font>
        </div>
        <div style="margin-top:2.5pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 2.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <table style="width:541.31pt;height:26pt;margin-top:1.70000000000002pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.66pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Michigan</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">94-3096597</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; width:264.66pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(State or other jurisdiction of</font>
                <br >
                <font style="letter-spacing:0.16pt;">incorporation or organization) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer</font>
                <br >
                <font style="letter-spacing:0.16pt;">Identification Number)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:9.9pt; text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">64 Sidney Street </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Cambridge, Massachusetts 02139 </font>
          <br >
          <font style="letter-spacing:-0.14pt;">(617) 588-5555</font><font style="font-weight:normal;letter-spacing:0.14pt;"> </font>
        </div>
        <div style="margin-top:0.1pt; text-align:center; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, </font>
          <br >
          <font style="letter-spacing:0.16pt;">including area code, of registrant&#8217;s principal executive offices) </font>
        </div>
        <div style="margin-top:2pt; text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">Dominick C. Colangelo </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Chief Executive Officer </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Vericel Corporation </font>
          <br >
          <font style="letter-spacing:-0.14pt;">64 Sidney Street </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Cambridge, Massachusetts 02139</font><font style="font-weight:normal;letter-spacing:0.14pt;"> </font>
        </div>
        <div style="margin-top:0.1pt; text-align:center; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, </font>
          <br >
          <font style="letter-spacing:0.16pt;">including area code, of agent for service) </font>
        </div>
        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">Copies to:</font>
        </div>
        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">Mitchell S. Bloom, Esq. </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Sarah Ashfaq, Esq. </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Goodwin Procter LLP </font>
          <br >
          <font style="letter-spacing:-0.14pt;">100 Northern Avenue </font>
          <br >
          <font style="letter-spacing:-0.14pt;">Boston, Massachusetts 02210 </font>
          <br >
          <font style="letter-spacing:-0.14pt;">(617) 570-1000</font><font style="font-weight:normal;letter-spacing:0.14pt;"> </font>
        </div>
        <div style="margin-top:2pt; text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">Approximate Date of Commencement of Proposed Sale to the Public: </font>
          <br >
          <font style="font-weight:normal;letter-spacing:0.14pt;">From time to time after the effective date of this registration statement.</font>
        </div>
        <div style="margin-top:4.267pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 4.26666666666671pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:20pt; margin-top:3.1pt; width:521.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. &#9746; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;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. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective on filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box. &#9746; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">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&#160;413(b) under the Securities Act, check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act. </font>
        </div>
        <table style="width:541.31pt;height:20pt;margin-top:2.19999999999999pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:7pt;">
          <tr style="line-height:7pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:7pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2pt 0pt; width:126.33pt;">
              <font style="letter-spacing:0.14pt;">Large accelerated filer &#9746; </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2pt 0pt; width:126.33pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.14pt;">Accelerated filer &#9744; </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2pt 0pt; width:126.33pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.14pt;">Non-accelerated filer &#9744; </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2pt 0pt; width:126.33pt;">
              <font style="letter-spacing:0.14pt;">Smaller reporting company &#9744; </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:7pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:7pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:126.33pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:126.33pt;text-align:center;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:126.33pt;text-align:center;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2pt 0pt; width:126.33pt;">
              <font style="letter-spacing:0.14pt;">Emerging growth company &#9744;</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:4.9pt; width:541.31pt; line-height:7pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of Securities Act. &#9744; </font>
        </div>
        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:7pt;font-weight:bold;font-size:7pt;">
          <font style="letter-spacing:-0.14pt;">CALCULATION OF REGISTRATION FEE</font><font style="font-weight:normal;letter-spacing:0.14pt;"> </font>
        </div>
        <table style="width:541.31pt;height:129.5pt;margin-top:-6.80000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;">
            <td style="border-bottom:3pt double #000000;padding:0pt 0pt 1pt 0pt; width:0pt;" colspan="29">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Title of each class of securities to be registered </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Amount to be</font>
                <br >
                <font style="letter-spacing:-0.16pt;">registered </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Proposed maximum </font>
                <br >
                <font style="letter-spacing:-0.16pt;">offering price per </font>
                <br >
                <font style="letter-spacing:-0.16pt;">unit </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Proposed maximum </font>
                <br >
                <font style="letter-spacing:-0.16pt;">aggregate offering</font>
                <br >
                <font style="letter-spacing:-0.16pt;">price </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Amount of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">registration fee </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Common Stock, no par value per share </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(2)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Preferred Stock, no par value per share </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(2)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Debt Securities </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(2)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Warrants </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(2)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Units </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(2)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;white-space:normal;text-align:left;">
              <div style="margin-left:8pt; text-indent:-8pt;">
                <font style="letter-spacing:0.16pt;">Offering of Common Stock covered by the sales agreement prospectus included herein: </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:30pt; text-align:right; white-space:nowrap;">200,000,000</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:3pt; text-align:right; ">$</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:1px solid #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">21,820<font style="position:absolute;"><font style=" position:relative; bottom:2.75pt;font-size:6pt;">(3)</font> </font></td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:8pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:3pt double #000000;padding:2.25pt 0pt 1.5pt 0pt; width:267.38pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:20.37pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:3pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:30.925pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:30pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(1)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:10.755pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:3pt; text-align:right; ">
              <div style="font-size:6pt;">&#8203;</div>
            </td>
            <td style="padding:2.25pt 0pt 1.5pt 0pt;border-bottom:3pt double #000000; min-width:16.5pt; text-align:right; white-space:nowrap;">
              <div style="font-size:6pt;">
                <font style="position:relative;font-size:8pt;">&#8199;</font><font style="position:absolute;"><font style="font-size:8pt;"></font><font style=" position:relative; bottom:3.25pt;">(2)</font>
                </font>
              </div>
            </td>
            <td style="padding:0pt;padding-left:11.78pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:7.2pt; margin-top:1.6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:1.6pt; margin-bottom:0pt; line-height:7.2pt; text-align:left; margin-left:20pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">Omitted pursuant to General Instruction II.E of Form S-3. The amount to be registered consists of an indeterminate amount of common stock, preferred stock, debt securities, warrants and/or&#160;units. The securities registered also include such indeterminate number of shares of common stock and preferred stock and amount of debt securities as may be issued upon conversion of or exchange for preferred stock or debt securities that provide for conversion or exchange, upon exercise of warrants or pursuant to the antidilution provisions of any such securities. In addition, pursuant to Rule&#160;416 under the Securities Act of 1933, as amended, or the Securities Act, the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions. Any securities registered hereunder may be sold separately or as&#160;units with the other securities registered hereunder. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:7.2pt; margin-top:1.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:1.9pt; margin-bottom:0pt; line-height:7.2pt; text-align:left; margin-left:20pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">Pursuant to Rules 456(b) and 457(r) under the Securities Act, the Registrant is deferring payment of the filing fees relating to the securities that are registered and available for sale under this Registration Statement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:7.2pt; margin-top:1.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:1.9pt; margin-bottom:0pt; line-height:7.2pt; text-align:left; margin-left:20pt;font-size:7pt;">
          <font style="letter-spacing:0.14pt;">Calculated pursuant to Rule&#160;457(o) and 457(r) under the Securities Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:3.267pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3.26666666666665pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:1.09pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1.09000000000003pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPLANATORY NOTE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This registration statement contains: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a base prospectus which covers the offering, issuance and sale by us of the securities identified above from time to time in one or more offerings; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a sales agreement prospectus supplement covering the offering, issuance and sale by us of up to a maximum aggregate offering price of $200,000,000 of our common stock that may be issued and sold under a sales agreement with SVB Leerink LLC. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The base prospectus immediately follows this explanatory note. The specific terms of any securities to be offered pursuant to the base prospectus other than the shares under the sales agreement will be specified in a prospectus supplement to the base prospectus. The specific terms of the securities to be issued and sold under the sales agreement are specified in the sales agreement prospectus, which immediately follows the base prospectus. The $200,000,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the securities that may be offered, issued and sold by us under the base prospectus.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;height:706pt;margin-left:87.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="position:relative;margin-top:10pt; text-align:center; width:456pt;">
          <img src="lg_vericel-4clr.jpg" alt="[MISSING IMAGE: lg_vericel-4clr.jpg]" height="49" width="287" >
        </div>
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Common Stock </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Preferred Stock </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Debt Securities </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Warrants </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may offer and sell the securities identified above, from time to time in one or more series, classes or offerings and at amounts, prices and on terms that we will determine at the time of such offering. We may offer these securities separately or together in&#160;units, and we may offer securities as may be issuable upon conversion, redemption, repurchase, exchange or exercise of any of the securities registered hereunder, including any applicable antidilution provisions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus provides you with a general description of the securities. Each time we offer and sell securities, we will provide a supplement to this prospectus that contains specific information about the offering, as well as the amounts, prices and terms of the securities. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any free writing prospectus may also add, update or change information contained in this prospectus with respect to that offering. You should carefully read this prospectus and the applicable prospectus supplement, as well as any documents incorporated by reference, before you invest in any of our securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may offer and sell the securities described in this prospectus and any applicable prospectus supplement to or through one or more underwriters, dealers and agents, or directly to purchasers, or through a combination of these methods. If any underwriters, dealers or agents are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. See the sections of this prospectus entitled &#8220;About this Prospectus&#8221; and &#8220;Plan of Distribution&#8221; for more information. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing the method and terms of the offering of such securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on The Nasdaq Capital Market under the symbol &#8220;VCEL.&#8221; On August&#160;25, 2021, the last reported sale price of our common stock on the Nasdaq Capital Market was $53.77 per share. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties referenced under the heading &#8220;Risk Factors&#8221; contained in this prospectus beginning on page <a href="#tRIFA">4</a> and any applicable prospectus supplement, and under similar headings in the other documents that are incorporated by reference into this prospectus.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:18.5pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The date of this prospectus is August&#160;27, 2021.</font>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-left:51.66pt;width:706pt;">
        <div style="width:706pt; line-height:9.5pt;font-weight:bold;color:#FC0014;font-family:Helvetica, Arial, sans-serif;font-size:8pt;">
          <font style="letter-spacing:-0.08pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:235pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tATP">1</a></font> <a href="#tATP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tTHCO"><font style="letter-spacing:0.2pt;">THE COMPANY </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tTHCO">3</a></font> <a href="#tTHCO"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tRIFA">4</a></font> <a href="#tRIFA"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSNRF"><font style="letter-spacing:0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSNRF">5</a></font> <a href="#tSNRF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tUOP">7</a></font> <a href="#tUOP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCPOM"><font style="letter-spacing:0.2pt;">CERTAIN PROVISIONS OF MICHIGAN LAW AND OF OUR CHARTER AND BYLAWS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tCPOM">8</a></font> <a href="#tCPOM"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSWMO"><font style="letter-spacing:0.2pt;">SECURITIES WE MAY OFFER </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSWMO">9</a></font> <a href="#tSWMO"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOCS"><font style="letter-spacing:0.2pt;">DESCRIPTION OF CAPITAL STOCK </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOCS">10</a></font> <a href="#tDOCS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDODS"><font style="letter-spacing:0.2pt;">DESCRIPTION OF DEBT SECURITIES </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDODS">13</a></font> <a href="#tDODS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOW"><font style="letter-spacing:0.2pt;">DESCRIPTION OF WARRANTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOW">27</a></font> <a href="#tDOW"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOU"><font style="letter-spacing:0.2pt;">DESCRIPTION OF UNITS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOU">28</a></font> <a href="#tDOU"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPOD"><font style="letter-spacing:0.2pt;">PLAN OF DISTRIBUTION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tPOD">31</a></font> <a href="#tPOD"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tLEMA"><font style="letter-spacing:0.2pt;">LEGAL MATTERS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tLEMA">34</a></font> <a href="#tLEMA"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tEXP"><font style="letter-spacing:0.2pt;">EXPERTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tEXP">34</a></font> <a href="#tEXP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tWYCF">35</a></font> <a href="#tWYCF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tIBR"><font style="letter-spacing:0.2pt;">INCORPORATION BY REFERENCE </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tIBR">36</a></font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tATP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement on Form S-3 that we filed with the U.S. Securities and Exchange Commission, or the SEC, as a &#8220;well-known seasoned issuer&#8221; as defined in Rule&#160;405 under the Securities Act of 1933, as amended, or the Securities Act, using a &#8220;shelf&#8221; registration process. By using a shelf registration statement, we may sell securities from time to time and in one or more offerings as described in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus provides you with a general description of the securities we may offer. Each time that we offer and sell securities, we will provide one or more prospectus supplements to this prospectus that contains specific information about the securities being offered and sold and the specific terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. The prospectus supplement or any free writing prospectus may also add, update or change information contained in this prospectus with respect to that offering. If there is any inconsistency between the information in this prospectus and the applicable prospectus supplement or free writing prospectus, you should rely on the prospectus supplement or free writing prospectus, as applicable. Before purchasing any securities, you should carefully read both this prospectus and the applicable prospectus supplement (and any applicable free writing prospectuses), together with the additional information described under the headings &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation by Reference.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information contained in or incorporated by reference in this prospectus, any accompanying prospectus supplement or any related free writing prospectus filed by us with the SEC. We have not authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in any accompanying prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. We will not make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and the applicable prospectus supplement to this prospectus is accurate only as of the date on its respective cover, that the information appearing in any applicable free writing prospectus is accurate only as of the date of that free writing prospectus, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus incorporates by reference, and any prospectus supplement or free writing prospectus may contain and incorporate by reference, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in this prospectus, any prospectus supplement or any applicable free writing prospectus may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading &#8220;Risk Factors&#8221; contained in this prospectus, the applicable prospectus supplement and any applicable free writing prospectus, and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the headings &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation by Reference.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When we refer to &#8220;Vericel Corporation,&#8221; &#8220;Vericel,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; and the &#8220;Company&#8221; in this prospectus, we mean Vericel Corporation and its consolidated subsidiaries, unless otherwise specified. When we refer to &#8220;you,&#8221; we mean the potential holders of the applicable series of securities. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:500pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TRADEMARKS AND TRADENAMES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We own various U.S. federal trademark registrations and applications and unregistered trademarks, including our corporate logo. Solely for convenience, trademarks, service marks and tradenames referred to in this prospectus may appear without the &#174;, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, service marks and tradenames. We do not intend our use or display of other companies&#8217; trade names, service marks or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. All trademarks, service marks and trade names included or incorporated by reference into this prospectus, any applicable prospectus supplement or any related free writing prospectus are the property of their respective owners. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTHCO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:348pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">THE COMPANY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Overview</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Vericel Corporation is a leader in advanced cell therapies and specialty biologics for the sports medicine and severe burn care markets. We currently market two autologous cell therapy products, approved by the United States Food and Drug Administration, or the FDA, in the United States. MACI is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel is a permanent skin replacement Humanitarian Use Device, or HUD, for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30&#160;percent of total body surface area, or TBSA. We also hold an exclusive license from MediWound Ltd. for North American rights to NexoBrid, a registration-stage biological orphan product. In 2020, MediWound submitted to the FDA a biologics license application, or BLA, seeking the approval of NexoBrid for eschar removal (debridement) in adults with deep partial-thickness and/or full-thickness thermal burns. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Corporate Information</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We were incorporated under the laws of the State of Michigan on March&#160;24, 1989. Our principal executive offices are located at 64 Sidney Street, Cambridge, Massachusetts, 02139 and our telephone number is (617) 588-5555. Our website address is www.vcel.com. The reference to our website is intended to be an inactive textual reference and, except for the documents incorporated by reference, the information on, or accessible through, our website is not part of this prospectus. Our common stock is listed on The Nasdaq Capital Market under the symbol &#8220;VCEL.&#8221; </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRIFA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:380pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investment in any securities offered pursuant to this prospectus and the applicable prospectus supplement involves a high degree of risk. You should carefully consider the risks and uncertainties described in the documents incorporated by reference in this prospectus and any applicable prospectus supplement, as well as other information we include or incorporate by reference into this prospectus and any applicable prospectus supplement, before making an investment decision. The risks described in those documents are not the only ones we face, but those that we consider to be material. Our business, financial condition or results of operations could be materially adversely affected by the materialization of any of these risks. This prospectus, any applicable prospectus supplement and the documents incorporated herein and therein by reference also contain forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described in the applicable prospectus supplement, any applicable free writing prospectus and the documents incorporated herein by reference, including (i)&#160;our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the fiscal year ended December&#160;31, 2020</a>, which is on file with the SEC and is incorporated herein by reference, (ii)&#160;our Quarterly Reports on Form 10-Q for the quarters ended <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021008983/vcel-20210331.htm">March&#160;31, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021015540/vcel-20210630.htm">June&#160;30, 2021</a>, which are incorporated by reference into this prospectus, and (iii)&#160;other documents we file with the SEC that are deemed incorporated by reference into this prospectus, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act. The trading price of our securities could decline due to the materialization of any of these risks, and you may lose all or part of your investment. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSNRF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and the documents incorporated by reference herein contain certain forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section&#160;27A of the Securities Act, and Section&#160;21E of the Exchange Act. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Wherever possible, we have identified these forward-looking statements by words such as &#8220;will,&#8221; &#8220;may,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;trends,&#8221; &#8220;opportunity,&#8221; &#8220;current,&#8221; &#8220;intention,&#8221; &#8220;position,&#8221; &#8220;assume,&#8221; &#8220;potential,&#8221; &#8220;outlook,&#8221; &#8220;remain,&#8221; &#8220;continue,&#8221; &#8220;maintain,&#8221; &#8220;sustain,&#8221; &#8220;seek,&#8221; &#8220;target,&#8221; &#8220;achieve,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; and similar words or phrases, or future or conditional verbs such as &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; or similar expressions, or the negative of these terms, although not all forward-looking statements contain these words. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These forward-looking statements are based upon assumptions our management believes are reasonable and describe our management&#8217;s beliefs concerning future business conditions, plans and prospects, growth opportunities and the outlook for our business based upon information currently available. Such forward-looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the risks and uncertainties listed in our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> and the subsequent Quarterly Reports on Form 10-Q for the quarters ended <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021008983/vcel-20210331.htm">March&#160;31, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021015540/vcel-20210630.htm">June&#160;30, 2021</a>, and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act and in our other filings with the SEC, that may cause our actual results, performance or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong. Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in our discussion in our Annual Report on Form 10-K for the year ended December&#160;31, 2020 and the subsequent Quarterly Reports on Form 10-Q for the quarters ended March&#160;31, 2021 and June&#160;30, 2021 will be important in determining future results. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. These forward-looking statements include statements regarding: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">manufacturing and facility capabilities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">potential strategic collaborations with others; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">future capital needs and financing sources; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">adequacy of existing capital to support operations for a specified time; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reimbursement for our products; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the timing of a response to the FDA&#8217;s complete response letter regarding the NexoBrid BLA; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the timing of the FDA&#8217;s review of any resubmission of the NexoBrid BLA; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">expectations regarding approval by the FDA of the NexoBrid BLA; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">product development and marketing plans; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">features and successes of our therapies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">clinical trial plans, including publication thereof; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:520pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the effects of the COVID-19 pandemic on our business, including economic slowdowns or recessions, impact to our operations or to the healthcare industry generally, which could reduce demand for our products; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">anticipation of future losses; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">replacement of manufacturing sources; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">commercialization plans; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">revenue expectations and operating results. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUOP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:540pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Unless the applicable prospectus supplement indicates otherwise, we intend to use net proceeds from the sale of the securities offered hereby for general corporate purposes. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">We may raise additional capital through additional public or private financings, as well as collaborative relationships, incurring debt and other available sources. Please see the discussion of the risks associated with raising additional capital in the section &#8220;Risk Factors.&#8221; </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCPOM">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:328pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CERTAIN PROVISIONS OF MICHIGAN LAW AND OF OUR CHARTER AND BYLAWS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are subject to certain anti-takeover provisions of the Michigan Business Corporation Act, or the MBCA, that could delay or make more difficult a merger or tender offer involving us. Chapter 7A of the MBCA prevents, in general, an &#8220;interested shareholder&#8221; &#8203;(defined generally as a person owning 10% or more of a corporation&#8217;s outstanding voting shares) from engaging in a &#8220;business combination&#8221; &#8203;(as defined therein) with a Michigan corporation unless: (a)&#160;the board of directors issues an advisory statement, holders of 90% of the shares of each class of stock entitled to vote approve the transaction, and holders of two-thirds of the &#8220;disinterested&#8221; shares of each class of stock approve the transaction; (b)&#160;the interested shareholder has been an interested shareholder for at least five&#160;years and has not acquired beneficial ownership of any additional shares of the corporation subsequent to the transaction which resulted in such shareholder being classified as an interested shareholder, and meets certain requirements, including provisions relating to the fairness of the price and the form of consideration paid; or (c)&#160;the board of directors, by resolution, exempts a particular interested shareholder from these provisions prior to the interested shareholder becoming an interested shareholder. The MBCA also contains certain other provisions that could have anti-takeover effects. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our Restated Articles of Incorporation, as amended, or the Charter, does not provide shareholders with the right to act without a meeting and does not provide for cumulative voting in the election of directors. The amendment of any of these provisions would require approval by holders of at least a majority of the shares of our outstanding common stock. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These and other provisions of our Charter or our Amended and Restated Bylaws, or the Bylaws, could have the effect of deterring certain takeovers or delaying or preventing certain changes in control or changes in our management, including transactions in which shareholders might otherwise receive a premium for their shares over then-current market prices. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">8</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSWMO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:512pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">SECURITIES WE MAY OFFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The descriptions of the securities contained in this prospectus, together with any applicable prospectus supplements, summarize all the material terms and provisions of the various types of securities that we may offer. We will describe in the applicable prospectus supplement the particular terms of the securities offered by that prospectus supplement. If we so indicate in the applicable prospectus supplement, the terms of the securities may differ from the terms we have summarized below. We will also include in the applicable prospectus supplement information, where applicable, about material United States federal income tax considerations relating to the securities and the securities exchange, if any, on which the securities will be listed. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">9</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOCS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF CAPITAL STOCK</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following description of our common stock and preferred stock, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the common stock and preferred stock that we may offer under this prospectus. The following description of our capital stock does not purport to be complete and is subject to, and qualified in its entirety by, our Charter and our Bylaws, which are exhibits to the registration statement of which this prospectus forms a part, and by applicable law. We refer in this section to our Restated Articles of Incorporation, as amended, as our Charter, and we refer to our Amended and Restated Bylaws, as our Bylaws. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Authorized Capital Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our authorized capital stock consists of 75,000,000 shares of common stock, no par value per share, and 5,000,000 shares of preferred stock, no par value per share. As of June&#160;30, 2021, we did not have any preferred stock outstanding. Please see &#8220;Certain Provisions of Michigan Law and of Our Charter and Bylaws&#8221; for a description of those provisions in our Charter and Bylaws that would have an effect of delaying, deferring or preventing a change in control of us and that would operate only with respect to an extraordinary corporate transaction involving us or our subsidiaries. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Common Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. We do not have a classified board of directors and shareholders do not have cumulative voting rights. Holders of common stock have no preemptive, redemption or conversion rights and are not subject to future calls or assessments. No sinking fund provisions apply to our common stock. All outstanding shares are fully-paid and non-assessable. In the event of our liquidation, dissolution or winding up, holders of common stock are entitled to share ratably in assets available for distribution, subject to any prior distribution rights of any preferred stock then outstanding. Holders of common stock are entitled to receive proportionately any such dividends declared by our Board, out of legally available funds for dividends, subject to any preferences that may be applicable to any shares of preferred stock that may be outstanding at that time. The rights, preferences and privileges of holders of common stock are set forth in our Charter, which may be amended by the holders of a majority of the outstanding shares of common stock. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Listing</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on The Nasdaq Capital Market under the symbol &#8220;VCEL.&#8221; On August&#160;25, 2021, the closing price for our common stock, as reported on the Nasdaq Capital Market, was $53.77 per share. As of June&#160;30, 2021, we had approximately 360 stockholders of record. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transfer Agent and Registrar</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The transfer agent and registrar for our common stock is Continental Stock Transfer &amp; Trust Company, Inc. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our Board is authorized to issue up to 5,000,000 shares of preferred stock in one or more series without shareholder approval. Our Board may determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. The issuance of preferred stock, while providing desirable flexibility in connection with possible acquisitions and other corporate purposes, could make it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of our outstanding voting stock. The rights of holders of our common stock described above, will be subject to, and may be adversely affected by, the rights of any preferred stock that we may designate and issue in the future. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The purpose of authorizing our Board to issue preferred stock in one or more series and determine the number of shares in the series and its rights and preferences is to eliminate delays associated with a shareholder vote on specific issuances. Examples of rights and preferences that the Board may fix are: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.71pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">dividend rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">dividend rates; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">conversion rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">voting rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">terms of redemption; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">liquidation preferences. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The existence of authorized but unissued shares of preferred stock may enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine that a takeover proposal is not in the best interests of us or our stockholders, our board of directors could cause shares of preferred stock to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer, stockholder or stockholder group. The rights of holders of our common stock described above, will be subject to, and may be adversely affected by, the rights of any preferred stock that we may designate and issue in the future. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of these holders and may have the effect of delaying, deterring or preventing a change in control of us. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We will incorporate by reference as an exhibit to the registration statement, which includes this prospectus, the form of any certificate of designation that describes the terms of the series of preferred stock we are offering. This description and the applicable prospectus supplement will include: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title and stated value; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the number of shares authorized; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the liquidation preference per share; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the purchase price; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the dividend rate, period and payment date, and method of calculation for dividends; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the procedures for any auction and remarketing, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the provisions for a sinking fund, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the provisions for redemption or repurchase, if applicable, and any restrictions on our ability to exercise those redemption and repurchase rights; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any listing of the preferred stock on any securities exchange or market; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the preferred stock will be convertible into our common stock, and, if applicable, the conversion price, or how it will be calculated, and the conversion period; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange price, or how it will be calculated, and the exchange period; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">voting rights, if any, of the preferred stock; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">preemptive rights, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">restrictions on transfer, sale or other assignment, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether interests in the preferred stock will be represented by depositary shares; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">11</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:414pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a discussion of any material United States federal income tax considerations applicable to the preferred stock; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the relative ranking and preferences of the preferred stock as to dividend rights and rights if we liquidate, dissolve or wind up our affairs; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any limitations on issuance of any class or series of preferred stock ranking senior to or on a parity with the series of preferred stock as to dividend rights and rights if we liquidate, dissolve or wind up our affairs; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other specific terms, preferences, rights or limitations of, or restrictions on, the preferred stock. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When we issue shares of preferred stock under this prospectus, the shares will fully be paid and nonassessable and will not have, or be subject to, any preemptive or similar rights. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Michigan Business Corporation Act, or the MBCA, provides that the holders of preferred stock will have the right to vote separately as a class on any proposal involving an increase or decrease in the authorized number of shares of that class, or changes in the powers, preferences or special rights of holders of that preferred stock so as to affect the class adversely. This right is in addition to any voting rights that may be provided for in the applicable certificate of designation.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDODS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF DEBT SECURITIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The paragraphs below describe the general terms and provisions of the debt securities we may issue. When we offer to sell a particular series of debt securities, we will describe the specific terms of the securities in a supplement to this prospectus, including any additional covenants or changes to existing covenants relating to such series. The prospectus supplement also will indicate whether the general terms and provisions described in this prospectus apply to a particular series of debt securities. You should read the actual indenture if you do not fully understand a term or the way we use it in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may offer senior or subordinated debt securities. Each series of debt securities may have different terms. The senior debt securities will be issued under one or more senior indentures, dated as of a date prior to such issuance, between us and the trustee identified in the applicable prospectus supplement, as amended or supplemented from time to time. We will refer to any such indenture throughout this prospectus as the &#8220;senior indenture.&#8221; Any subordinated debt securities will be issued under one or more separate indentures, dated as of a date prior to such issuance, between us and the trustee identified in the applicable prospectus supplement, as amended or supplemented from time to time. We will refer to any such indenture throughout this prospectus as the &#8220;subordinated indenture&#8221; and to the trustee under the senior or subordinated indenture as the &#8220;trustee.&#8221; The senior indenture and the subordinated indenture are sometimes collectively referred to in this prospectus as the &#8220;indentures.&#8221; The indentures will be subject to and governed by the Trust Indenture Act of 1939, as amended. We included copies of the forms of the indentures as exhibits to our registration statement and they are incorporated into this prospectus by reference. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we issue debt securities at a discount from their principal amount, then, for purposes of calculating the aggregate initial offering price of the offered securities issued under this prospectus, we will include only the initial offering price of the debt securities and not the principal amount of the debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We have summarized below the material provisions of the indentures and the debt securities, or indicated which material provisions will be described in the related prospectus supplement. The prospectus supplement relating to any particular securities offered will describe the specific terms of the securities, which may be in addition to or different from the general terms summarized in this prospectus. Because the summary in this prospectus and in any applicable prospectus supplement does not contain all of the information that you may find useful, you should read the documents relating to the securities that are described in this prospectus or in any applicable prospectus supplement. Please read &#8220;Where You Can Find More Information&#8221; to find out how you can obtain a copy of those documents. Except as otherwise indicated, the terms of the indentures are identical. As used under this caption, the term &#8220;debt securities&#8221; includes the debt securities being offered by this prospectus and all other debt securities issued by us under the indentures. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">do not limit the amount of debt securities that we may issue; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">allow us to issue debt securities in one or more series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">do not require us to issue all of the debt securities of a series at the same time; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">allow us to reopen a series to issue additional debt securities without the consent of the holders of the debt securities of such series; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">provide that the debt securities will be unsecured, except as may be set forth in the applicable prospectus supplement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless we give you different information in the applicable prospectus supplement, the senior debt securities will be unsubordinated obligations and will rank equally with all of our other unsecured and unsubordinated indebtedness. Payments on the subordinated debt securities will be subordinated to the prior payment in full of all of our senior indebtedness, as described under &#8220;Description of Debt Securities&#8201;&#8212;&#8201;Subordination&#8221; and in the applicable prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each indenture provides that we may, but need not, designate more than one trustee under an indenture. Any trustee under an indenture may resign or be removed and a successor trustee may be appointed to act </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">with respect to the series of debt securities administered by the resigning or removed trustee. If two or more persons are acting as trustee with respect to different series of debt securities, each trustee shall be a trustee of a trust under the applicable indenture separate and apart from the trust administered by any other trustee. Except as otherwise indicated in this prospectus, any action described in this prospectus to be taken by each trustee may be taken by each trustee with respect to, and only with respect to, the one or more series of debt securities for which it is trustee under the applicable indenture. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement for each offering will provide the following terms, where applicable: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title of the debt securities and whether they are senior or subordinated; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the aggregate principal amount of the debt securities being offered, the aggregate principal amount of the debt securities outstanding as of the most recent practicable date and any limit on their aggregate principal amount, including the aggregate principal amount of debt securities authorized; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the price at which the debt securities will be issued, expressed as a&#160;percentage of the principal and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or, if applicable, the portion of the principal amount of such debt securities that is convertible into common stock or other securities of ours or the method by which any such portion shall be determined; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if convertible, the terms on which such debt securities are convertible, including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability of common stock or other securities of ours received on conversion; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date or dates, or the method for determining the date or dates, on which the principal of the debt securities will be payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the fixed or variable interest rate or rates of the debt securities, or the method by which the interest rate or rates is determined; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date or dates, or the method for determining the date or dates, from which interest will accrue; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the dates on which interest will be payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the record dates for interest payment dates, or the method by which such dates will be determined; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the persons to whom interest will be payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day&#160;months; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any make-whole amount, which is the amount in addition to principal and interest that is required to be paid to the holder of a debt security as a result of any optional redemption or accelerated payment of such debt security, or the method for determining the make-whole amount; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the place or places where the principal of, and any premium or make-whole amount, and interest on, the debt securities will be payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">where the debt securities may be surrendered for registration of transfer or conversion or exchange; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">where notices or demands to or upon us in respect of the debt securities and the applicable indenture may be served; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the times, prices and other terms and conditions upon which we may redeem the debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any obligation we have to redeem, repay or purchase the debt securities pursuant to any sinking fund or analogous provision or at the option of holders of the debt securities, and the times and prices at which we must redeem, repay or purchase the debt securities as a result of such obligation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the currency or currencies in which the debt securities are denominated and payable if other than United States dollars, which may be a foreign currency or&#160;units of two or more foreign currencies or a composite currency or currencies and the terms and conditions relating thereto, and the manner of determining the equivalent of such foreign currency in United States dollars; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the principal of, and any premium or make-whole amount, or interest on, the debt securities of the series are to be payable, at our election or at the election of a holder, in a currency or currencies other than that in which the debt securities are denominated or stated to be payable, and other related terms and conditions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the amount of payments of principal of, and any premium or make-whole amount, or interest on, the debt securities may be determined according to an index, formula or other method and how such amounts will be determined; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the debt securities will be in registered form, bearer form, or both, and (i)&#160;if in registered form, the person to whom any interest shall be payable, if other than the person in whose name the security is registered at the close of business on the regular record date for such interest, or (ii)&#160;if in bearer form, the manner in which, or the person to whom, any interest on the security shall be payable if otherwise than upon presentation and surrender upon maturity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any restrictions applicable to the offer, sale or delivery of securities in bearer form and the terms upon which securities in bearer form of the series may be exchanged for securities in registered form of the series and vice versa, if permitted by applicable laws and regulations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether any debt securities of the series are to be issuable initially in temporary global form and whether any debt securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global security may, or shall be required to, exchange their interests for other debt securities of the series, and the manner in which interest shall be paid; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the identity of the depositary for securities in registered form, if such series are to be issuable as a global security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date as of which any debt securities in bearer form or in temporary global form shall be dated if other than the original issuance date of the first security of the series to be issued; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the applicability, if any, of the defeasance and covenant defeasance provisions described in this prospectus or in the applicable indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether and under what circumstances we will pay any additional amounts on the debt securities in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities in lieu of making such a payment; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether and under what circumstances the debt securities being offered are convertible into common stock or other securities of ours, as the case may be, including the conversion price or rate and the manner or calculation thereof; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the circumstances, if any, specified in the applicable prospectus supplement, under which beneficial owners of interests in the global security may obtain definitive debt securities and the manner in which payments on a permanent global debt security will be made if any debt securities are issuable in temporary or permanent global form; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions granting special rights to holders of securities upon the occurrence of such events as specified in the applicable prospectus supplement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the debt securities of such series are to be issuable in definitive form only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the name of the applicable trustee and the nature of any material relationship with us or any of our affiliates, and the&#160;percentage of debt securities of the class necessary to require the trustee to take action; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any deletions from, modifications of or additions to our events of default or covenants with regard to such debt securities and any change in the right of any trustee or any of the holders to declare the principal amount of any of such debt securities due and payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">applicable CUSIP numbers; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other terms of such debt securities not inconsistent with the provisions of the applicable indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue debt securities that provide for less than the entire principal amount thereof to be payable upon declaration of acceleration of the maturity of the debt securities. We refer to any such debt securities throughout this prospectus as &#8220;original issue discount securities.&#8221; The applicable prospectus supplement will describe the United States federal income tax consequences and other relevant considerations applicable to original issue discount securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We also may issue indexed debt securities. Payments of principal of, and premium and interest on, indexed debt securities are determined with reference to the rate of exchange between the currency or currency unit in which the debt security is denominated and any other currency or currency unit specified by us, to the relationship between two or more currencies or currency&#160;units or by other similar methods or formulas specified in the prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as described under &#8220;&#8212; Merger, Consolidation or Sale of Assets&#8221; or as may be set forth in any prospectus supplement, the debt securities will not contain any provisions that (i)&#160;would limit our ability to incur indebtedness or (ii)&#160;would afford holders of debt securities protection in the event of (a)&#160;a highly leveraged or similar transaction involving us, or (b)&#160;a change of control or reorganization, restructuring, merger or similar transaction involving us that may adversely affect the holders of the debt securities. In the future, we may enter into transactions, such as the sale of all or substantially all of our assets or a merger or consolidation, that may have an adverse effect on our ability to service our indebtedness, including the debt securities, by, among other things, substantially reducing or eliminating our assets. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Neither the MBCA nor our governing instruments define the term &#8220;substantially all&#8221; as it relates to the sale of assets. Additionally, Michigan cases interpreting the term &#8220;substantially all&#8221; rely upon the facts and circumstances of each particular case. Consequently, to determine whether a sale of &#8220;substantially all&#8221; of our assets has occurred, a holder of debt securities must review the financial and other information that we have disclosed to the public. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will provide you with more information in the applicable prospectus supplement regarding any deletions, modifications, or additions to the events of default or covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payment</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless we give you different information in the applicable prospectus supplement, the principal of, and any premium or make-whole amount, and interest on, any series of the debt securities will be payable at the corporate trust office of the trustee. We will provide you with the address of the trustee in the applicable prospectus supplement. We may also pay interest by mailing a check to the address of the person entitled to it as it appears in the applicable register for the debt securities or by wire transfer of funds to that person at an account maintained within the United States. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All monies that we pay to a paying agent or a trustee for the payment of the principal of, and any premium or make-whole amount, or interest on, any debt security will be repaid to us if unclaimed at the end of two&#160;years after the obligation underlying payment becomes due and payable. After funds have been returned to us, the holder of the debt security may look only to us for payment, without payment of interest for the period which we hold the funds. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Denomination, Interest, Registration and Transfer</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise described in the applicable prospectus supplement, the debt securities of any series will be issuable in denominations of $1,000 and integral multiples of $1,000. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to the limitations imposed upon debt securities that are evidenced by a computerized entry in the records of a depository company rather than by physical delivery of a note, a holder of debt securities of any series may: </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">exchange them for any authorized denomination of other debt securities of the same series and of a like aggregate principal amount and kind upon surrender of such debt securities at the corporate trust office of the applicable trustee or at the office of any transfer agent that we designate for such purpose; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">surrender them for registration of transfer or exchange at the corporate trust office of the applicable trustee or at the office of any transfer agent that we designate for such purpose. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Every debt security surrendered for registration of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer satisfactory to the applicable trustee or transfer agent. Payment of a service charge will not be required for any registration of transfer or exchange of any debt securities, but we or the trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. If in addition to the applicable trustee, the applicable prospectus supplement refers to any transfer agent initially designated by us for any series of debt securities, we may at any time rescind the designation of any such transfer agent or approve a change in the location through which any such transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for such series. We may at any time designate additional transfer agents for any series of debt securities. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Neither we, nor any trustee, will be required to: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">issue, register the transfer of or exchange debt securities of any series during a period beginning at the opening of business 15&#160;days before the day that the notice of redemption of any debt securities selected for redemption is mailed and ending at the close of business on the day of such mailing; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">register the transfer of or exchange any debt security, or portion thereof, so selected for redemption, in whole or in part, except the unredeemed portion of any debt security being redeemed in part; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">issue, register the transfer of or exchange any debt security that has been surrendered for repayment at the option of the holder, except the portion, if any, of such debt security not to be so repaid. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Merger, Consolidation or Sale of Assets</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures provide that we may, without the consent of the holders of any outstanding debt securities, (i)&#160;consolidate with, (ii)&#160;sell, lease or convey all or substantially all of our assets to, or (iii)&#160;merge with or into, any other entity provided that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">either we are the continuing entity, or the successor entity, if other than us, assumes the obligations (a)&#160;to pay the principal of, and any premium or make-whole amount, and interest on, all of the debt securities and (b)&#160;to duly perform and observe all of the covenants and conditions contained in each indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">after giving effect to the transaction, there is no event of default under the indentures and no event which, after notice or the lapse of time, or both, would become such an event of default, occurs and continues; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">an officers&#8217; certificate and legal opinion covering such conditions are delivered to each applicable trustee. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Covenants</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Existence</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Except as described under &#8220;&#8212; Merger, Consolidation or Sale of Assets,&#8221; the indentures require us to do or cause to be done all things necessary to preserve and keep in full force and effect our existence, rights and franchises. However, the indentures do not require us to preserve any right or franchise if we determine that any right or franchise is no longer desirable in the conduct of our business. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Payment of taxes and other claims</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The indentures require us to pay, discharge or cause to be paid or discharged, before they become delinquent (i)&#160;all taxes, assessments and governmental charges levied or imposed on us, our subsidiaries or our subsidiaries&#8217; income, profits or property, and (ii)&#160;all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon our property or the </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">property of our subsidiaries. However, we will not be required to pay, 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. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Provision of financial information</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The indentures require us to (i)&#160;within 15&#160;days of each of the respective dates by which we are required to file our annual reports, quarterly reports and other documents with the SEC, file with the trustee copies of the annual report, quarterly report and other documents that we file with the SEC under Section&#160;13 or 15(d) of the Exchange Act, (ii)&#160;file with the trustee and the SEC any additional information, documents and reports regarding compliance by us with the conditions and covenants of the indentures, as required, (iii)&#160;within 30&#160;days after the filing with the trustee, mail to all holders of debt securities, as their names and addresses appear in the applicable register for such debt securities, without cost to such holders, summaries of any documents and reports required to be filed by us pursuant to (i)&#160;and (ii)&#160;above, and (iv)&#160;supply, promptly upon written request and payment of the reasonable cost of duplication and delivery, copies of such documents to any prospective holder. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Additional covenants</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The applicable prospectus supplement will set forth any additional covenants of Vericel Corporation relating to any series of debt securities. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Events of Default, Notice and Waiver</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless the applicable prospectus supplement states otherwise, when we refer to &#8220;events of default&#8221; as defined in the indentures with respect to any series of debt securities, we mean: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">default in the payment of any installment of interest on any debt security of such series continuing for 30&#160;days; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">default in the payment of principal of, or any premium or make-whole amount on, any debt security of such series for five business days at its stated maturity; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">default in making any sinking fund payment as required for any debt security of such series for five business days; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">default in the performance or breach of any covenant or warranty in the debt securities or in the indenture by us continuing for 60&#160;days after written notice as provided in the applicable indenture, but not of a covenant added to the indenture solely for the benefit of a series of debt securities issued thereunder other than such series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a default under any bond, debenture, note, mortgage, indenture or instrument: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:70pt;">
          <font style="letter-spacing:0.2pt;">having an aggregate principal amount of at least $30,000,000; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:70pt;">
          <font style="letter-spacing:0.2pt;">under which there may be issued, secured or evidenced any existing or later created indebtedness for money borrowed by us or our subsidiaries, if we are directly responsible or liable as obligor or guarantor, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">if the default results in the indebtedness becoming or being declared due and payable prior to the date it otherwise would have, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within 30&#160;days after notice to the issuing company specifying such default. Such notice shall be given to us by the trustee, or to us and the trustee by the holders of at least 10% in principal amount of the outstanding debt securities of that series. The written notice shall specify such default and require us to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and shall state that such notice is a &#8220;Notice of Default&#8221; under such indenture; </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of us or any significant subsidiary of ours; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other event of default provided with respect to a particular series of debt securities. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When we use the term &#8220;significant subsidiary,&#8221; we refer to the meaning ascribed to such term in Rule&#160;1-02 of Regulation&#160;S-X promulgated under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If an event of default occurs and is continuing with respect to debt securities of any series outstanding, then the applicable trustee or the holders of 25% or more in principal amount of the debt securities of that </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">series will have the right to declare the principal amount of all the debt securities of that series to be due and payable. If the debt securities of that series are original issue discount securities or indexed securities, then the applicable trustee or the holders of 25% or more in principal amount of the debt securities of that series will have the right to declare the portion of the principal amount as may be specified in the terms thereof to be due and payable. However, at any time after such a declaration of acceleration has been made, but before a judgment or decree for payment of the money due has been obtained by the applicable trustee, the holders of at least a majority in principal amount of outstanding debt securities of such series or of all debt securities then outstanding under the applicable indenture may rescind and annul such declaration and its consequences if: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we have deposited with the applicable trustee all required payments of the principal, any premium or make-whole amount, interest and, to the extent permitted by law, interest on overdue installment of interest, plus applicable fees, expenses, disbursements and advances of the applicable trustee; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">all events of default, other than the non-payment of accelerated principal, or a specified portion thereof, and any premium or make-whole amount, have been cured or waived. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures also provide that the holders of at least a majority in principal amount of the outstanding debt securities of any series or of all debt securities then outstanding under the applicable indenture may, on behalf of all holders, waive any past default with respect to such series and its consequences, except a default: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the payment of the principal, any premium or make-whole amount, or interest; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in respect of a covenant or provision contained in the applicable indenture that cannot be modified or amended without the consent of the holders of the outstanding debt security that is affected by the default; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in respect of a covenant or provision for the benefit or protection of the trustee, without its express written consent. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures require each trustee to give notice to the holders of debt securities within 90&#160;days of a default unless such default has been cured or waived. However, the trustee may withhold notice if specified persons of such trustee consider such withholding to be in the interest of the holders of debt securities. The trustee may not withhold notice of a default in the payment of principal, any premium or interest on any debt security of such series or in the payment of any sinking fund installment in respect of any debt security of such series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures provide that holders of debt securities of any series may not institute any proceedings, judicial or otherwise, with respect to such indenture or for any remedy under the indenture, unless the trustee fails to act for a period of 60&#160;days after the trustee has received a written request to institute proceedings in respect of an event of default from the holders of 25% or more in principal amount of the outstanding debt securities of such series, as well as an offer of indemnity reasonably satisfactory to the trustee. However, this provision will not prevent any holder of debt securities from instituting suit for the enforcement of payment of the principal of, and any premium or make-whole amount, and interest on, such debt securities at the respective due dates thereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures provide that, subject to provisions in each indenture relating to its duties in the case of a default, a trustee has no obligation to exercise any of its rights or powers at the request or direction of any holders of any series of debt securities then outstanding under the indenture, unless the holders have offered to the trustee reasonable security or indemnity. The holders of at least a majority in principal amount of the outstanding debt securities of any series or of all debt securities then outstanding under an indenture shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the applicable trustee, or of exercising any trust or power conferred upon such trustee. However, a trustee may refuse to follow any direction which: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">is in conflict with any law or the applicable indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">may involve the trustee in personal liability; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">may be unduly prejudicial to the holders of debt securities of the series not joining the proceeding. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">19</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Within 120&#160;days after the close of each fiscal year, we will be required to deliver to each trustee a certificate, signed by one of our several specified officers, stating whether or not that officer has knowledge of any default under the applicable indenture. If the officer has knowledge of any default, the notice must specify the nature and status of the default. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Modification of the Indentures</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures provide that modifications and amendments may be made only with the consent of the affected holders of a majority in principal amount of all outstanding debt securities issued under that indenture. However, no such modification or amendment may, without the consent of the holders of the debt securities affected by the modification or amendment: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">change the stated maturity of the principal of, or any premium or make-whole amount on, or any installment of principal of or interest on, any such debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the principal amount of, the rate or amount of interest on, or any premium or make-whole amount payable on redemption of, any such debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the amount of principal of an original issue discount security that would be due and payable upon declaration of acceleration of the maturity thereof or would be provable in bankruptcy, or adversely affect any right of repayment of the holder of any such debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">change the place of payment or the coin or currency for payment of principal of, or any premium or make-whole amount, or interest on, any such debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">impair the right to institute suit for the enforcement of any payment on or with respect to any such debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the&#160;percentage in principal amount of any outstanding debt securities necessary to modify or amend the applicable indenture with respect to such debt securities, to waive compliance with particular provisions thereof or defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in the applicable indenture; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">modify any of the foregoing provisions or any of the provisions relating to the waiver of particular past defaults or covenants, except to increase the required&#160;percentage to effect such action or to provide that some of the other provisions may not be modified or waived without the consent of the holder of such debt security. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The holders of a majority in aggregate principal amount of the outstanding debt securities of each series may, on behalf of all holders of debt securities of that series, waive, insofar as that series is concerned, our compliance with material restrictive covenants of the applicable indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We and our respective trustee may make modifications and amendments of an indenture without the consent of any holder of debt securities for any of the following purposes: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to evidence the succession of another person to us as obligor under such indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add to our covenants for the benefit of the holders of all or any series of debt securities or to surrender any right or power conferred upon us in such indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add events of default for the benefit of the holders of all or any series of debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add or change any provisions of an indenture (i)&#160;to change or eliminate restrictions on the payment of principal of, or premium or make-whole amount, or interest on, debt securities in bearer form, or (ii)&#160;to permit or facilitate the issuance of debt securities in uncertificated form, provided that such action shall not adversely affect the interests of the holders of the debt securities of any series in any material respect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to change or eliminate any provisions of an indenture, provided that any such change or elimination shall become effective only when there are no debt securities outstanding of any series created prior thereto which are entitled to the benefit of such provision; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to secure the debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">20</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to establish the form or terms of debt securities of any series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under an indenture by more than one trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to cure any ambiguity, defect or inconsistency in an indenture, provided that such action shall not adversely affect the interests of holders of debt securities of any series issued under such indenture; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to supplement any of the provisions of an indenture to the extent necessary to permit or facilitate defeasance and discharge of any series of such debt securities, provided that such action shall not adversely affect the interests of the holders of the outstanding debt securities of any series. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Voting</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures provide that in determining whether the holders of the requisite principal amount of outstanding debt securities of a series have given any request, demand, authorization, direction, notice, consent or waiver under the indentures or whether a quorum is present at a meeting of holders of debt securities: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the principal amount of an original issue discount security that shall be deemed to be outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon declaration of acceleration of the maturity thereof; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the principal amount of any debt security denominated in a foreign currency that shall be deemed outstanding shall be the United States dollar equivalent, determined on the issue date for such debt security, of the principal amount or, in the case of an original issue discount security, the United States dollar equivalent on the issue date of such debt security of the amount determined as provided in the preceding bullet point; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the principal amount of an indexed security that shall be deemed outstanding shall be the principal face amount of such indexed security at original issuance, unless otherwise provided for such indexed security under such indenture; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">debt securities owned by us or any other obligor upon the debt securities or by any affiliate of ours or of such other obligor shall be disregarded. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures contain provisions for convening meetings of the holders of debt securities of a series. A meeting will be permitted to be called at any time by the applicable trustee, and also, upon request, by us or the holders of at least 25% in principal amount of the outstanding debt securities of such series, in any such case upon notice given as provided in such indenture. Except for any consent that must be given by the holder of each debt security affected by the modifications and amendments of an indenture described above, any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present may be adopted by the affirmative vote of the holders of a majority of the aggregate principal amount of the outstanding debt securities of that series represented at such meeting. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the preceding paragraph, except as referred to above, any resolution relating to a request, demand, authorization, direction, notice, consent, waiver or other action that may be made, given or taken by the holders of a specified&#160;percentage, which is less than a majority of the aggregate principal amount of the outstanding debt securities of a series, may be adopted at a meeting or adjourned meeting duly reconvened at which a quorum is present by the affirmative vote of such specified&#160;percentage. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Any resolution passed or decision taken at any properly held meeting of holders of debt securities of any series will be binding on all holders of such series. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be persons holding or representing a majority in principal amount of the outstanding debt securities of a series. However, if any action is to be taken relating to a consent or waiver which may be given by the holders of at least a specified&#160;percentage in principal amount of the outstanding debt securities of a series, the persons holding such&#160;percentage will constitute a quorum. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing provisions, the indentures provide that if any action is to be taken at a meeting with respect to any request, demand, authorization, direction, notice, consent, waiver or other action </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">21</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">that such indenture expressly provides may be made, given or taken by the holders of a specified&#160;percentage in principal amount of all outstanding debt securities affected by such action, or of the holders of such series and one or more additional series: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">there shall be no minimum quorum requirement for such meeting; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the principal amount of the outstanding debt securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under such indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Subordination</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise provided in the applicable prospectus supplement, subordinated debt securities will be subject to the following subordination provisions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon any distribution to our creditors in a liquidation, dissolution or reorganization, the payment of the principal of and interest on any subordinated debt securities will be subordinated to the extent provided in the applicable indenture in right of payment to the prior payment in full of all senior debt. However, our obligation to make payments of the principal of and interest on such subordinated debt securities otherwise will not be affected. No payment of principal or interest will be permitted to be made on subordinated debt securities at any time if a default on senior debt exists that permits the holders of such senior debt to accelerate its maturity and the default is the subject of judicial proceedings or we receive notice of the default. After all senior debt is paid in full and until the subordinated debt securities are paid in full, holders of subordinated debt securities will be subrogated to the rights of holders of senior debt to the extent that distributions otherwise payable to holders of subordinated debt securities have been applied to the payment of senior debt. The subordinated indenture will not restrict the amount of senior debt or other indebtedness of ours and our subsidiaries. As a result of these subordination provisions, in the event of a distribution of assets upon insolvency, holders of subordinated debt securities may recover less, ratably, than our general creditors. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The term &#8220;senior debt&#8221; will be defined in the applicable indenture as the principal of and interest on, or substantially similar payments to be made by us in respect of, other outstanding indebtedness, whether outstanding at the date of execution of the applicable indenture or subsequently incurred, created or assumed. The prospectus supplement may include a description of additional terms implementing the subordination feature. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No restrictions will be included in any indenture relating to subordinated debt securities upon the creation of additional senior debt. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If this prospectus is being delivered in connection with the offering of a series of subordinated debt securities, the accompanying prospectus supplement or the information incorporated in this prospectus by reference will set forth the approximate amount of senior debt outstanding as of the end of our most recent fiscal quarter. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Discharge, Defeasance and Covenant Defeasance</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated in the applicable prospectus supplement, the indentures allow us to discharge our obligations to holders of any series of debt securities issued under any indenture when: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">either (i)&#160;all securities of such series have already been delivered to the applicable trustee for cancellation; or (ii)&#160;all securities of such series have not already been delivered to the applicable trustee for cancellation but (a)&#160;have become due and payable, (b)&#160;will become due and payable within one year, or (c)&#160;if redeemable at our option, are to be redeemed within one year, and we have irrevocably deposited with the applicable trustee, in trust, funds in such currency or currencies, currency unit or&#160;units or composite currency or currencies in which such debt securities are payable, an amount sufficient to pay the entire indebtedness on such debt securities in respect of principal and any premium or make-whole amount, and interest to the date of such deposit if such debt securities have become due and payable or, if they have not, to the stated maturity or redemption date; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">22</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we have paid or caused to be paid all other sums payable; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">an officers&#8217; certificate and an opinion of counsel stating the conditions to discharging the debt securities have been satisfied has been delivered to the trustee. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated in the applicable prospectus supplement, the indentures provide that, upon our irrevocable deposit with the applicable trustee, in trust, of an amount, in such currency or currencies, currency unit or&#160;units or composite currency or currencies in which such debt securities are payable at stated maturity, or government obligations, or both, applicable to such debt securities, which through the scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient to pay the principal of, and any premium or make-whole amount, and interest on, such debt securities, and any mandatory sinking fund or analogous payments thereon, on the scheduled due dates therefor, the issuing company may elect either: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to defease and be discharged from any and all obligations with respect to such debt securities; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to be released from its obligations with respect to such debt securities under the applicable indenture or, if provided in the applicable prospectus supplement, its obligations with respect to any other covenant, and any omission to comply with such obligations shall not constitute an event of default with respect to such debt securities. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the above, we may not elect to defease and be discharged from the obligation to pay any additional amounts upon the occurrence of particular events of tax, assessment or governmental charge with respect to payments on such debt securities and the obligations to register the transfer or exchange of such debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency in respect of such debt securities, or to hold monies for payment in trust. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures only permit us to establish the trust described in the paragraph above if, among other things, we have delivered to the applicable trustee an opinion of counsel to the effect that the holders of such debt securities will not recognize income, gain or loss for United States federal income tax purposes as a result of such defeasance or covenant defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance or covenant defeasance had not occurred. Such opinion of counsel, in the case of defeasance, will be required to refer to and be based upon a ruling received from or published by the Internal Revenue Service or a change in applicable United States federal income tax law occurring after the date of the indenture. In the event of such defeasance, the holders of such debt securities would be able to look only to such trust fund for payment of principal, any premium or make-whole amount, and interest. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When we use the term &#8220;government obligations,&#8221; we mean securities that are: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">direct obligations of the United States or the government that issued the foreign currency in which the debt securities of a particular series are payable, for the payment of which its full faith and credit is pledged; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States or other government that issued the foreign currency in which the debt securities of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States or such other government, which are not callable or redeemable at the option of the issuer 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. However, 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. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise provided in the applicable prospectus supplement, if after we have deposited funds and/or government obligations to effect defeasance or covenant defeasance with respect to debt securities of any series, (i)&#160;the holder of a debt security of such series is entitled to, and does, elect under the terms of the applicable indenture or the terms of such debt security to receive payment in a currency, currency unit </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">23</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">or composite currency other than that in which such deposit has been made in respect of such debt security, or (ii)&#160;a conversion event occurs in respect of the currency, currency unit or composite currency in which such deposit has been made, the indebtedness represented by such debt security will be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of, and premium or make-whole amount, and interest on, such debt security as they become due out of the proceeds yielded by converting the amount so deposited in respect of such debt security into the currency, currency unit or composite currency in which such debt security becomes payable as a result of such election or such cessation of usage based on the applicable market exchange rate. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When we use the term &#8220;conversion event,&#8221; we mean the cessation of use of: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a currency, currency unit or composite currency both by the government of the country that issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the European Currency Unit both within the European Monetary System and for the settlement of transactions by public institutions of or within the European Communities; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any currency unit or composite currency other than the European Currency Unit for the purposes for which it was established. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise provided in the applicable prospectus supplement, all payments of principal of, and any premium or make-whole amount, and interest on, any debt security that is payable in a foreign currency that ceases to be used by its government of issuance shall be made in United States dollars. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In the event that (i)&#160;we effect covenant defeasance with respect to any debt securities and (ii)&#160;those debt securities are declared due and payable because of the occurrence of any event of default, the amount in the currency, currency unit or composite currency in which such debt securities are payable, and government obligations on deposit with the applicable trustee, will be sufficient to pay amounts due on such debt securities at the time of their stated maturity but may not be sufficient to pay amounts due on such debt securities at the time of the acceleration resulting from such event of default. However, the issuing company would remain liable to make payments of any amounts due at the time of acceleration. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The applicable prospectus supplement may further describe the provisions, if any, permitting such defeasance or covenant defeasance, including any modifications to the provisions described above, with respect to the debt securities of or within a particular series. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conversion Rights</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The terms and conditions, if any, upon which the debt securities are convertible into common stock or other securities of ours will be set forth in the applicable prospectus supplement. The terms will include whether the debt securities are convertible into shares of common stock or other securities of ours, the conversion price, or manner of calculation thereof, the conversion period, provisions as to whether conversion will be at the issuing company&#8217;s option or the option of the holders, the events requiring an adjustment of the conversion price and provisions affecting conversion in the event of the redemption of the debt securities and any restrictions on conversion. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Global Securities</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depository identified in the applicable prospectus supplement relating to such series. Global securities, if any, issued in the United States are expected to be deposited with The Depository Trust Company, or DTC, as depository. We may issue global securities in either registered or bearer form and in either temporary or permanent form. We will describe the specific terms of the depository arrangement with respect to a series of debt securities in the applicable prospectus supplement relating to such series. We expect that unless the applicable prospectus supplement provides otherwise, the following provisions will apply to depository arrangements. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Once a global security is issued, the depository for such global security or its nominee will credit on its book-entry registration and transfer system the respective principal amounts of the individual debt securities </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">24</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">represented by such global security to the accounts of participants that have accounts with such depository. Such accounts shall be designated by the underwriters, dealers or agents with respect to such debt securities or by us if we offer such debt securities directly. Ownership of beneficial interests in such global security will be limited to participants with the depository or persons that may hold interests through those participants. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We expect that, under procedures established by DTC, ownership of beneficial interests in any global security for which DTC is the depository will be shown on, and the transfer of that ownership will be effected only through, records maintained by DTC or its nominee, with respect to beneficial interests of participants with the depository, and records of participants, with respect to beneficial interests of persons who hold through participants with the depository. Neither we nor the trustee will have any responsibility or liability for any aspect of the records of DTC or for maintaining, supervising or reviewing any records of DTC or any of its participants relating to beneficial ownership interests in the debt securities. The laws of some states require that certain purchasers of securities take physical delivery of such securities in definitive form. Such limits and laws may impair the ability to own, pledge or transfer beneficial interest in a global security. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">So long as the depository for a global security or its nominee is the registered owner of such global security, such depository or such nominee, as the case may be, will be considered the sole owner or holder of the debt securities represented by the global security for all purposes under the applicable indenture. Except as described below or in the applicable prospectus supplement, owners of beneficial interest in a global security will not be entitled to have any of the individual debt securities represented by such global security registered in their names, will not receive or be entitled to receive physical delivery of any such debt securities in definitive form and will not be considered the owners or holders thereof under the applicable indenture. Beneficial owners of debt securities evidenced by a global security will not be considered the owners or holders thereof under the applicable indenture for any purpose, including with respect to the giving of any direction, instructions or approvals to the trustee under the indenture. Accordingly, each person owning a beneficial interest in a global security with respect to which DTC is the depository must rely on the procedures of DTC and, if such person is not a participant with the depository, on the procedures of the participant through which such person owns its interests, to exercise any rights of a holder under the applicable indenture. We understand that, under existing industry practice, if DTC requests any action of holders or if an owner of a beneficial interest in a global security desires to give or take any action which a holder is entitled to give or take under the applicable indenture, DTC would authorize the participants holding the relevant beneficial interest to give or take such action, and such participants would authorize beneficial owners through such participants to give or take such actions or would otherwise act upon the instructions of beneficial owners holding through them. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Payments of principal of, and any premium or make-whole amount, and interest on, individual debt securities represented by a global security registered in the name of a depository or its nominee will be made to or at the direction of the depository or its nominee, as the case may be, as the registered owner of the global security under the applicable indenture. Under the terms of the applicable indenture, we and the trustee may treat the persons in whose name debt securities, including a global security, are registered as the owners thereof for the purpose of receiving such payments. Consequently, neither we nor the trustee have or will have any responsibility or liability for the payment of such amounts to beneficial owners of debt securities including principal, any premium or make-whole amount, or interest. We believe, however, that it is currently the policy of DTC to immediately credit the accounts of relevant participants with such payments, in amounts proportionate to their respective holdings of beneficial interests in the relevant global security as shown on the records of DTC or its nominee. We also expect that payments by participants to owners of beneficial interests in such global security held through such participants will be governed by standing instructions and customary practices, as is the case with securities held for the account of customers in bearer form or registered in street name, and will be the responsibility of such participants. Redemption notices with respect to any debt securities represented by a global security will be sent to the depository or its nominee. If less than all of the debt securities of any series are to be redeemed, we expect the depository to determine the amount of the interest of each participant in such debt securities to be redeemed to be determined by lot. Neither we, the trustee, any paying agent nor the security registrar for such debt securities will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in the global security for such debt securities or for maintaining any records with respect thereto. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">25</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:328pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Neither we nor the trustee will be liable for any delay by the holders of a global security or the depository in identifying the beneficial owners of debt securities, and we and the trustee may conclusively rely on, and will be protected in relying on, instructions from the holder of a global security or the depository for all purposes. The rules applicable to DTC and its participants are on file with the SEC. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If a depository for any debt securities is at any time unwilling, unable or ineligible to continue as depository and we do not appoint a successor depository within 90&#160;days, we will issue individual debt securities in exchange for the global security representing such debt securities. In addition, we may at any time and at our sole discretion, subject to any limitations described in the applicable prospectus supplement relating to such debt securities, determine not to have any of such debt securities represented by one or more global securities and in such event will issue individual debt securities in exchange for the global security or securities representing such debt securities. Individual debt securities so issued will be issued in denominations of $1,000 and integral multiples of $1,000. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The debt securities of a series may also be issued in whole or in part in the form of one or more bearer global securities that will be deposited with a depository, or with a nominee for such depository, identified in the applicable prospectus supplement. Any such bearer global securities may be issued in temporary or permanent form. The specific terms and procedures, including the specific terms of the depositary arrangement, with respect to any portion of a series of debt securities to be represented by one or more bearer global securities will be described in the applicable prospectus supplement. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Recourse</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">There is no recourse under any obligation, covenant or agreement in the applicable indenture or with respect to any security against any of our or our successor&#8217;s past, present or future shareholders, employees, officers or directors. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">26</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOW">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF WARRANTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following description, together with the additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates. While the terms summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of any warrants offered under that prospectus supplement may differ from the terms described below. Specific warrant agreements will contain additional important terms and provisions and will be incorporated by reference as an exhibit to the registration statement, which includes this prospectus. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue warrants for the purchase of common stock, preferred stock and/or debt securities in one or more series. We may issue warrants independently or together with common stock, preferred stock and/or debt securities, and the warrants may be attached to or separate from these securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will evidence each series of warrants by warrant certificates that we will issue under a separate warrant agreement. We will enter into the warrant agreement with a warrant agent. We will indicate the name and address of the warrant agent in the applicable prospectus supplement relating to a particular series of warrants. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will describe in the applicable prospectus supplement the terms of the series of warrants, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the offering price and aggregate number of warrants offered; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the currency for which the warrants may be purchased; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the date on and after which the warrants and the related securities will be separately transferable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at, and currency in which, this principal amount of debt securities may be purchased upon such exercise; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms of any rights to redeem or call the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the periods during which, and places at which, the warrants are exercisable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the manner of exercise; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the dates on which the right to exercise the warrants will commence and expire; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the manner in which the warrant agreement and warrants may be modified; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">federal income tax consequences of holding or exercising the warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms of the securities issuable upon exercise of the warrants; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other specific terms, preferences, rights or limitations of or restrictions on the warrants. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">27</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOU">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF UNITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue&#160;units comprised of shares of common stock, shares of preferred stock, debt securities and warrants in any combination. We may issue&#160;units in such amounts and in as many distinct series as we wish. This section outlines certain provisions of the&#160;units that we may issue. If we issue&#160;units, they will be issued under one or more unit agreements to be entered into between us and a bank or other financial institution, as unit agent. The information described in this section may not be complete in all respects and is qualified entirely by reference to the unit agreement with respect to the&#160;units of any particular series. The specific terms of any series of&#160;units offered will be described in the applicable prospectus supplement. If so described in a particular supplement, the specific terms of any series of&#160;units may differ from the general description of terms presented below. We urge you to read any prospectus supplement related to any series of&#160;units we may offer, as well as the complete unit agreement and unit certificate that contain the terms of the&#160;units. If we issue&#160;units, forms of unit agreements and unit certificates relating to such&#160;units will be incorporated by reference as exhibits to the registration statement, which includes this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each unit that we may issue will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date. The applicable prospectus supplement may describe: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the designation and terms of the&#160;units and of the securities comprising the&#160;units, including whether and under what circumstances those securities may be held or transferred separately; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions of the governing unit agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the price or prices at which such&#160;units will be issued; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the applicable United States federal income tax considerations relating to the&#160;units; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions for the issuance, payment, settlement, transfer or exchange of the&#160;units or of the securities comprising the&#160;units; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other terms of the&#160;units and of the securities comprising the&#160;units. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The provisions described in this section, as well as those described under &#8220;Description of Capital Stock,&#8221; &#8220;Description of Debt Securities&#8221; and &#8220;Description of Warrants&#8221; will apply to the securities included in each unit, to the extent relevant and as may be updated in any prospectus supplements. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Issuance in Series</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue&#160;units in such amounts and in as many distinct series as we wish. This section summarizes terms of the&#160;units that apply generally to all series. Most of the financial and other specific terms of your series will be described in the applicable prospectus supplement. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Unit Agreements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We will issue the&#160;units under one or more unit agreements to be entered into between us and a bank or other financial institution, as unit agent. We may add, replace or terminate unit agents from time to time. We will identify the unit agreement under which each series of&#160;units will be issued and the unit agent under that agreement in the applicable prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following provisions will generally apply to all unit agreements unless otherwise stated in the applicable prospectus supplement: </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Modification without Consent</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We and the applicable unit agent may amend any unit or unit agreement without the consent of any holder: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to cure any ambiguity; any provisions of the governing unit agreement that differ from those described below; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">28</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to correct or supplement any defective or inconsistent provision; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to make any other change that we believe is necessary or desirable and will not adversely affect the interests of the affected holders in any material respect. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We do not need any approval to make changes that affect only&#160;units to be issued after the changes take effect. We may also make changes that do not adversely affect a particular unit in any material respect, even if they adversely affect other&#160;units in a material respect. In those cases, we do not need to obtain the approval of the holder of the unaffected unit; we need only obtain any required approvals from the holders of the affected&#160;units. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Modification with Consent</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may not amend any particular unit or a unit agreement with respect to any particular unit unless we obtain the consent of the holder of that unit, if the amendment would: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">impair any right of the holder to exercise or enforce any right under a security included in the unit if the terms of that security require the consent of the holder to any changes that would impair the exercise or enforcement of that right; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the&#160;percentage of outstanding&#160;units or any series or class the consent of whose holders is required to amend that series or class, or the applicable unit agreement with respect to that series or class, as described below. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any other change to a particular unit agreement and the&#160;units issued under that agreement would require the following approval: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">If the change affects only the&#160;units of a particular series issued under that agreement, the change must be approved by the holders of a majority of the outstanding&#160;units of that series; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.39pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">If the change affects the&#160;units of more than one series issued under that agreement, it must be approved by the holders of a majority of all outstanding&#160;units of all series affected by the change, with the&#160;units of all the affected series voting together as one class for this purpose. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These provisions regarding changes with majority approval also apply to changes affecting any securities issued under a unit agreement, as the governing document. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In each case, the required approval must be given by written consent. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Unit Agreements Will Not Be Qualified under Trust Indenture Act</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No unit agreement will be qualified as an indenture, and no unit agent will be required to qualify as a trustee, under the Trust Indenture Act. Therefore, holders of&#160;units issued under unit agreements will not have the protections of the Trust Indenture Act with respect to their&#160;units. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Mergers and Similar Transactions Permitted; No Restrictive Covenants or Events of Default</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The unit agreements will not restrict our ability to merge or consolidate with, or sell our assets to, another corporation or other entity or to engage in any other transactions. If at any time we merge or consolidate with, or sell our assets substantially as an entirety to, another corporation or other entity, the successor entity will succeed to and assume our obligations under the unit agreements. We will then be relieved of any further obligation under these agreements. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The unit agreements will not include any restrictions on our ability to put liens on our assets, including our interests in our subsidiaries, nor will they restrict our ability to sell our assets. The unit agreements also will not provide for any events of default or remedies upon the occurrence of any events of default. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Governing Law</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The unit agreements and the&#160;units will be governed by Michigan law. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">29</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:154pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:20pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Form, Exchange and Transfer</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will issue each unit in global&#8201;&#8212;&#8201;i.e., book-entry&#8201;&#8212;&#8201;form only. Units in book-entry form will be represented by a global security registered in the name of a depositary, which will be the holder of all the&#160;units represented by the global security. Those who own beneficial interests in a unit will do so through participants in the depositary&#8217;s system, and the rights of these indirect owners will be governed solely by the applicable procedures of the depositary and its participants. We will describe book-entry securities, and other terms regarding the issuance and registration of the&#160;units in the applicable prospectus supplement. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each unit and all securities comprising the unit will be issued in the same form. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we issue any&#160;units in registered, non-global form, the following will apply to them. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The&#160;units will be issued in the denominations stated in the applicable prospectus supplement. Holders may exchange their&#160;units for&#160;units of smaller denominations or combined into fewer&#160;units of larger denominations, as long as the total amount is not changed. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Holders may exchange or transfer their&#160;units at the office of the unit agent. Holders may also replace lost, stolen, destroyed or mutilated&#160;units at that office. We may appoint another entity to perform these functions or perform them ourselves. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Holders will not be required to pay a service charge to transfer or exchange their&#160;units, but they may be required to pay for any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange, and any replacement, will be made only if our transfer agent is satisfied with the holder&#8217;s proof of legal ownership. The transfer agent may also require an indemnity before replacing any&#160;units. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">If we have the right to redeem, accelerate or settle any&#160;units before their maturity, and we exercise our right as to less than all those&#160;units or other securities, we may block the exchange or transfer of those&#160;units during the period beginning 15&#160;days before the day we mail the notice of exercise and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers of or exchange any unit selected for early settlement, except that we will continue to permit transfers and exchanges of the unsettled portion of any unit being partially settled. We may also block the transfer or exchange of any unit in this manner if the unit includes securities that are or may be selected for early settlement. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Only the depositary will be entitled to transfer or exchange a unit in global form, since it will be the sole holder of the unit. </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payments and Notices</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In making payments and giving notices with respect to our&#160;units, we will follow the procedures as described in the applicable prospectus supplement.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">30</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPOD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may sell securities: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">through underwriters; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.29pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.29pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">through dealers; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">through agents; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">directly to purchasers; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">through a combination of any of these methods or any other method permitted by law. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, we may issue the securities as a dividend or distribution or in a subscription rights offering to our existing security holders. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may directly solicit offers to purchase securities, or agents may be designated to solicit such offers. In the prospectus supplement relating to such offering, we will name any agent that could be viewed as an underwriter under the Securities Act and describe any commissions that we must pay to any such agent. Any such agent will be acting on a best efforts basis for the period of its appointment or, if indicated in the applicable prospectus supplement, on a firm commitment basis. This prospectus may be used in connection with any offering of our securities through any of these methods or other methods described in the applicable prospectus supplement. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The distribution of the securities may be effected from time to time in one or more transactions: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">at a fixed price, or prices, which may be changed from time to time; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">at market prices prevailing at the time of sale; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">at prices related to such prevailing market prices; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">at negotiated prices. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each prospectus supplement will describe the method of distribution of the securities and any applicable restrictions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The prospectus supplement with respect to the securities of a particular series will describe the terms of the offering of the securities, including the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the name of the agent or any underwriters; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the public offering or purchase price; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.29pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.29pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any discounts and commissions to be allowed or paid to the agent or underwriters; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">all other items constituting underwriting compensation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any discounts and commissions to be allowed or paid to dealers; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any exchanges on which the securities will be listed. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If any underwriters or agents are used in the sale of the securities in respect of which this prospectus is delivered, we will enter into an underwriting agreement, sales agreement or other agreement with them at the time of sale to them, and we will set forth in the prospectus supplement relating to such offering the names of the underwriters or agents and the terms of the related agreement with them. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with the offering of securities, we may grant to the underwriters an option to purchase additional securities with an additional underwriting commission, as may be set forth in the applicable accompanying prospectus supplement. If we grant any such option, the terms of such option will be set forth in the prospectus supplement for such securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If a dealer is used in the sale of the securities in respect of which the prospectus is delivered, we will sell such securities to the dealer, as principal. The dealer, who may be deemed to be an &#8220;underwriter&#8221; as that term </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">31</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">is defined in the Securities Act, may then resell such securities to the public at varying prices to be determined by such dealer at the time of resale. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we offer securities in a subscription rights offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters. We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Agents, underwriters, dealers and other persons may be entitled under agreements which they may enter into with us to indemnification by us against certain 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. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If so indicated in the applicable prospectus supplement, we will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase securities from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated in the prospectus supplement. Each contract will be for an amount not less than, and the aggregate amount of securities sold pursuant to such contracts shall not be less nor more than, the respective amounts stated in the prospectus supplement. Institutions with whom the contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and other institutions, but shall in all cases be subject to our approval. Delayed delivery contracts will not be subject to any conditions except that: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the purchase by an institution of the securities covered under that contract shall not at the time of delivery be prohibited under the laws of the jurisdiction to which that institution is subject; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the securities are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased such securities not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility in respect of the validity or performance of delayed delivery contracts. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Offered securities may also be offered and sold, if so indicated in the prospectus supplement, in connection with a remarketing upon their purchase, in accordance with a redemption or repayment pursuant to their terms, or otherwise, by one or more remarketing firms, acting as principals for their own accounts or as agents for us. Any remarketing firm will be identified and the terms of its agreement, if any, with us and its compensation will be described in the applicable prospectus supplement. Remarketing firms may be deemed to be underwriters in connection with their remarketing of offered securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain agents, underwriters and dealers, and their associates and affiliates, may be customers of, have borrowing relationships with, engage in other transactions with, or perform services, including investment banking services, for us or one or more of our respective affiliates in the ordinary course of business. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In order to facilitate the offering of the securities, any underwriters may 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 such securities. Specifically, any underwriters may overallot in connection with the offering, creating a short position for their own accounts. In addition, to cover overallotments or to stabilize the price of the securities or of any such other securities, the underwriters may bid for, and purchase, the securities or any such other securities in the open market. Finally, in any offering of the securities through a syndicate of underwriters, the underwriting syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing the 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 the securities above independent market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may engage in at the market offerings into an existing trading market in accordance with Rule&#160;415(a)(4) under the Securities Act. In addition, we may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">32</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:252pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be named in the applicable prospectus supplement (or a post-effective amendment). In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus and an applicable prospectus supplement. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under Rule&#160;15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. The applicable prospectus supplement may provide that the original issue date for your securities may be more than two scheduled business days after the trade date for your securities. Accordingly, in such a case, if you wish to trade securities on any date prior to the second business day before the original issue date for your securities, you will be required, by virtue of the fact that your securities initially are expected to settle in more than two scheduled business days after the trade date for your securities, to make alternative settlement arrangements to prevent a failed settlement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The securities may be new issues of securities and may have no established trading market. The securities may or may not be listed on a national securities exchange. We can make no assurance as to the liquidity of or the existence of trading markets for any of the securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for which they receive compensation. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The anticipated date of delivery of offered securities will be set forth in the applicable prospectus supplement relating to each offer. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">33</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tLEMA">&#8203;</a><a name="tEXP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:468pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain legal matters, including the legality of the securities offered, will be passed upon for us by Dykema Gossett PLLC, Bloomfield Hills, Michigan, acting as special counsel to the Company, and certain other legal matters will be passed upon for us by Goodwin Procter LLP, Boston, Massachusetts. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The financial statements and management&#8217;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#8217;s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">34</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tWYCF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:304pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Available Information</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We file reports, proxy statements and other information with the SEC. The SEC maintains a web site that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is </font><font style="font-style:italic;letter-spacing:0.2pt;">www.sec.gov</font><font style="letter-spacing:0.2pt;">. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the indenture and other documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC&#8217;s website, as provided above. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have the authority to designate and issue more than one class or series of stock having various preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption. See &#8220;Description of Capital Stock.&#8221; We will furnish a full statement of the relative rights and preferences of each class or series of our stock which has been so designated and any restrictions on the ownership or transfer of our stock to any shareholder upon request and without charge. Written requests for such copies should be directed to Vericel Corporation, 64 Sidney Street, Cambridge, Massachusetts, 02139, Attention: Investor Relations, or by telephoning us at (617) 588-5555. Our website is located at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.vcel.com</font><font style="letter-spacing:0.2pt;">. The reference to our website is intended to be an inactive textual reference and, except for the documents incorporated by reference as noted above, the information on, or accessible through, our website is not intended to be part of this prospectus. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">35</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tIBR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:58pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INCORPORATION BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The SEC&#8217;s rules allow us to &#8220;incorporate by reference&#8221; information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed document incorporated by reference modifies or replaces that statement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Our Annual Report on Form 10-K for the year ended December&#160;31, 2020, filed with the SEC on February&#160;24, 2021.</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Our Quarterly Reports on Form 10-Q for the quarters ended March&#160;31, 2021 and June&#160;30, 2021, filed with the SEC on <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021008983/vcel-20210331.htm">May&#160;5, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021015540/vcel-20210630.htm">August&#160;4, 2021</a>, respectively. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">The information specifically incorporated by reference into our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> from our <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000120677421000753/vcel3849731-def14a.htm">Definitive Proxy Statement on Schedule&#160;14A, filed with the SEC on March&#160;19, 2021.</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Our Current Reports on Form 8-K, filed with the SEC on <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921006897/tm213931d1_8k.htm">January&#160;25, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921021303/tm216304d1_8k.htm">February&#160;12, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921057713/tm2114666d1_8k.htm">April&#160;29, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921075418/tm2118157d1_8k.htm">June&#160;2, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921083495/tm2120232d1_8k.htm">June&#160;21, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921086855/tm2120963d1_8k.htm">June&#160;29, 2021</a>. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000110465911046570/a11-24195_28a12b.htm">The description of our common stock which is registered under Section&#160;12 of the Exchange Act, in our registration statement on Form 8-A, filed with the SEC on August&#160;12, 2011, including any amendments or reports filed for the purpose of updating such description.</a><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All reports and other documents we subsequently file pursuant to Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this offering but excluding any information furnished to, rather than filed with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to Rule&#160;412 under the Securities Act, any statement contained in a document incorporated or deemed to be incorporated by reference into 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 any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes 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. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You may request a free copy of any of the documents incorporated by reference in this prospectus by writing to us at Vericel Corporation, 64 Sidney Street, Cambridge, Massachusetts 02139, Attention: Investor Relations, or by telephoning us at (617) 588-5555. These filings may also be obtained through our website located at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.vcel.com</font><font style="letter-spacing:0.2pt;">. The reference to our website is intended to be an inactive textual reference and, except for the documents incorporated by reference as noted above, the information on, or accessible through, our website is not intended to be part of this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus supplement.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">36</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:1pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(To the Prospectus dated August&#160;27, 2021) </font>
        </div>
        <div style="position:relative;margin-top:14pt; text-align:center; width:456pt;">
          <img src="lg_vericel-4clr.jpg" alt="[MISSING IMAGE: lg_vericel-4clr.jpg]" height="49" width="287" >
        </div>
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Up to $200,000,000 </font>
          <br >
          <font style="letter-spacing:-0.28pt;">Common Stock</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:19.167pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:12pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered into a sales agreement, or the sales agreement, with SVB Leerink LLC, or SVB Leerink, dated August&#160;27, 2021, relating to the sale of shares of our common stock, no par value per share, offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the sales agreement, under this prospectus supplement we may offer and sell shares of our common stock, having an aggregate offering price of up to $200,000,000 from time to time through SVB Leerink, acting as our agent. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on the Nasdaq Capital Market under the symbol &#8220;VCEL.&#8221; On August&#160;25, 2021, the last reported sale price of our common stock on the Nasdaq Capital Market was $53.77 per share. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Sales of our common stock, if any, under this prospectus supplement will be made by any method permitted that is deemed an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) under the Securities Act of 1933, as amended, or the Securities Act. SVB Leerink is not required to sell any specific amount, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices on mutually agreed terms between the sales agent and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">SVB Leerink will be entitled to compensation at a commission rate equal to 3.0% of the gross sales price of the shares of our common stock sold through it pursuant to the sales agreement. In connection with the sale of the common stock on our behalf, SVB Leerink will be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act and the compensation of SVB Leerink will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to SVB Leerink with respect to certain liabilities, including liabilities under the Securities Act. See &#8220;Plan of Distribution&#8221; beginning on page S-15 for additional information regarding the compensation to be paid to SVB Leerink. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the header &#8220;Risk Factors&#8221; contained in this prospectus supplement beginning on page <a href="#sRIFA">S-4</a> and under similar headings in the other documents that are incorporated by reference into this prospectus.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:18pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">SVB Leerink</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The date of this prospectus supplement is August&#160;27, 2021</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC2">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:205pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sATPS"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS SUPPLEMENT </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sATPS">S-1</a></font> <a href="#sATPS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sPSS"><font style="letter-spacing:0.2pt;">PROSPECTUS SUPPLEMENT SUMMARY </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sPSS">S-2</a></font> <a href="#sPSS"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sTHOF"><font style="letter-spacing:0.2pt;">THE OFFERING </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sTHOF">S-3</a></font> <a href="#sTHOF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sRIFA">S-4</a></font> <a href="#sRIFA"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sCNRF"><font style="letter-spacing:0.2pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sCNRF">S-11</a></font> <a href="#sCNRF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sUOP">S-12</a></font> <a href="#sUOP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sDIPO"><font style="letter-spacing:0.2pt;">DIVIDEND POLICY </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sDIPO">S-13</a></font> <a href="#sDIPO"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sDIL"><font style="letter-spacing:0.2pt;">DILUTION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sDIL">S-14</a></font> <a href="#sDIL"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sPOD"><font style="letter-spacing:0.2pt;">PLAN OF DISTRIBUTION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sPOD">S-15</a></font> <a href="#sPOD"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sMUFI"><font style="letter-spacing:0.2pt;">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sMUFI">S-17</a></font> <a href="#sMUFI"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sLEMA"><font style="letter-spacing:0.2pt;">LEGAL MATTERS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sLEMA">S-21</a></font> <a href="#sLEMA"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sEXP"><font style="letter-spacing:0.2pt;">EXPERTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sEXP">S-21</a></font> <a href="#sEXP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sWYCF">S-22</a></font> <a href="#sWYCF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:425.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#sIBR"><font style="letter-spacing:0.2pt;">INCORPORATION BY REFERENCE </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#sIBR">S-23</a></font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sATPS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement is part of a registration statement on Form S-3 that we have filed with the U.S. Securities and Exchange Commission, or the SEC, utilizing a &#8220;shelf&#8221; registration process. By using a shelf registration statement, we may offer shares of our common stock having an aggregate offering price of up to $200,000,000 from time to time under this prospectus supplement at prices and on terms to be determined by market conditions at the time of offering. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We provide information to you about this offering of our common stock in two separate documents that are bound together: (1)&#160;this prospectus supplement, which describes the specific details regarding this offering; and (2)&#160;the accompanying base prospectus, which provides general information, some of which may not apply to this offering. Generally, when we refer to this &#8220;prospectus supplement,&#8221; we are referring to both documents combined. If information in this prospectus supplement is inconsistent with the accompanying base prospectus, you should rely on this prospectus supplement. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in any document incorporated by reference in this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date&#8201;&#8212;&#8201;for example, a document incorporated by reference in this prospectus supplement&#8201;&#8212;&#8201;the statement in the document having the later date modifies or supersedes the earlier statement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information contained in or incorporated by reference in this prospectus supplement, the accompanying base prospectus or any related free writing prospectus filed by us with the SEC. We have not, and SVB Leerink has not, authorized anyone to provide you with information other than that contained in this prospectus supplement, the accompanying base prospectus and any free writing prospectus. We are not, and SVB Leerink is not, making an offer to sell or soliciting any offer to buy these securities in any jurisdiction where the offer or sale is not permitted or in which the person making that offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information appearing in this prospectus supplement, the accompanying base prospectus, the documents incorporated by reference herein and therein and any free writing prospectus that we have authorized for use in connection with this offering is accurate only as of the date of those respective documents. Our business, financial condition, results of operations and prospects may have changed since those dates. You should read this prospectus supplement, the accompanying base prospectus, the documents incorporated by reference herein and therein and any free writing prospectus that we have authorized for use in connection with this offering in their entirety before making an investment decision. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Before buying any of the common stock that we are offering, we urge you to carefully read this prospectus supplement, the accompanying base prospectus and all of the information incorporated by reference herein and therein, as well as the additional information described under the headings &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation by Reference.&#8221; These documents contain important information that you should consider when making your investment decision. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We are offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement and the offering of the common stock in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating to, the offering of the common stock and the distribution of this prospectus supplement outside the United States. This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When we refer to &#8220;Vericel Corporation,&#8221; &#8220;Vericel,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; in this prospectus supplement, we mean Vericel Corporation or its consolidated subsidiaries, unless otherwise specified. When we refer to &#8220;you,&#8221; we mean the holders of the applicable series of securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4.5pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We have proprietary rights to trademarks, trade names and service marks appearing in this prospectus that are important to our business. This prospectus supplement also includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience, trademarks and tradenames referred to in this prospectus supplement appear without the &#174;, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trademarks and tradenames.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sPSS">&#8203;</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:10pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">PROSPECTUS SUPPLEMENT SUMMARY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:11.5pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">This summary provides a general overview of selected information and does not contain all of the information you should consider before buying our common stock. Therefore, you should read this entire prospectus supplement, the accompanying base prospectus and any free writing prospectus that we have authorized for use in connection with this offering carefully, including the information incorporated by reference, before deciding to invest in our common stock. Investors should carefully consider the information set forth under &#8220;Risk Factors&#8221; beginning on page S-4 of this prospectus supplement and incorporated by reference to our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">annual report on Form 10-K for the year ended December&#160;31, 2020</a>.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Overview</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Vericel Corporation is a leader in advanced cell therapies and specialty biologics for the sports medicine and severe burn care markets. We currently market two U.S. Food and Drug Administration, or the FDA, approved autologous cell therapy products in the United States. MACI is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Epicel is a permanent skin replacement Humanitarian Use Device, or HUD, for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30&#160;percent of total body surface area, or TBSA. We also hold an exclusive license from MediWound Ltd. for North American rights to NexoBrid, a registration-stage biological orphan product. In 2020, MediWound submitted to the FDA a biologics license application, or BLA, seeking the approval of NexoBrid for eschar removal (debridement) in adults with deep partial-thickness and/or full-thickness thermal burns. The FDA subsequently accepted the BLA for filing and assigned a Prescription Drug User Fee Act, or PDUFA, target date of June&#160;29, 2021. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Recent Developments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Subsequently, on June&#160;29, 2021, we announced that MediWound received a complete response letter, or a CRL, from the FDA regarding the BLA for NexoBrid. The FDA communicated to MediWound that it had completed its review of the BLA, as amended, and had determined that it cannot approve the BLA in its present form. The FDA had identified issues related to the Chemistry, Manufacturing and Controls, or CMC, section of the BLA and had requested that MediWound provide additional CMC information. The FDA stated that it had not reviewed several amendments submitted by MediWound in response to the CMC information requests related to the BLA. The FDA also stated that inspections of manufacturing facilities in Israel and Taiwan are required before the BLA can be approved, but that it was unable to conduct the required inspections during the original review cycle due to COVID-19-related travel restrictions. In addition, the CRL referenced observations that were made during good clinical practice, or GCP, inspections related to the DETECT study and requested that MediWound address questions regarding the impact of the observations on the study&#8217;s efficacy findings. The FDA also requested that MediWound provide a safety update as part of its BLA resubmission. We announced further that we are committed to working with MediWound and the FDA on next steps to address the issues identified in the CRL and to seek the potential approval of NexoBrid. </font>
          </div>
          <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">See &#8220;Risk Factors&#8201;&#8212;&#8201;NexoBrid&#8217;s approval in the United States for the treatment of severe burns may be further delayed, and it may not be approved for use in the United States and other North American markets at all.&#8221; </font>
          </div>
          <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">For patents related to MACI, we have one issued patent in the United States directed to a device related to MACI that is set to expire in November&#160;2033, and one issued patent in the European Union set to expire November&#160;2034. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Corporate Information</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:5pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">We were incorporated under the laws of the State of Michigan on March&#160;24, 1989. Our principal executive offices are located at 64 Sidney Street, Cambridge, Massachusetts, 02139 and our telephone number is (617) 588-5555. Our website address is </font><font style="font-style:italic;letter-spacing:0.2pt;">www.vcel.com</font><font style="letter-spacing:0.2pt;">. The reference to our website is intended to be an inactive textual reference and, except for the documents incorporated by reference, the information on, or accessible through, our website is not part of this prospectus. Our common stock is listed on The Nasdaq Capital Market under the symbol &#8220;VCEL.&#8221; </font>
          </div>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sTHOF">&#8203;</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:10pt;min-height:660pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">THE OFFERING</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="width:144pt;">
            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Common stock offered by us </font>
            </div>
          </div>
          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Shares of our common stock having an aggregate offering price of up to $200,000,000. </font>
          </div>
          <div style="width:144pt;">
            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Common stock to be outstanding after this offering </font>
            </div>
          </div>
          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Up to 50,298,172 shares (as more fully described in the notes following this table), assuming sales of approximately 3,719,546 shares of our common stock in this offering at an assumed offering price of $53.77 per share, which was the last reported sale price of our common stock on the Nasdaq Capital Market on August&#160;25, 2021. The actual number of shares issued will vary depending on how many shares of our common stock we choose to sell and at the prices at which such sales occur. </font>
          </div>
          <div style="width:144pt;">
            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Plan of Distribution </font>
            </div>
          </div>
          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;At the market offering&#8221; that may be made from time to time through our sales agent, SVB Leerink LLC, or SVB Leerink. See &#8220;Plan of Distribution&#8221; on page S-15 of this prospectus supplement. </font>
          </div>
          <div style="width:144pt;">
            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Use of Proceeds </font>
            </div>
          </div>
          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">We intend to use the net proceeds of this offering for working capital and other general corporate purposes. See the section entitled &#8220;Use of Proceeds&#8221; on page S-12 of this prospectus supplement. </font>
          </div>
          <div style="width:144pt;">
            <div style="margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Risk Factors </font>
            </div>
          </div>
          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">See &#8220;Risk Factors&#8221; beginning on page S-4 of this prospectus supplement and the other information included in, or incorporated by reference into, this prospectus supplement for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common stock. </font>
          </div>
          <div style="width:144pt;">
            <div style="white-space:nowrap; margin-left:10pt; text-indent:-10pt; margin-top:6pt; line-height:12pt;font-weight:bold;">
              <font style="letter-spacing:-0.2pt;">Nasdaq Capital Market</font>
              <br >
              <font style="letter-spacing:-0.2pt;">symbol </font>
            </div>
          </div>
          <div style="margin-left:168pt; margin-top:-12pt; width:288pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;VCEL&#8221;</font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The number of our shares of our common stock to be outstanding after this offering is based on 46,578,626 shares of our common stock outstanding as of June&#160;30, 2021, and excludes: </font>
          </div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">2,858,202 shares of common stock issuable upon the exercise of stock options outstanding as of June&#160;30, 2021 under our equity incentive plans, with a weighted-average exercise price of $10.58 per share; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">413,427 shares of common stock issuable upon the vesting of restricted stock&#160;units outstanding as of June&#160;30, 2021 under our equity incentive plans; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">2,804,486 shares of our common stock reserved for future issuance under our equity incentive plans as of June&#160;30, 2021; and </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">270,727 shares of our common stock available for future issuance under our 2015 Employee Stock Purchase Plan as of June&#160;30, 2021.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        </div>
        <div style="clear:both;font-size:0pt;">&#8203;</div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sRIFA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Investment in any securities offered pursuant to this prospectus supplement and the accompanying base prospectus involves a high degree of risk. You should carefully consider the risk factors described below and in our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> and our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021015540/vcel-20210630.htm">Quarterly Report on Form 10-Q for the quarterly period ended June&#160;30, 2021</a>, both incorporated by reference in this prospectus supplement, any amendment or update thereto reflected in subsequent filings with the SEC, including in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and all other information contained or incorporated by reference in this prospectus supplement, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act. The risks and uncertainties we have described are not the only ones we face, but those that we consider to be material, and such risks and uncertainties could cause actual results to differ materially from those anticipated in these risk factors. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations. The occurrence of any of these risks might materially adversely affect our business, financial condition or results of operations, or cause you to lose all or part of your investment in the offered securities. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Related to the COVID-19 Pandemic</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The current and ongoing pandemic of COVID-19 and the future outbreak of other highly infectious or contagious diseases, could seriously harm our research, development and commercialization efforts, increase our costs and expenses and have a material adverse effect on our business, financial condition and results of operations.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Broad-based business or economic disruptions could adversely affect our ongoing or planned research, development and commercialization activities. For example, the COVID-19 pandemic has created significant disruptions to the U.S. and global economy and has contributed, at times, to significant volatility in financial markets. The global impact of the outbreak has fluctuated since early 2020. At times, many state, local and national governments&#8201;&#8212;&#8201;including those in Massachusetts and Michigan, where the Company&#8217;s operations are located&#8201;&#8212;&#8201;have responded by issuing, extending and supplementing orders requiring quarantines, restrictions on travel, and the mandatory closure of certain non-essential businesses, among other actions. In the U.S., the status and application of these orders have varied on a state-by-state basis since the early days of the pandemic. Many of the restrictions have been periodically updated as infection rates in the U.S. have risen and fallen, as new virus variants have emerged, as vaccines have been distributed and administered, and as world health leaders learn more about the virus, its transmission pathway and who is most at risk. Because Vericel is deemed an essential business, the Company has been exempted from government orders requiring the closure of workplaces and the cessation of business operations as they have existed from time-to-time during the pandemic. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Even though widespread distribution of vaccines designed to protect against COVID-19 infection began in the United States and other countries throughout the world in early 2021, the pandemic remains unpredictable and the number of COVID-19 infections has fluctuated significantly in various geographies during 2020 and throughout 2021 and could continue to do so, particularly in light of emerging variant strains. As such, some state and local governments have re-instituted restrictions on businesses, travel, and personal activities from time-to-time and additional such measures may occur in the future as the pandemic evolves. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">At the outset of the pandemic, the Company put in place a comprehensive workplace protection plan, which instituted protective measures in response to COVID-19. The Company&#8217;s workplace protection plan closely followed guidance issued by the CDC and complied with applicable federal and state law. Because vaccines designed to protect against COVID-19 have become readily available in the United States and the rates of COVID-19 infections, hospitalizations and deaths in the majority of the U.S. have declined since the beginning of 2021, the CDC and the OSHA have altered their guidance for Americans, and emergency orders and mandatory workplace protocols in Michigan and Massachusetts have either been rescinded or greatly reduced&#8201;&#8212;&#8201;to include the lifting of all capacity limitations on businesses in both states. Accordingly, Vericel is planning for a return to more normal workplace operations, but will continue to modify its workplace protection plan and will reinstitute protective measures for its workforce as necessary. The </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Company is reviewing its policies and procedures regularly as the pandemic evolves and may take additional actions to the extent required. Both these and any future actions we take may result in disruption to our business. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The extent to which the COVID-19 pandemic, or the future outbreak of any other highly infectious or contagious disease, impacts our preclinical studies, clinical trial operations and current or future commercialization efforts will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of such pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The rapid development and uncertainty of this situation precludes any prediction as to the full adverse impact of the COVID-19 pandemic. Nevertheless, the COVID-19 pandemic has and could continue to adversely affect our business, financial condition and results of operations, and it may have the effect of heightening many of the risks described herein, including the below. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Hospitals, health systems and surgeons minimized, postponed, or canceled electively scheduled surgeries during the initial wave of the pandemic in the spring of 2020. These actions were followed by numerous state-level executive orders either restricting or partially restricting elective surgeries. Because MACI is an elective surgical procedure, as a result of these restrictions the Company experienced a significant increase in cancellations of scheduled MACI procedures as well as a slowdown in new MACI orders during March and April of 2020, which negatively impacted the Company&#8217;s business and results of operations during the first and second quarters of 2020. The level and degree of restriction on elective surgeries, on the ability of patients to seek treatment and on U.S. business operations generally fluctuated throughout 2020 as COVID-19 infection rates rose and fell during the summer&#160;months and into the autumn. By the first quarter of 2021, the pandemic&#8217;s effects on the Company&#8217;s MACI business had largely dissipated. Although hospitals are now better prepared for a subsequent surge in COVID-19 patients and COVID-19 vaccines have been made available and are being widely distributed in the United States, the risk remains that regional or local restrictions could again be placed on the performance of elective surgical procedures if the number of COVID-19 infections in the United States were to rise again, or if new or existing COVID-19 variants render current vaccine treatments ineffective. We believe our MACI business will be negatively impacted if elective surgical procedures are again restricted. Further, renewed and material disruption to the operations of our employees, distributors, suppliers or customers will impact our sales and operating results and could lead to potential impairments to inventory and accounts receivable. Although Epicel has been less directly impacted by the pandemic given the critical nature of severe burn injuries, it is difficult to ascertain the current or future impact of COVID-19 on the treatment of severe burns. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We are currently conducting the PEAK (A Study of MACI in Patients Aged 10 to 17 Years with Symptomatic Chondral or Osteochondral Defects of the Knee) Study at ten (10) sites throughout the United States. Two (2)&#160;such sites have currently paused enrollment of new PEAK patients as a result of the effects of the pandemic, and the PEAK Study experienced a slow-down in its traditional rate of patient enrollment during 2020 and throughout 2021. Furthermore, the PEAK Study or another of our clinical trials may in the future experience difficulties associated with patient visits and study monitoring, which may be paused or delayed due to changes in policies at various clinical sites, federal, state, local or foreign laws, rules and regulations, including closure of site access to outside medical monitors, quarantines or other travel restrictions, prioritization of healthcare resources toward pandemic efforts, including diminished attention of physicians serving as our clinical trial investigators and reduced availability of site staff supporting the conduct of our clinical trials, interruption or delays in the operations of the FDA, heightened exposure of patients, principal investigators and site staff to COVID-19 if an outbreak occurs in their geography, or other reasons related to the COVID-19 pandemic. Further, patients who are already recruited into our clinical trials may be unable or unwilling to attend follow-up visits within the timelines specified in our trial protocols, potentially impacting our ability to meet our clinical trial endpoints. A future outbreak may also affect employees of third-party contract research organizations located in affected geographies that we rely upon to carry out our clinical trials. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We continue to manufacture MACI and Epicel and we maintain a significant safety back-up of all key raw materials. We do not currently expect that supply chain interruptions will impact our ongoing </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">manufacturing operations. However, we currently rely on both domestic and international third parties to, among other things, manufacture and supply raw materials, which are used to produce our products, and supply other goods and services to run our business. If any such third parties in our supply chain are adversely impacted by current or future restrictions or executive orders resulting from the COVID-19 pandemic for an extended period of time, including staffing shortages, production slowdowns, disruptions in delivery systems, or federal, state or foreign orders requiring the diversion of key supplies for use in the production or manufacturing of vaccines designed to inoculate individuals against COVID-19, our supply chain may be disrupted, limiting our ability to manufacture our products and product candidates and conduct our research and development operations, or commercially launch any of our product candidates, if approved. With respect to customer delivery, MACI final product has an established shelf life of six (6)&#160;days and established shipping shelf life of three (3)&#160;days. Currently, MACI is picked-up by courier and shipped by commercial air or ground transportation to our customers&#8217; locations. Epicel final product has an established shelf life of 24 hours and is hand carried to customer hospital sites by courier. Transportation is primarily by commercial or charter airline. Although we have not experienced material shipping delays or increased costs to date, significant disruption of air travel in the future could result in the inability to deliver MACI or Epicel final products to customer sites within appropriate timeframes, which would have a material adverse effect on our business and results of operations. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Throughout much of the pandemic, we generally restricted on-site staff in our facilities to only those personnel and contractors who are required to perform essential activities related to the manufacture, production and delivery of our products. We encouraged the majority of our remaining employees to work remotely. Since early 2021, vaccines designed to protect against COVID-19 infection have become readily available in the United States and the rates of COVID-19 infections, hospitalizations and deaths in the U.S. have generally declined. The CDC and OSHA have altered their guidance for Americans, and emergency orders and mandatory workplace protocols in Michigan and Massachusetts have either been rescinded or greatly reduced&#8201;&#8212;&#8201;to include the lifting of all capacity limitations on businesses in both states. Accordingly, Vericel is planning for a return to more normal workplace operations but will continue to modify its workplace protection plan and will reinstitute protective measures for its workforce as necessary. We expect that some of our employees will continue to work remotely from time to time. A resurgence of COVID-19, COVID-19 variants, or similar infectious diseases in the U.S., however, may lead to future government-imposed quarantines and restrictions, which may result in the closure of our administrative offices, with our employees working outside of our offices for an extended period of time. These actions may also result in the disruption of our manufacturing operations, which are currently accomplished within our administrative offices. Additionally, such quarantines and restrictions may adversely affect our ability to conduct certain product enhancement and business development activities. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Our reliance on certain personnel working from home may also increase our cyber security risk, create data accessibility concerns, and make us more susceptible to communication disruptions, any of which could adversely impact our business operations or delay necessary interactions with local and federal regulators, institutional review boards and ethics committees, third-party contractors and suppliers, clinical trial sites and other important agencies and contractors. Our business operations may be further disrupted if any of our employees, officers or directors contract an illness related to COVID-19 and are unable to perform their duties. For example, COVID-19 illness could impact members of management or our board of directors resulting in absenteeism from management meetings or meetings of the directors or committees of directors, and making it more difficult for management to effectively oversee our daily operations, or to convene the quorums of the full board of directors or its committees needed to conduct meetings for the management of our affairs. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">A resurgence of COVID-19 or COVID-19 variants may cause our employees, and employees of third-party contractors and licensees, including MediWound, responsible for conducting research and development activities to be unable to access laboratories and places of business for an extended period of time as a result of the temporary closure of such workspaces. As a result, this could delay timely completion of ongoing clinical trials or preclinical activities, and our ability to select future development candidates. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">NexoBrid is currently a pre-commercial product in North America. On June&#160;29, 2021, we announced that MediWound had received a CRL regarding the BLA and that the FDA communicated to MediWound that it had completed its review of the BLA, as amended, and had determined that it cannot approve the BLA in its present form. We announced further that we are working with MediWound and the FDA to address the issues identified in the CRL to seek potential approval of NexoBrid. Health regulatory agencies, including the FDA, have experienced and may continue to experience disruptions in their operations as a result of the continued spread or resurgence of the COVID-19 pandemic. For instance, the COVID-19 pandemic may impact the FDA&#8217;s response times to regulatory submissions, like a BLA resubmission in response to the CRL, and its ability to monitor our clinical trials. Additionally, in many instances across the industry, the FDA has postponed, or has been unable to conduct certain inspections of domestic and international manufacturing facilities in connection with its regulatory review of product applications as a result of travel and other restrictions caused by the pandemic. As part of its review of the BLA, and any BLA resubmission, the FDA has communicated to MediWound that physical Current Good Manufacturing Practice, or cGMP, inspections of manufacturing facilities in Israel and Taiwan are required before the BLA can be approved, as the FDA must assess the ability of those facilities to conduct certain manufacturing operations in compliance with cGMP. The FDA indicated that because of restrictions on travel caused by the COVID-19 pandemic, the agency was unable to conduct the required inspections of those facilities during the original BLA review cycle. Should continued restrictions prevent or delay the FDA in conducting necessary reviews or physical inspections of the manufacturing facilities involved in the production of NexoBrid, or should other events impact the FDA&#8217;s response times, the timeline for approval of NexoBrid could be materially and further delayed, which could materially affect the development, study and ultimate commercialization of the product. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">The trading prices of our common stock and that of other biopharmaceutical companies have been highly volatile during the COVID-19 pandemic. As a result, we may face difficulties raising capital through sales of our common stock or such sales may be on unfavorable terms. In addition, a recession, depression or other sustained adverse market event resulting from the continued spread or a resurgence of the COVID-19 pandemic could materially and adversely affect our business and the value of our common stock. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">The negative economic effects of the pandemic have, at times, caused increased unemployment in the U.S. resulting in many individuals losing their employer-based insurance coverage. Although the economy has begun to recover from the pandemic&#8217;s initial effects, the continued or future unemployment of our potential patients may adversely affect our ability to commercialize our products. In addition, market disruption or rising unemployment caused by a resurgence of the COVID-19 pandemic or a variant strain thereof may lead to delays in obtaining insurance coverage and reimbursement of newly approved products as well as an increase in the numbers of uninsured patients and patients who may no longer be able to afford their co-insurance or co-pay obligations. These factors may lead to decreased utilization of our products, which could reduce revenue. The continued outbreak or a worsening of COVID-19 may also negatively impact our commercialization strategy for our products and product candidates, if approved. At times during the pandemic, hospitals and other medical institutions have reduced and diverted staffing, diverted resources to patients suffering from COVID-19 and limited hospital access for non-patients, which has included our sales personnel. Hospitals may continue or increase these and similar measures in the future should the COVID-19 virus continue to spread or surge in certain areas. In addition, COVID-19 levels in the United States and/or specific regions of the United States may cause customers or patients to postpone or cancel previously scheduled surgeries or to decline to schedule surgeries utilizing our products, which would negatively impact our operations and financial results. Although many face-to-face interactions are again resuming, our sales personnel, at times, have conducted, and may continue to have to conduct, many of their interactions with physicians and patients through the use of webinars, telemedicine, direct-to-consumer advertising and social media. These circumstances may adversely affect the ability of our sales professionals to effectively market our products to physicians in the future, which may have a negative impact on our potential sales and our market penetration. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If any of these risks related to the impact of the COVID-19 pandemic were to occur, our preclinical activities, clinical development progress, data and timelines, commercialization efforts including any </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">potential&#160;revenue from sales, supply chain continuity, and general business operations could be delayed and/or materially harmed and our business, prospects, financial condition, and results of operations would suffer as a result. The extent to which the current pandemic, or a future pandemic, impacts our business and operations will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and governmental actions to contain the outbreak or treat its impact, which are highly uncertain and cannot be predicted with confidence. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Related to Our Operations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">NexoBrid&#8217;s approval in the United States for the treatment of severe burns may be further delayed, or it may not be approved for use in the United States and other North American markets at all.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">On September&#160;16, 2020, we announced that the FDA had accepted for review MediWound&#8217;s BLA seeking marketing approval for NexoBrid in the United States for the treatment of severe burns, and had assigned a PDUFA target date for the product of June&#160;29, 2021. The BLA submission is based in large part on data derived from a U.S. Phase&#160;3 pivotal study. MediWound is conducting twelve and twenty-four month safety follow-ups for cosmesis, function, quality of life and other safety measurements. Data from MediWound&#8217;s twelve-month follow-up has been compiled and is being evaluated by the FDA, while data from the twenty-four month follow-up will be submitted to the agency as a safety update&#8201;&#8212;&#8201;either in connection with a BLA resubmission or as part of a post-approval commitment, if the BLA is approved. While this and previous studies evaluating NexoBrid have met their primary endpoints, we cannot predict the outcome of the planned safety follow-ups or whether the FDA will approve the BLA based on the available preclinical and clinical data and the submitted manufacturing processes, and the cGMP data. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subsequently, on June&#160;29, 2021, we announced that MediWound received a CRL from the FDA regarding the BLA for NexoBrid. The FDA communicated to MediWound that it had completed its review of the BLA, as amended, and had determined that it cannot approve the BLA in its present form. The FDA identified issues related to the CMC section of the BLA and had requested that MediWound provide additional CMC information. The FDA stated that it had not reviewed several amendments submitted by MediWound in response to the CMC information requests related to the BLA. The FDA also stated that inspections of manufacturing facilities in Israel and Taiwan are required before the BLA can be approved, but that it was unable to conduct the required inspections during the original review cycle due to COVID-19-related travel restrictions. In addition, the CRL referenced observations that were made during GCP inspections related to the DETECT study and requested that MediWound address questions regarding the impact of the observations on the study&#8217;s efficacy findings. The FDA also requested that MediWound provide a safety update as part of a BLA resubmission. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">While we intend to work with MediWound and the FDA to address the issues identified in the CRL to seek the potential approval of NexoBrid, we cannot predict how long it will take for MediWound and/or the Company to respond to the CRL. We also cannot predict whether the FDA will accept any such resubmission for review, and, if such resubmission is accepted for review, the length of time of any subsequent FDA review. We also cannot predict whether FDA will ultimately approve the NexoBrid BLA. In addition, if approval to market NexoBrid is sought in Mexico or Canada, we cannot predict how long regulatory authorities in those countries will take to provide NexoBrid with marketing authorization in their jurisdictions or whether such authorizations will be granted at all. A significant delay or a failure to receive regulatory approval for NexoBrid in the United States may have a material adverse impact on our business prospects. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Related to this Offering</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">If you purchase shares of our common stock sold in this offering, you will experience immediate and substantial dilution in the net tangible book value of your shares. In addition, we may issue additional equity or convertible debt securities in the future, which may result in additional dilution to you.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The price per share of our common stock being offered may be higher than the net tangible book value per share of our outstanding common stock prior to this offering. Assuming that an aggregate of approximately 3,719,546 shares of our common stock are sold at a price of $53.77 per share, the last </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-8</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">reported sale price of our common stock on the Nasdaq Capital Market on August&#160;25, 2021, for aggregate gross proceeds of approximately $200&#160;million, and after deducting commissions and estimated offering expenses payable by us, new investors in this offering will incur immediate dilution of $46.91 per share. This dilution is due to our investors who purchased shares prior to this offering having paid substantially less when they purchased their shares than the price offered to the public in this offering. For a more detailed discussion of the foregoing, see the section entitled &#8220;Dilution&#8221; below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">To the extent outstanding stock options are exercised, there will be further dilution to new investors. In addition, to the extent we need to raise additional capital in the future and we issue additional shares of common stock or securities convertible or exchangeable for our common stock, because we cannot assure you that we will be able to sell shares in any other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, our then existing stockholders may experience dilution and the new securities may have rights senior to those of our common stock offered in this offering. As a result of the dilution to investors purchasing shares in this offering, investors may receive significantly less than the purchase price paid in this offering, if anything, in the event of our liquidation. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in the section entitled &#8220;Use of Proceeds,&#8221; and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. The precise amount and timing of the application of these proceeds will depend upon a number of factors, such as the timing and progress of our research and development efforts, our funding requirements and the availability and costs of other funds. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, we cannot specify with certainty all of the particular uses for the net proceeds to us from this offering, and their ultimate use may vary substantially from their currently intended use. We currently expect to use the net proceeds from this offering for working capital and other general corporate purposes. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our management might not apply our net proceeds in ways that ultimately increase the value of your investment. The failure by our management to apply these funds effectively could harm our business, financial condition and results of operations. We may invest the net proceeds from this offering in short-term money market funds, commercial paper, other corporate instruments or direct or guaranteed obligations of the U.S. government. These investments may not yield a favorable return, if any, on our investment of these net proceeds. If we do not invest or apply the net proceeds from this offering in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Future sales or issuances of our common stock in the public markets, or the perception of such sales, could depress the trading price of our common stock.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The sale of a substantial number of shares of our common stock or other equity-related securities in the public markets, or the perception that such sales could occur, could depress the market price of our common stock and impair our ability to raise capital through the sale of additional equity securities. We may sell large quantities of our common stock at any time pursuant to this prospectus supplement or in one or more separate offerings. We cannot predict the effect that future sales of common stock or other equity-related securities would have on the market price of our common stock. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The actual number of shares we will issue under the sales agreement, at any one time or in total, is uncertain.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to certain limitations in the sales agreement and compliance with applicable law, we have the discretion to deliver a placement notice to SVB Leerink at any time throughout the term of the sales agreement. The number of shares that are sold by SVB Leerink after delivering a placement notice will fluctuate based on the market price of our common stock during the sales period and limits we set with SVB Leerink. Because the price per share of each share sold will fluctuate based on the market price of our common stock during the sales period, it is not possible at this stage to predict the number of shares that will be ultimately issued. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-9</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:536pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-style:italic;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">The common stock offered hereby will be sold in &#8220;at the market&#8221; offerings, and investors who buy shares at different times will likely pay different prices.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">S-10</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sCNRF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:184pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement, the accompanying base prospectus and the documents incorporated by reference herein and therein and any free writing prospectus that we have authorized for use in connection with this offering may contain certain forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section&#160;27A of the Securities Act, and Section&#160;21E of the Exchange Act. Although our forward-looking statements reflect the good faith judgment of our management, these statements can only be based on facts and factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Wherever possible, we have identified these forward-looking statements by words such as &#8220;will,&#8221; &#8220;may,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;trends,&#8221; &#8220;opportunity,&#8221; &#8220;current,&#8221; &#8220;intention,&#8221; &#8220;position,&#8221; &#8220;assume,&#8221; &#8220;potential,&#8221; &#8220;outlook,&#8221; &#8220;remain,&#8221; &#8220;continue,&#8221; &#8220;maintain,&#8221; &#8220;sustain,&#8221; &#8220;seek,&#8221; &#8220;target,&#8221; &#8220;achieve,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; and similar words or phrases, or future or conditional verbs such as &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; or similar expressions, or the negative of these terms, although not all forward-looking statements contain these words. These forward-looking statements are based upon assumptions our management believes are reasonable and represent management&#8217;s present judgment regarding future events. Such forward-looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the risks and uncertainties listed in our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> and the subsequent Quarterly Reports on Form 10-Q for the quarters ended <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021008983/vcel-20210331.htm">March&#160;31, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021015540/vcel-20210630.htm">June&#160;30, 2021,</a> and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act and in our other filings with the SEC, that may cause our actual results, performance or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information or future events or developments. Before deciding to purchase our common stock, you should carefully consider the risk factors incorporated by reference herein, in addition to the other information set forth in this prospectus supplement, the accompanying prospectus and in the documents incorporated by reference herein. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-11</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sUOP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:436pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue and sell shares of our common stock having aggregate sales proceeds of up to $200,000,000 from time to time. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We intend to use the net proceeds of this offering for working capital and other general corporate purposes. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The amounts and timing of our actual expenditures will depend on numerous factors, including the factors described under &#8220;Risk Factors&#8221; in this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference herein and therein, as well as the amount of cash used in our operations. We may find it necessary or advisable to use the net proceeds for other purposes, and we will have broad discretion in the application of the net proceeds. We may invest the net proceeds from this offering in short-term money market funds, commercial paper, other corporate instruments or direct or guaranteed obligations of the U.S. government. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-12</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sDIPO">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:536pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">DIVIDEND POLICY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">We have never declared or paid any cash dividends on our capital stock. We intend to retain future earnings, if any, to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">S-13</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sDIL">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:10pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DILUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If you invest in our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the price per share you pay in this offering and the net tangible book value per share of our common stock immediately after this offering. The net tangible book value of our common stock as of June&#160;30, 2021 was approximately $151.1&#160;million, or approximately $3.24 per share of common stock based upon 46,578,626 shares outstanding. Net tangible book value per share is equal to our total tangible assets, less our total liabilities, divided by the total number of shares outstanding as of June&#160;30, 2021. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">After giving effect to the sale of our common stock in the aggregate amount of $200&#160;million at an assumed offering price of $53.77 per share, the last reported sale price of our common stock on the Nasdaq Capital Market on August&#160;25, 2021, and after deducting commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of June&#160;30, 2021 would have been $344.8&#160;million, or $6.86 per share of common stock. This represents an immediate increase in net tangible book value of $3.62 per share to our existing stockholders and an immediate dilution in net tangible book value of $46.91 per share to new investors in this offering. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following table illustrates this calculation on a per share basis. The as adjusted information is illustrative only and will adjust based on the actual price to the public, the actual number of shares sold and other terms of the offering determined at the time shares of our common stock are sold pursuant to this prospectus supplement. The as adjusted information assumes that all of our common stock in the aggregate amount of $200&#160;million is sold at the assumed offering price of $53.77 per share, the last reported sale price of our common stock on the Nasdaq Capital Market on August&#160;25, 2021. The shares sold in this offering, if any, will be sold from time to time at various prices. </font>
        </div>
        <table style="width:416pt;height:71pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Assumed public offering price per share </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">53.77</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.2pt;">Net tangible book value per share as of June&#160;30, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.24</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.2pt;">Increase in net tangible book value per share attributable to the offering </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">3.62</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:3.25pt 0pt 2.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">As adjusted net tangible book value per share after giving effect to the offering </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">6.86</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 3.25pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Dilution per share to new investors participating in the offering </font>
              </div>
            </td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt;padding-bottom:1.75pt; min-width:13.5pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt; width:3pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">46.91</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:13pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The number of our shares of our common stock to be outstanding after this offering is based on 46,578,626 shares of our common stock outstanding as of June&#160;30, 2021, and excludes: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">2,858,202 shares of common stock issuable upon the exercise of stock options outstanding as of June&#160;30, 2021 under our equity incentive plans, with a weighted-average exercise price of $10.58 per share; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">413,427 shares of common stock issuable upon the vesting of restricted stock&#160;units outstanding as of June&#160;30, 2021 under our equity incentive plans; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">2,804,486 shares of our common stock reserved for future issuance under our equity incentive plans as of June&#160;30, 2021; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">270,727 shares of our common stock available for future issuance under our 2015 Employee Stock Purchase Plan as of June&#160;30, 2021. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The information discussed above is illustrative only and the shares subject to our sales agreement are being sold from time to time at various prices. To the extent that outstanding stock options are exercised, new stock options are issued or we issue additional shares of common stock in the future, there will be further dilution to new investors. In addition, we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-14</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sPOD">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We entered into a sales agreement with SVB Leerink LLC, or SVB Leerink, under which we may offer and sell from time to time up to an aggregate of $200,000,000 of shares of our common stock. Sales of our common stock, if any, will be made at market prices by any method that is deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) under the Securities Act, including sales made directly on the Nasdaq Capital Market or any other trading market for our common stock. The sales agreement has been filed as an exhibit to our Registration Statement on Form S-3 of which this prospectus supplement forms a part. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The below description of the material provisions of the sales agreement does not purport to be a complete statement of its terms and conditions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">SVB Leerink will offer our common stock subject to the terms and conditions of the sales agreement on a daily basis or as otherwise agreed upon by us and SVB Leerink. We will designate the maximum amount of common stock to be sold through SVB Leerink on a daily basis or otherwise determine such maximum amount together with SVB Leerink. Subject to the terms and conditions of the sales agreement, SVB Leerink will use its commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us. We may instruct SVB Leerink not to sell common stock if the sales cannot be effected at or above the price designated by us in any such instruction. SVB Leerink or we may suspend the offering of our common stock being made through SVB Leerink under the sales agreement upon proper notice to the other party. SVB Leerink and we each have the right, by giving written notice as specified in the sales agreement, to terminate the sales agreement in each party&#8217;s sole discretion at any time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The aggregate compensation payable to SVB Leerink is equal to 3.0% of the aggregate gross sales price of the shares sold through it pursuant to the sales agreement. We have also agreed to reimburse SVB Leerink up to an aggregate of $75,000 of SVB Leerink&#8217;s actual outside legal expenses incurred by SVB Leerink in connection with this offering and certain ongoing expenses. We estimate that the total expenses of the offering payable by us, excluding commissions payable to SVB Leerink under the sales agreement, will be approximately $270,000. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The remaining sales proceeds, after deducting any expenses payable by us and any transaction fees imposed by any governmental, regulatory, or self-regulatory organization in connection with the sales, will equal our net proceeds for the sale of such common stock. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">SVB Leerink will provide written confirmation to us following the close of trading on the Nasdaq Capital Market on each day in which common stock is sold through it as sales agent under the sales agreement. Each confirmation will include the number of shares of common stock sold through it as sales agent on that day, the volume weighted average price of the shares sold, the&#160;percentage of the daily trading volume and the net proceeds to us. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will report at least quarterly the number of shares of common stock sold through SVB Leerink under the sales agreement, the net proceeds to us and the compensation paid by us to SVB Leerink in connection with the sales of common stock. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Settlement for sales of common stock will occur on the second business day that is also a trading day following the date on which any sales were made in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with the sales of our common stock on our behalf, SVB Leerink will be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act and the compensation paid to SVB Leerink will be deemed to be an underwriting commission or discount. We have agreed in the sales agreement to provide indemnification and contribution to SVB Leerink against certain liabilities, including liabilities under the Securities Act. As Sales Agent, SVB Leerink will not engage in any transactions that stabilize our common stock. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on the Nasdaq Capital Market and trades under the symbol &#8220;VCEL.&#8221; The transfer agent of our common stock is currently Continental Stock Transfer &amp; Trust Company, Inc. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:592pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">SVB Leerink and/or its affiliates have provided, and may in the future provide, various investment banking and other financial services for us for which services they have received and, may in the future receive, customary fees. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">S-16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sMUFI">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">MATERIAL U.S. FEDERAL INCOME TAX </font>
          <br >
          <font style="letter-spacing:-0.2pt;">CONSIDERATIONS FOR NON-U.S. HOLDERS OF COMMON STOCK</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following discussion is a summary of material U.S. federal income tax considerations applicable to non-U.S. holders (as defined below) with respect to their ownership and disposition of shares of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. For purposes of this discussion, a non-U.S. holder means a beneficial owner of our common stock that is, for U.S. federal income tax purposes: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a non-resident alien individual; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a corporation or any other organization taxable as a corporation for U.S. federal income tax purposes that is created or organized in or under laws other than the laws of the United States, any state thereof, or the District of Columbia; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">an estate, the income of which is not subject to U.S. federal income tax on a net income basis; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a trust (1)&#160;that (a)&#160;has not made an election to be treated as a U.S. person under applicable U.S. Treasury regulations and (b)&#160;either (i)&#160;is not subject to the primary supervision of a court within the United States or (ii)&#160;is not subject to the substantial control of one or more U.S. persons or (2)&#160;the income of which is not subject to U.S. federal income tax on a net income basis. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This discussion does not address the tax treatment of partnerships or other entities or arrangements that are treated as pass-through entities for U.S. federal income tax purposes or persons that hold their shares of our common stock through partnerships or such other pass-through entities. The tax treatment of a partner in a partnership or other entity or arrangement that is treated as a pass-through entity for U.S. federal income tax purposes generally will depend upon the status of the partner and the activities of the partnership. A partner in a partnership or an investor in any other pass-through entity that will hold our common stock should consult his, her or its tax advisor regarding the tax consequences of acquiring, holding and disposing of our common stock through a partnership or other pass-through entity, as applicable. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This discussion is based on current provisions of the Internal Revenue Code of 1986, as amended, or the Code, existing and proposed U.S. Treasury regulations promulgated thereunder, current administrative rulings and judicial decisions, all as in effect as of the date of this prospectus and, all of which are subject to change or to differing interpretation, possibly with retroactive effect. Any such change or differing interpretation could alter the tax consequences to non-U.S. holders described in this prospectus. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the IRS will not challenge one or more of the tax consequences described herein. We assume in this discussion that a non-U.S. holder holds shares of our common stock as a &#8220;capital asset&#8221; within the meaning of Section&#160;1221 of the Code, which is generally property held for investment. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This discussion does not address all aspects of U.S. federal income taxation that may be relevant to a particular non-U.S. holder in light of that non-U.S. holder&#8217;s individual circumstances, including the alternative minimum tax, the Medicare tax on net investment income, the rules relating to &#8220;qualified small business stock,&#8221; any U.S. federal tax other than the income tax (including, for example, the estate or gift tax), or any aspects of U.S. state, local or non-U.S. taxes. This discussion also does not consider any specific facts or circumstances that may apply to a non-U.S. holder and does not address the special tax rules applicable to particular non-U.S. holders, such as: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
          <br >
        </div>
        <div style=" margin-top:8.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">insurance companies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">tax-exempt or governmental organizations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">3.</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">financial institutions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">4.</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">brokers or dealers in securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">5.</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">regulated investment companies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">6.</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">pension plans; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-17</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">7.</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">&#8220;controlled foreign corporations,&#8221; &#8220;passive foreign investment companies,&#8221; and corporations that accumulate earnings to avoid U.S. federal income tax; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">8.</font>
          <br >
        </div>
        <div style=" margin-top:8.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">&#8220;qualified foreign pension funds,&#8221; or entities wholly owned by a &#8220;qualified foreign pension fund&#8221;; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.29pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">9.</font>
          <br >
        </div>
        <div style=" margin-top:8.29pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">persons deemed to sell our common stock under the constructive sale provisions of the Code; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">10.</font>
          <br >
        </div>
        <div style=" margin-top:8.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">persons that hold our common stock as part of a straddle, hedge, conversion transaction, synthetic security or other integrated investment; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">11.</font>
          <br >
        </div>
        <div style=" margin-top:8.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">persons that hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">12.</font>
          <br >
        </div>
        <div style=" margin-top:8.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">persons subject to special tax accounting rules as a result of any item of gross income with respect to the stock being taken into account in an applicable financial statement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">13.</font>
          <br >
        </div>
        <div style=" margin-top:8.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">U.S. expatriates. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This discussion is for general information only and is not tax advice. Accordingly, all prospective non-U.S. holders of our common stock should consult their tax advisors with respect to the U.S. federal, state, local and non-U.S. tax consequences of the purchase, ownership and disposition of our common stock. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distributions on our common stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As described in the &#8220;Dividend Policy&#8221; section above, we do not intend to pay any dividends in cash on our common stock to our stockholders in the foreseeable future. Distributions of cash, if any, on shares of our common stock generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds our current and accumulated earnings and profits, the excess will be treated as a return of the non-U.S. holder&#8217;s investment, up to such holder&#8217;s adjusted tax basis in the shares of common stock. Any remaining excess will be treated as capital gain, subject to the tax treatment described below in &#8220;Gain on sale, exchange or other taxable disposition of shares of our common stock.&#8221; Any such distributions will also be subject to the discussion below under the section titled &#8220;Withholding and information reporting requirements&#8201;&#8212;&#8201;FATCA.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to the discussion in the following two paragraphs in this section, dividends paid to a non-U.S. holder generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty between the United States and such holder&#8217;s country of residence. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Dividends that are treated as effectively connected with a trade or business conducted by a non-U.S. holder within the United States and, if an applicable income tax treaty so provides, that are attributable to a permanent establishment or a fixed base maintained by the non-U.S. holder within the United States, are generally exempt from the 30% withholding tax if the non-U.S. holder satisfies applicable certification and disclosure requirements. However, such U.S. effectively connected income, net of specified deductions and credits, is taxed at the same regular U.S. federal income tax rates applicable to United States persons (as defined in the Code). Any U.S. effectively connected income received by a non-U.S. holder that is a corporation may also, under certain circumstances, be subject to an additional &#8220;branch profits tax&#8221; at a 30% rate or such lower rate as specified by an applicable income tax treaty between the United States and such holder&#8217;s country of residence. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A non-U.S. holder of shares of our common stock who claims the benefit of an applicable income tax treaty between the United States and such holder&#8217;s country of residence generally will be required to provide a properly executed IRS Form W-8BEN or W-8BEN-E (or a successor form) to the applicable withholding agent and satisfy applicable certification and other requirements. Non-U.S. holders are urged to consult their tax advisors regarding their entitlement to benefits under a relevant income tax treaty. A non-U.S. holder that is eligible for a reduced rate of U.S. withholding tax under an income tax treaty may generally obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim with the IRS. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-18</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Gain on sale, exchange or other taxable disposition of shares of our common stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the discussion below under &#8220;Withholding and information reporting requirements&#8201;&#8212;&#8201;FATCA,&#8221; a non-U.S. holder generally will not be subject to any U.S. federal income tax on any gain realized upon such holder&#8217;s sale, exchange or other taxable disposition of shares of our common stock unless: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.81pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
          <br >
        </div>
        <div style=" margin-top:7.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">the gain is effectively connected with the non-U.S. holder&#8217;s conduct of a U.S. trade or business and, if an applicable income tax treaty so provides, is attributable to a permanent establishment or a fixed-base maintained by such non-U.S. holder in the United States, in which case the non-U.S. holder generally will be taxed on a net income basis at the regular U.S. federal income tax rates applicable to United States persons (as defined in the Code) and, if the non-U.S. holder is a foreign corporation, the branch profits tax described above in &#8220;Distributions on our common stock&#8221; also may apply; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">the non-U.S. holder is a nonresident alien individual who is present in the United States for a period or periods aggregating 183&#160;days or more in the taxable year of the disposition and certain other conditions are met, in which case the non-U.S. holder will be subject to a 30% tax (or such lower rate as may be specified by an applicable income tax treaty between the United States and such holder&#8217;s country of residence) on the net gain derived from the disposition, which may be offset by certain U.S. source capital losses of the non-U.S. holder, if any (even though the individual is not considered a resident of the United States), provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">3.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">we are, or have been, at any time during the five-year period preceding such sale or other taxable disposition (or the non-U.S. holder&#8217;s holding period, if shorter) a &#8220;United States real property holding corporation,&#8221; unless our common stock is regularly traded on an established securities market, within the meaning of the relevant provisions of the Code, and the non-U.S. holder holds no more than 5% of our outstanding common stock, directly or indirectly, actually or constructively, during the shorter of the five-year period ending on the date of the disposition or the period that the non-U.S. holder held our common stock. Generally, a corporation is a &#8220;United States real property holding corporation&#8221; only if the fair market value of its &#8220;United States real property interests&#8221; &#8203;(as defined in the Code and applicable U.S. Treasury regulations) equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business. Although there can be no assurance, we do not believe that we are, or have been, a &#8220;United States real property holding corporation&#8221; for U.S. federal income tax purposes, or that we are likely to become one in the future. No assurance can be provided that our common stock will be regularly traded on an established securities market for purposes of the rules described above. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Backup withholding and information reporting</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We must report annually to the IRS and to each non-U.S. holder the gross amount of the distributions on shares of our common stock paid to such holder and the tax withheld, if any, with respect to such distributions. Non-U.S. holders may have to comply with specific certification procedures to establish that the holder is not a United States person (as defined in the Code) in order to avoid backup withholding at the applicable rate with respect to dividends on shares of our common stock. Generally, a non-U.S. holder will comply with such procedures if it provides a properly executed IRS Form W-8BEN or W-8BEN-E (or other applicable IRS Form W-8), or otherwise meets documentary evidence requirements for establishing that it is a non-U.S. holder, or otherwise establishes an exemption. Dividends paid to non-U.S. holders subject to withholding of U.S. federal income tax, as described above in &#8220;Distributions on our common stock,&#8221; generally will be exempt from U.S. backup withholding. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Information reporting and backup withholding will generally apply to the proceeds of a disposition of shares of our common stock by a non-U.S. holder effected by or through the U.S. office of any broker, U.S. or non-U.S., unless the holder certifies its status as a non-U.S. holder and satisfies certain other requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply to a payment of disposition proceeds to a non-U.S. holder where the transaction </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-19</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:296pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">is effected outside the United States through a non-U.S. office of a broker. However, for information reporting purposes, dispositions effected through a non-U.S. office of a broker with substantial U.S. ownership or operations generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker. Non-U.S. holders should consult their tax advisors regarding the application of the information reporting and backup withholding rules to them. Copies of information returns may be made available to the tax authorities of the country in which the non-U.S. holder resides or is incorporated under the provisions of a specific treaty or agreement. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to a non-U.S. holder can be refunded or credited against the non-U.S. holder&#8217;s U.S. federal income tax liability, if any, provided that an appropriate claim is filed with the IRS in a timely manner. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Withholding and information reporting requirements&#8201;&#8212;&#8201;FATCA</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Foreign Account Tax Compliance Act, or FATCA, generally imposes a U.S. federal withholding tax at a rate of 30% on payments of dividends on our common stock paid to a foreign entity unless (i)&#160;if the foreign entity is a &#8220;foreign financial institution,&#8221; such foreign entity undertakes certain due diligence, reporting, withholding, and certification obligations, (ii)&#160;if the foreign entity is not a &#8220;foreign financial institution,&#8221; such foreign entity identifies certain of its U.S. investors, if any, or (iii)&#160;the foreign entity is otherwise exempt under FATCA. Such withholding may also apply to payments of gross proceeds of sales or other dispositions of shares of our common stock, although under proposed U.S. Treasury regulations (the preamble to which specifies that taxpayers, including withholding agents, are generally permitted to rely on them pending finalization), no withholding will apply to payments of gross proceeds. Under certain circumstances, a non-U.S. holder may be eligible for refunds or credits of this withholding tax. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult their tax advisors regarding the possible implications of this legislation on their investment in our common stock and the entities through which they hold our shares of common stock, including, without limitation, the process and deadlines for meeting the applicable requirements to prevent the imposition of the 30% withholding tax under FATCA. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-20</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sLEMA">&#8203;</a><a name="sEXP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:444pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain legal matters, including the legality of the securities offered, will be passed upon for us by Dykema Gossett PLLC, Bloomfield Hills, Michigan, acting as special counsel to the Company. In connection with the offering, other legal matters will be passed upon for us by Goodwin Procter LLP, Boston, Massachusetts. The underwriters are being represented by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo&#160;P.C., Boston, Massachusetts. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The financial statements and management&#8217;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#8217;s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-21</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sWYCF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:436pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We file reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is </font><font style="font-style:italic;letter-spacing:0.2pt;">www.sec.gov</font><font style="letter-spacing:0.2pt;">. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our website address is </font><font style="font-style:italic;letter-spacing:0.2pt;">www.vcel.com</font><font style="letter-spacing:0.2pt;">. The information on our website, however, is not, and should not be deemed to be, a part of this prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement and the accompanying base prospectus are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement. Statements in this prospectus supplement or the accompanying base prospectus about these documents are summaries, and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC&#8217;s website, as provided above. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-22</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="sIBR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:66pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INCORPORATION BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The SEC&#8217;s rules allow us to &#8220;incorporate by reference&#8221; information in this prospectus supplement, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus supplement, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or a subsequently filed document incorporated by reference modifies or replaces that statement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus supplement incorporates by reference the documents set forth below that have previously been filed with the SEC (other than those documents or the portions of those documents not deemed to be filed): </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Our Annual Report on Form 10-K for the year ended December&#160;31, 2020, filed with the SEC on February&#160;24, 2021.</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Our Quarterly Reports on Form 10-Q for the quarters ended March&#160;31, 2021 and June&#160;30, 2021, filed with the SEC on <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021008983/vcel-20210331.htm">May&#160;5, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021015540/vcel-20210630.htm">August&#160;4, 2021</a>, respectively. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">The information specifically incorporated by reference into our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828021003081/vcel-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a> from our <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000120677421000753/vcel3849731-def14a.htm">Definitive Proxy Statement on Schedule&#160;14A, filed with the SEC on March&#160;19, 2021.</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Our Current Reports on Form 8-K, filed with the SEC on <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921006897/tm213931d1_8k.htm">January&#160;25, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921021303/tm216304d1_8k.htm">February&#160;12, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921057713/tm2114666d1_8k.htm">April&#160;29, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921075418/tm2118157d1_8k.htm">June&#160;2, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921083495/tm2120232d1_8k.htm">June&#160;21, 2021</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000110465921086855/tm2120963d1_8k.htm">June&#160;29, 2021</a>. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000110465911046570/a11-24195_28a12b.htm">The description of our common stock which is registered under Section&#160;12 of the Exchange Act, in our registration statement on Form 8-A, filed with the SEC on August&#160;12, 2011, including any amendments or reports filed for the purpose of updating such description.</a><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All reports and other documents we subsequently file pursuant to Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this offering but excluding any information furnished to, rather than filed with, the SEC, will also be incorporated by reference into this prospectus supplement and deemed to be part of this prospectus supplement from the date of the filing of such reports and documents. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to Rule&#160;412 under the Securities Act, any statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus supplement will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus supplement modifies or supersedes 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 supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You may request a free copy of any of the documents incorporated by reference in this prospectus supplement by writing to us at Vericel Corporation, 64 Sidney Street, Cambridge, Massachusetts 02139, Attention: Investor Relations, or by telephoning us at (617) 588-5555. These filings may also be obtained through our website located at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.vcel.com</font><font style="letter-spacing:0.2pt;">. The reference to our website is intended to be an inactive textual reference and, except for the documents incorporated by reference as noted above, the information on, or accessible through, our website is not intended to be part of this prospectus supplement.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">S-23</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:2.8pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 2.8pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="position:relative;margin-top:62.3pt; text-align:center; width:456pt;">
          <img src="lg_vericel-4clr.jpg" alt="[MISSING IMAGE: lg_vericel-4clr.jpg]" height="49" width="287" >
        </div>
        <div style="margin-top:52.6pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Up to $200,000,000</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:48pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Common Stock</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:104.787pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 104.786666666667pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:15.8pt; text-align:center; width:456pt; line-height:14pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">PROSPECTUS SUPPLEMENT</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:10.633pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 10.6333333333333pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:123.8pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">SVB Leerink</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
        </div>
        <div style="margin-top:72pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">August&#160;27, 2021</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:95.91pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 95.9100000000001pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:2.81pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 2.80999999999995pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART II</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:11.9pt; margin-bottom:0pt; text-align:left; width:48pt;white-space:nowrap;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;14.</font>
          <br >
        </div>
        <div style=" margin-top:11.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:48pt;font-weight:bold;">
          <font style="font-style:italic;letter-spacing:-0.2pt;">Other Expenses of Issuance and Distribution</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby. All the amounts shown are estimates, except for the SEC registration fee and FINRA filing fee. </font>
        </div>
        <table style="width:416pt;height:115pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">SEC registration fee </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">FINRA filing fee </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;N/A </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Printing expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Transfer agent and trustee fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Miscellaneous </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 2.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt; width:370.26pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 1.5pt 0pt; width:33.74pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$&#8199;&#8199;</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.4pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, we are deferring payment of all applicable registration fees other than the $21,820 of fees due in connection with the $200,000,000 of our common stock that may be issued and sold from time to time under a sales agreement with SVB Leerink LLC. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:3.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:3.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">These fees are calculated based on the number of issuances and the amount of securities offered and accordingly cannot be estimated at this time. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:11.9pt; margin-bottom:0pt; text-align:left; width:48pt;white-space:nowrap;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;15.</font>
          <br >
        </div>
        <div style=" margin-top:11.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:48pt;font-weight:bold;">
          <font style="font-style:italic;letter-spacing:-0.2pt;">Indemnification of Directors and Officers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Sections&#160;1561 through 1571 of the Michigan Business Corporation Act (the &#8220;MBCA&#8221;) authorize a corporation to grant or a court to award, indemnity to directors, officers, employees and agents in terms sufficiently broad to permit such indemnification under certain circumstances for liabilities (including reimbursement for expenses incurred) arising under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Company&#8217;s amended and restated bylaws (the &#8220;Bylaws&#8221;) provide that the Company shall, to the fullest extent authorized or permitted by the MBCA, or other applicable law, indemnify a director or officer who was or is a party or is threatened to be made a party to any proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent of the Company, against expenses, including actual and reasonable attorneys&#8217; fees, and amounts paid in settlement incurred in connection with the action or suit, if the indemnitee acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company or its shareholders. This section also requires the Company to advance expenses incurred by any agent of the Company in defending any proceeding prior to the final disposition of such proceeding upon receipt of an undertaking by or on behalf of the agent to repay such amount unless it shall be determined ultimately that the agent is entitled to be indemnified. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Bylaws also authorize the Company to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Company against any liability asserted against or incurred by such person in such capacity or arising out of such person&#8217;s status as such, regardless of whether the Company would have the power to indemnify such person against such liability under the provisions of the MBCA. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Company has entered into indemnification agreements with certain individuals which contain provisions that may in some respects be broader than the specific indemnification provisions contained under applicable law. The indemnification agreement may require the Company, among other things, to indemnify such directors, officers and key personnel against certain liabilities that may arise by reason of </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">their&#160;status or service as directors, officers or employees of the Company, to advance the expenses incurred by such parties as a result of any threatened claims or proceedings brought against them as to which they could be indemnified, and to the maximum extent that insurance coverage of such directors, officers and key employees under the Company&#8217;s directors&#8217; and officers&#8217; liability insurance policies is maintained. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Section&#160;1209 of the MBCA permits a Michigan corporation to include in its articles of incorporation a provision eliminating or limiting a director&#8217;s liability to a corporation or its shareholders for monetary damages for breaches of fiduciary duty. The enabling statute provides, however, that liability for breaches of the duty of loyalty, acts or omissions not in good faith or involving intentional misconduct or knowing violations of the law, or the receipt of improper personal benefits cannot be eliminated or limited in this manner. The Company&#8217;s Restated Articles of Incorporation (as amended, the &#8220;Charter&#8221;) includes a provision which eliminates, to the fullest extent permitted by the MBCA, director liability for monetary damages for breaches of fiduciary duty. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:12pt; text-align:left; width:48pt;white-space:nowrap;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;16.</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:48pt;font-weight:bold;">
          <font style="font-style:italic;letter-spacing:-0.2pt;">Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <table style="width:456pt;height:584.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt; width:27.71pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.167pt 0pt; width:416.29pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Description </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">1.1* </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:416.29pt;">
              <font style="letter-spacing:0.2pt;">Form of Underwriting Agreement. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">1.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex1-2.htm">Sales Agreement, dated August&#160;27, 2021, by and between the registrant and SVB Leerink LLC.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000129993309004957/exhibit1.htm">Restated Articles of Incorporation of the Company, filed as Exhibit&#160;4.1 to the Company&#8217;s Current Report on Form 8-K filed with the Securities and Exchange Commission on December&#160;17, 2009 and incorporated herein by reference (File No. 000-22025).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000095012310030777/b80276exv3w2.htm">Certificate of Amendment to Restated Articles of Incorporation of the Company dated February&#160;9, 2010, filed as Exhibit&#160;3.2 to the Company&#8217;s Post-Effective Amendment No. 1 to Form S-1 filed on March&#160;31, 2010 and incorporated herein by reference (File No. 333-160044).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000095012311029237/a59068exv3w1.htm">Certificate of Amendment to Restated Articles of Incorporation of the Company dated March&#160;22, 2011, filed as Exhibit&#160;3.1 to the Company&#8217;s Current Report on Form 8-K, filed on March&#160;25, 2011 and incorporated herein by reference (File No. 000-22025).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.4 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000129993310004053/exhibit1.htm">Amended and Restated Bylaws, filed as Exhibit&#160;3.1 to the Company&#8217;s Current Report on Form 8-K filed on November&#160;12, 2010 and incorporated herein by reference (File No. 000-22025).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.5 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d1.htm">Certificate of Amendment to Restated Articles of Incorporation of the Company dated October&#160;8, 2013, filed as Exhibit&#160;3.1 to the Company&#8217;s Current Report on Form 8-K, filed on October&#160;10, 2013 and incorporated herein by reference (File No. 001-35280).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.6 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d2.htm">Certificate of Amendment to Restated Articles of Incorporation of the Company dated October&#160;9, 2013, filed as Exhibit&#160;3.2 to the Company&#8217;s Current Report on Form 8-K, filed on October&#160;10, 2013 and incorporated herein by reference (File No. 001-35280).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">3.7 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/887359/000110465914083052/a14-25082_1ex3d1.htm">Certificate of Amendment to the Restated Articles of Incorporation of the Company, dated November&#160;21, 2014, attached as Exhibit&#160;3.1 to Vericel&#8217;s Current Report on Form 8-K filed on November&#160;24, 2014, incorporated herein by reference (File No. 001-35280).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/887359/0000898430-96-005817-index.html">Specimen Common Stock Certificate, filed as Exhibit&#160;4.1 to Amendment No. 2 to the Company&#8217;s Registration Statement on Form S-1/A filed on December&#160;20, 1996 and incorporated herein by reference (File No. 333-15415).</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex4-2.htm">Form of indenture for senior debt securities and the related form of senior debt security.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex4-3.htm">Form of indenture for subordinated debt securities and the related form of subordinated debt security.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.4* </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <font style="letter-spacing:0.2pt;">Form of Certificate of Designations. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.5* </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <font style="letter-spacing:0.2pt;">Form of Warrant Agreements. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.6* </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <font style="letter-spacing:0.2pt;">Form of Unit Certificate. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.7* </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <font style="letter-spacing:0.2pt;">Form of Unit Agreement. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">4.8* </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <font style="letter-spacing:0.2pt;">Form of Preferred Stock Certificate. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">5.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex5-1.htm">Opinion of Dykema Gossett PLLC.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">5.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex5-2.htm">Opinion of Goodwin Procter LLP.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="margin-left:5pt;letter-spacing:0.2pt;">5.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex5-3.htm">Opinion of Dykema Gossett PLLC relating to the Sale Agreement Prospectus Supplement.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">23.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex23-1.htm">Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">23.2 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex5-1.htm">Consent of Dykema Gossett PLLC (included in Exhibit&#160;5.1).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">23.3 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex5-2.htm">Consent of Goodwin Procter LLP (included in Exhibit&#160;5.2).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">23.4 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex5-3.htm">Consent of Dykema Gossett PLLC (included in Exhibit&#160;5.3).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">24.1 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:416.29pt;">
              <div style="letter-spacing:0.2pt;">
                <a href="#tPOA">Powers of Attorney (incorporated by reference to the signature page hereto).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">25.1** </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex4-2.htm">Statement of Eligibility on Form T-1 of the trustee under the senior debt indenture filed as Exhibit&#160;4.2 above.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:27.71pt;">
              <font style="letter-spacing:0.2pt;">25.2** </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.167pt 0pt 0.5pt 0pt; width:416.29pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2125905d2_ex4-3.htm">Statement of Eligibility on Form T-1 of the trustee under the subordinated debt indenture filed as Exhibit&#160;4.3 above.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.4pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">To be filed, if necessary, by amendment or as an exhibit to a report pursuant to Section&#160;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and incorporated herein by reference. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">**</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">To be filed pursuant to Section&#160;305(b)(2) of the Trust Indenture Act of 1939, as amended.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:12pt; text-align:left; width:48pt;white-space:nowrap;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;17.</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:48pt;font-weight:bold;">
          <font style="font-style:italic;letter-spacing:-0.2pt;">Undertakings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a) The undersigned registrant hereby undertakes: </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </font>
        </div>
        <div style="margin-left:60pt; margin-top:8pt; width:396pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i) To include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933; </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&#160;percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(iii) 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; </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style="font-style:italic;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;">, that paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) 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 registrant 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&#160;424(b) that is a part of the registration statement. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, 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. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(3)&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. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(5)&nbsp;&nbsp;&nbsp;That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(A)&nbsp;&nbsp;&nbsp;Each prospectus filed by the registrant pursuant to Rule&#160;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 </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(B)&nbsp;&nbsp;&nbsp;Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(l)(i), (vii), or (x)&#160;for the purpose of providing the information required by Section&#160;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&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial 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 </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(6)&nbsp;&nbsp;&nbsp;That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424; </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(ii)&nbsp;&nbsp;&nbsp;Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(iii)&nbsp;&nbsp;&nbsp;The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:8pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(iv)&nbsp;&nbsp;&nbsp;Any other communications that is an offer in the offering made by the undersigned registrant to the purchaser. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section&#160;13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) 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 </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(h)&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that: </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#160;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus 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. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(j)&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a)&#160;of Section&#160;310 of the Trust Indenture Act (the &#8220;Act&#8221;) in accordance with the rules and regulations prescribed by the SEC under section 305(b)(2) of the Act.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tPOA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant 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 City of Cambridge, Commonwealth of Massachusetts, on August&#160;27, 2021. </font>
        </div>
        <div style="margin-left:240pt; margin-top:12pt; width:216pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">VERICEL CORPORATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:240pt; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:260pt;">
          <font style="letter-spacing:0.2pt;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;/s/ Dominick C. Colangelo </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="white-space:nowrap; margin-left:260pt; margin-top:2.5pt; width:196pt;">
          <div style="margin-left: 0pt; width: 196pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:260pt; margin-top:3pt; text-align:center; width:196pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Dominick C. Colangelo </font>
          <br >
          <font style="font-style:italic;letter-spacing:0.2pt;">President and Chief Executive Officer</font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">POWER OF ATTORNEY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each of the undersigned officers and directors of the registrant hereby severally constitutes and appoints Dominick C. Colangelo, Joseph Mara and Sean C. Flynn, and each of them, either of whom may act without joinder of the other, the individual&#8217;s true and lawful attorneys in fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to file and sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement for the same offering that is to be effective under Rule&#160;462(b) of 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, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated. </font>
        </div>
        <table style="width:456pt;height:254.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:120pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:228pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41.25pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Dominick C. Colangelo</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Dominick C. Colangelo </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">President and Chief Executive Officer, Director</font>
              <br >
              <font style="letter-spacing:0.2pt;">(Principal Executive Officer) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Joseph Mara</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Joseph Mara </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Chief Financial Officer</font>
              <br >
              <font style="letter-spacing:0.2pt;">(Principal Financial and Accounting Officer) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Robert L. Zerbe, M.D.</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Robert L. Zerbe, M.D. </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Chairman of the Board of Directors </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Alan L. Rubino</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Alan L. Rubino </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Heidi Hagen</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Heidi Hagen </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Steven Gilman</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Steven Gilman </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:131.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:120pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:228pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:84pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41.25pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Kevin McLaughlin</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Kevin McLaughlin </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:41pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Paul Wotton</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Paul Wotton </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:120pt;white-space:normal;">
              <div>
                <font style="letter-spacing:0.2pt;">/s/ Lisa Wright</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 120pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt;">
                <font style="letter-spacing:0.2pt;">Lisa Wright </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:228pt;">
              <font style="letter-spacing:0.2pt;">Director </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">August&#160;27, 2021</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>2
<FILENAME>tm2125905d2_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(no par value per share)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August&nbsp;27, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1301 Avenue of the Americas, 12<SUP>th</SUP> Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation, a Michigan corporation (the &ldquo;<B><U>Company</U></B>&rdquo;),
confirms its agreement (this &ldquo;<B><U>Agreement</U></B>&rdquo;) with SVB Leerink LLC (the &ldquo;<B><U>Agent</U></B>&rdquo;), as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Issuance
and Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the
conditions set forth herein, it may issue and sell from time to time through the Agent up to $200,000,000 of shares of common stock, no
par value per share, of the Company (the &ldquo;<B><U>Common Stock</U></B>&rdquo;), subject to the limitations set forth in Section&nbsp;5(c)&nbsp;(the
 &ldquo;<B><U>Placement Shares</U></B>&rdquo;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that
compliance with the limitation set forth in this Section&nbsp;1 on the aggregate gross sales price of Placement Shares that may be issued
and sold under this Agreement from time to time shall be the sole responsibility of the Company, and that the Agent shall have no obligation
in connection with such compliance. The issuance and sale of Placement Shares through the Agent will be effected pursuant to the Registration
Statement (as defined below) to be filed by the Company with the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;)
on August&nbsp;27, 2021 and automatically declared effective upon filing, although nothing in this Agreement shall be construed as requiring
the Company to issue any Placement Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has prepared and will file, in accordance with the provisions
of the Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder (collectively, the &ldquo;<B><U>Securities Act</U></B>&rdquo;),
with the Commission a registration statement on Form&nbsp;S-3, including (a)&nbsp;a base prospectus, relating to certain securities, including
the Common Stock, to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed
or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations
thereunder (collectively, the &ldquo;<B><U>Exchange Act</U></B>&rdquo;), and (b)&nbsp;a prospectus supplement to the base prospectus included
as part of such registration statement, specifically relating to the Placement Shares to be issued from time to time pursuant to this
Agreement (the &ldquo;<B><U>Prospectus Supplement</U></B>&rdquo;). The Company will furnish to the Agent, for use by the Agent, copies
of the base prospectus included as part of such registration statement at the time it becomes effective, as supplemented by the Prospectus
Supplement. Except where the context otherwise requires, such registration statement, including all documents filed as part thereof or
incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with
the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act or deemed to be a part of such registration statement pursuant
to Rule&nbsp;430B under the Securities Act, is herein called the &ldquo;<B><U>Registration Statement</U></B>.&rdquo; The base prospectus,
including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus
Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, together with any &ldquo;issuer free writing prospectus&rdquo; (as used herein,
as defined in Rule&nbsp;433 under the Securities Act (&ldquo;<B><U>Rule&nbsp;433</U></B>&rdquo;)), relating to the Placement Shares that
(i)&nbsp;is required to be filed with the Commission by the Company or (ii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i),
in each case, in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company&rsquo;s records pursuant to Rule&nbsp;433(g), is herein called the &ldquo;<B><U>Prospectus</U></B>.&rdquo;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any reference herein to the Registration Statement, the Prospectus
Supplement, the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the documents, if any, that are
or are deemed to be incorporated by reference therein (the &ldquo;<B><U>Incorporated Documents</U></B>&rdquo;), including, unless the
context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms
 &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, the Prospectus Supplement,
the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the filing of any document under the Exchange
Act on or after the most-recent effective date of the Registration Statement, or the respective dates of the Prospectus Supplement, Prospectus
or such issuer free writing prospectus, as the case may be, and incorporated therein by reference. For purposes of this Agreement, all
references to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to include the most recent
copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System or, if applicable, the Interactive
Data Electronic Application system when used by the Commission (collectively, &ldquo;<B><U>EDGAR</U></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Placements</U>.
Each time that the Company wishes to issue and sell any Placement Shares through the Agent hereunder (each, a &ldquo;<B><U>Placement</U></B>&rdquo;),
it will notify the Agent by email notice (or other method mutually agreed to in writing by the parties) (each such notice, a &ldquo;<B><U>Placement
Notice</U></B>&rdquo;) containing the parameters in accordance with which it desires such Placement Shares to be sold, which at a minimum
shall include the maximum number or amount of Placement Shares to be sold, the time period during which sales are requested to be made,
any limitation on the number or amount of Placement Shares that may be sold in any one Trading Day (as defined in Section&nbsp;3) and
any minimum price below which sales may not be made, a form of which containing such minimum sales parameters is attached hereto as <B><U>Schedule
1</U></B>. The Placement Notice must originate from one of the individuals authorized to act on behalf of the Company and set forth on
<B><U>Schedule 2</U></B> (with a copy to each of the other individuals from the Company listed on such <B><U>Schedule 2</U></B>), and
shall be addressed to each of the recipients from the Agent set forth on <B><U>Schedule 2</U></B>, as such <B><U>Schedule 2</U></B> may
be updated by either party from time to time by sending a written notice containing a revised <B><U>Schedule 2</U></B> to the other party
in the manner provided in Section&nbsp;12 (including by email correspondence to each of the individuals of the Company set forth on <B><U>Schedule
2</U></B>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than
via auto-reply). The Placement Notice shall be effective upon receipt by the Agent unless and until (i)&nbsp;in accordance with the notice
requirements set forth in Section&nbsp;4, the Agent declines to accept the terms contained therein for any reason, in its sole discretion,
within two Trading Days of the date the Agent receives the Placement Notice, (ii)&nbsp;in accordance with the notice requirements set
forth in Section&nbsp;4, the Agent suspends sales under the Placement Notice for any reason in its sole discretion, (iii)&nbsp;the entire
amount of the Placement Shares has been sold pursuant to this Agreement, (iv)&nbsp;in accordance with the notice requirements set forth
in Section&nbsp;4, the Company suspends sales under or terminates the Placement Notice for any reason in its sole discretion, (v)&nbsp;the
Company issues a subsequent Placement Notice and explicitly indicates that its parameters supersede those contained in the earlier dated
Placement Notice or (vi)&nbsp;this Agreement has been terminated pursuant to the provisions of Section&nbsp;11. The amount of any discount,
commission or other compensation to be paid by the Company to the Agent in connection with the sale of the Placement Shares effected through
the Agent shall be calculated in accordance with the terms set forth in <B><U>Schedule 3</U></B>. It is expressly acknowledged and agreed
that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement or any Placement Shares unless
and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms
set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice, the terms of the Placement Notice will control with respect to the matters covered thereby.</P>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Sale
of Placement Shares by the Agent</U>. On the basis of the representations and warranties herein contained and subject to the terms and
conditions herein set forth, including Section&nbsp;5(c), upon the Agent&rsquo;s acceptance of the terms of a Placement Notice as provided
in Section&nbsp;2, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated
in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules&nbsp;and regulations
and the rules&nbsp;of the Nasdaq Capital Market (&ldquo;<B><U>Nasdaq</U></B>&rdquo;) to sell such Placement Shares up to the number or
amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent will provide written confirmation
to the Company (including by email correspondence to each of the individuals of the Company set forth on <B><U>Schedule 2</U></B>, if
receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply)
no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement
Shares hereunder setting forth the number or amount of Placement Shares sold on such Trading Day, the volume-weighted average price of
the Placement Shares sold and the Net Proceeds (as defined below) payable to the Company. Unless otherwise specified by the Company in
a Placement Notice, the Agent may sell Placement Shares by any method permitted by law deemed to be an &ldquo;at the market offering&rdquo;
as defined in Rule&nbsp;415 of the Securities Act, including sales made directly on or through Nasdaq, on or through any other existing
trading market for the Common Stock or to or through a market maker. If expressly authorized by the Company (including in a Placement
Notice), the Agent may also sell Placement Shares in negotiated transactions. Notwithstanding the provisions of Section&nbsp;6(uu), except
as may be otherwise agreed by the Company and the Agent, the Agent shall not purchase Placement Shares on a principal basis pursuant to
this Agreement unless the Company and the Agent enter into a separate written agreement setting forth the terms of such sale. The Company
acknowledges and agrees that (i)&nbsp;there can be no assurance that the Agent will be successful in selling Placement Shares, (ii)&nbsp;the
Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any
reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices
and applicable state and federal laws, rules&nbsp;and regulations and the rules&nbsp;of Nasdaq to sell such Placement Shares as required
under this Agreement and (iii)&nbsp;the Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant
to this Agreement unless the Company and the Agent enter into a separate written agreement setting forth the terms of such sale. For the
purposes hereof, &ldquo;<B><U>Trading Day</U></B>&rdquo; means any day on which the Common Stock is purchased and sold on Nasdaq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Suspension
of Sales</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the
other party set forth on <B><U>Schedule 2</U></B>, if receipt of such correspondence is actually acknowledged by any of the individuals
to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by email correspondence to each of the individuals
of the other party set forth on <B><U>Schedule 2</U></B>), suspend any sale of Placement Shares; <I>provided</I>, <I>however</I>, that
such suspension shall not affect or impair either party&rsquo;s obligations with respect to any Placement Shares sold hereunder prior
to the receipt of such notice. Each of the parties agrees that no such notice under this Section&nbsp;4 shall be effective against the
other party unless notice is sent by one of the individuals named on <B><U>Schedule 2</U></B> hereto to the other party in writing (including
by email correspondence to each of the individuals of the other party set forth on <B><U>Schedule 2</U></B>, if receipt of such correspondence
is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply).</P>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision of this Agreement, during any period in which the Company is, or could be deemed to be, in possession of material
non-public information, the Company and the Agent agree that (i)&nbsp;no sale of Placement Shares will take place, (ii)&nbsp;the Company
shall not request the sale of any Placement Shares and shall suspend or cancel any effective Placement Notices instructing the Agent to
make any sales and (iii)&nbsp;the Agent shall not be obligated to sell or offer to sell any Placement Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Settlement
and Delivery of the Placement Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Settlement
of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will
occur on the second Trading Day (or such earlier day as is industry practice or as is required for regular-way trading) following the
date on which such sales are made (each, a &ldquo;<B><U>Settlement Date</U></B>&rdquo;). The amount of proceeds to be delivered to the
Company on a Settlement Date against receipt of the Placement Shares sold (the &ldquo;<B><U>Net Proceeds</U></B>&rdquo;) will be equal
to the aggregate gross sales price received by the Agent at which such Placement Shares were sold, after deduction of (i)&nbsp;the Agent&rsquo;s
commission, discount or other compensation for such sales payable by the Company pursuant to Section&nbsp;2 hereof, (ii)&nbsp;any other
amounts due and payable by the Company to the Agent hereunder pursuant to Section&nbsp;7(g)&nbsp;hereof and (iii)&nbsp;any transaction
fees imposed by any governmental or self-regulatory organization in respect of such sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Placement Shares</U>. On or before each Settlement Date, the Company will issue the Placement Shares being sold on such date and will,
or will cause its transfer agent to, electronically transfer such Placement Shares by crediting the Agent&rsquo;s or its designee&rsquo;s
account (provided the Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository
Trust Company through its Deposit and Withdrawal at Custodian System (&ldquo;<B><U>DWAC</U></B>&rdquo;) or by such other means of delivery
as may be mutually agreed upon by the parties hereto, which in all cases shall be duly authorized, freely tradeable, transferable, registered
shares of Common Stock in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day
funds to an account designated by the Company on or prior to the Settlement Date. The Agent shall be responsible for providing DWAC instructions
or other instructions for delivery by other means with regard to the transfer of the Placement Shares being sold. In addition to and in
no way limiting the rights and obligations set forth in Section&nbsp;9(a)&nbsp;hereto, the Company agrees that if the Company or its transfer
agent (if applicable), defaults in its obligation to deliver duly authorized, freely tradeable, transferable, registered Placement Shares
in good deliverable form by 2:30 P.M., New York City time, on a Settlement Date (other than as a result of a failure by the Agent to provide
instructions for delivery), the Company will (i)&nbsp;take all necessary action to cause the full amount of any Net Proceeds that were
delivered to the Company&rsquo;s account with respect to such settlement, together with any costs incurred by the Agent and/or its clearing
firm in connection with recovering such Net Proceeds, to be immediately returned to the Agent or its clearing firm no later than 5:00&nbsp;P.M.,
New York City time, on such Settlement Date, by wire transfer of immediately available funds to an account designated by the Agent or
its clearing firm, (ii)&nbsp;indemnify and hold the Agent and its clearing firm harmless against any loss, claim, damage, or expense (including
reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent
(if applicable) and (iii)&nbsp;pay to the Agent any commission, discount or other compensation to which it would otherwise have been entitled
absent such default. Certificates for the Placement Shares, if any, shall be in such denominations and registered in such names as the
Agent may request in writing one Business Day (as defined below) before the applicable Settlement Date. Certificates for the Placement
Shares, if any, will be made available by the Company for examination and packaging by the Agent in New York City not later than 12:00
P.M., New York City time, on the Business Day prior to the applicable Settlement Date.</P>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitations
on Offering Size</U>. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving
effect to the sale of such Placement Shares, the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement
would exceed the lesser of: (i)&nbsp;the number or dollar amount of shares of Common Stock registered pursuant to, and available for offer
and sale under, the Registration Statement pursuant to which the offering of Placement Shares is being made, (ii)&nbsp;the number of authorized
but unissued shares of Common Stock of the Company (less shares of Common Stock issuable upon exercise, conversion or exchange of any
outstanding securities of the Company or otherwise reserved from the Company&rsquo;s authorized capital stock), (iii)&nbsp;the number
or dollar amount of shares of Common Stock permitted to be offered and sold by the Company under Form&nbsp;S-3 (including General Instruction
I.B.6. thereof, if such instruction is applicable), (iv)&nbsp;the number or dollar amount of shares of Common Stock that the Company&rsquo;s
board of directors or a duly authorized committee thereof is authorized to issue and sell from time to time, and notified to the Agent
in writing, or (v)&nbsp;the dollar amount of shares of Common Stock for which the Company has filed the Prospectus Supplement. Under no
circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower
than the minimum price authorized from time to time by the Company&rsquo;s board of directors or a duly authorized committee thereof,
and notified to the Agent in writing. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and agree
that compliance with the limitations set forth in this Section&nbsp;5(c)&nbsp;on the number or dollar amount of Placement Shares that
may be issued and sold under this Agreement from time to time shall be the sole responsibility of the Company, and that the Agent shall
have no obligation in connection with such compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations
and Warranties of the Company</U>. The Company represents and warrants to, and agrees with, the Agent that as of the date of this Agreement
(except for those representations, warranties and agreements that speak solely as of a specified date or time, in which case as of such
date or time), and as of (i)&nbsp;each Representation Date (as defined in Section&nbsp;7(m)&nbsp;(other than a Representation date occurring
at a time at which no Placement Notice is pending), (ii)&nbsp;each date on which a Placement Notice is given, (iii)&nbsp;the date and
time of each sale of any Placement Shares pursuant to this Agreement and (iv)&nbsp;each Settlement Date (each such time or date referred
to in clauses (i)&nbsp;through (iv), an &ldquo;<B><U>Applicable Time</U></B>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company meets the requirements for use of Form&nbsp;S-3 under the Securities Act.&nbsp; Each of the Registration Statement and any amendment
thereto has become effective under the Securities Act.&nbsp; No stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto has been issued by the Commission under the Securities Act, no order preventing or suspending
the use of the Prospectus has been issued by the Commission and no proceedings for any of those purposes have been instituted by the Commission
or are pending or, to the Company&rsquo;s knowledge (&ldquo;<B><U>Knowledge</U></B>&rdquo;), contemplated by the Commission.&nbsp; The
Company has complied with each request (if any) from the Commission for additional information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
of the Registration Statement and any post-effective amendment thereto, at the time of its effectiveness and at each deemed effective
date with respect to the Agent pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act, complied in all material respects with
the requirements of the Securities Act.&nbsp; Each of the Prospectus and any amendment or supplement thereto, at the time each was filed
with the Commission, complied in all material respects with the requirements of the Securities Act.&nbsp; Each Prospectus delivered to
the Agent for use in connection with the offering was or will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. The documents incorporated or deemed to be incorporated
by reference in the Registration Statement and the Prospectus, when they became effective or at the time they were or hereafter are filed
with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act. The Registration Statement,
the Prospectus, and the filing of the Registration Statement and Prospectus with the Commission have been duly authorized by and on behalf
of the Company, and the Registration Statement has been duly executed pursuant to such authorization.</P>

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

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, at each deemed effective
date with respect to the Agent pursuant to Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act and as of each Applicable Time, complied,
complies and will comply in all material respects with the requirements of the Securities Act and did not, does not and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, except that the representations and warranties set forth in this sentence do not apply to Agent&rsquo;s Information
(as defined below). The Prospectus and any amendment or supplement thereto, when so filed with the Commission under Rule&nbsp;424(b)&nbsp;under
the Securities Act, complied, complies and as of each Applicable Time will comply in all material respects with the requirements of the
Securities Act, and each Prospectus Supplement, Prospectus or issuer free writing prospectus (or any amendments or supplements to any
of the foregoing) furnished to the Agent for use in connection with the offering of the Placement Shares was identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. Neither the
Prospectus nor any amendment or supplement thereto, as of its date and as of each Applicable Time, included, includes or will include
an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties
set forth in this sentence do not apply to Agent&rsquo;s Information. Each Incorporated Document heretofore filed, when it was filed (or,
if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material respects with
the requirements of the Exchange Act and was filed on a timely basis with the Commission, and any further Incorporated Documents so filed
and incorporated after the date of this Agreement will be filed on a timely basis and, when so filed, will conform in all material respects
with the requirements of the Exchange Act; no such Incorporated Document when it was filed (or, if an amendment with respect to any such
document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; and no such Incorporated Document, when it is filed, will contain an untrue statement of a material fact or
will omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>At
the time of filing the Registration Statement and any post-effective amendments thereto, at the earliest time thereafter that the Company
or another offering participant made a&nbsp;<I>bona fide</I>&nbsp;offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;of the Securities
Act) of the Placement Shares and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in
Rule&nbsp;405, without taking account of any determination by the Commission pursuant to Rule&nbsp;405 that it is not necessary that the
Company be considered an ineligible issuer.</P>

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

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
issuer free writing prospectus conflicts or will conflict with the information contained in the Registration Statement or the Prospectus,
including any Incorporated Document, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded
or modified.&nbsp; Any issuer free writing prospectus that the Company is required to file pursuant to Rule&nbsp;433(d)&nbsp;under the
Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act. Each issuer
free writing prospectus that the Company has filed, or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act
or that was prepared by or behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements
of the Securities Act. Except for such issuer free writing prospectuses, if any, furnished to the Agent before first use, the Company
has not prepared, used or referred to, and will not, without the prior consent of the Representative, prepare, use or refer to, any issuer
free writing prospectus.&nbsp; Any offer that is a written communication relating to the Placement Shares made prior to the initial filing
of the Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule&nbsp;163(c)&nbsp;of
the Securities Act) has been filed with the Commission in accordance with the exemption provided by Rule&nbsp;163 under the Securities
Act (&ldquo;<B><U>Rule&nbsp;163</U></B>&rdquo;) and otherwise complied with the requirements of Rule&nbsp;163, including without limitation
the legending requirement, to qualify such offer for the exemption from Section&nbsp;5(c)&nbsp;of the Securities Act provided by Rule&nbsp;163.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the proposed offering
and sale of the Placement Shares other than the Prospectus and other materials, if any, permitted under the Securities Act and consistent
with Section&nbsp;7(a)&nbsp;below. The Company will file with the Commission all issuer free writing prospectuses (other than a &ldquo;road
show,&rdquo; as described in Rule&nbsp;433(d)(8)&nbsp;of the Rules&nbsp;and Regulations) in the time and manner required under Rules&nbsp;163(b)(2)&nbsp;and
433(d)&nbsp;of the Rules&nbsp;and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the
Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules&nbsp;and guidelines applicable thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company is subject to and in compliance in all material respects with the reporting requirements of Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act. The Common Stock is registered pursuant to Section&nbsp;12(b)&nbsp;or 12(g)&nbsp;of the Exchange Act and is listed on
Nasdaq, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the
Common Stock under the Exchange Act or delisting the Common Stock from Nasdaq, nor has the Company received any notification that the
Commission or FINRA is contemplating terminating such registration or listing. The Company has filed a notification of the listing of
the Placement Shares on Nasdaq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Other
than as contemplated by this Agreement and except as disclosed in the Registration Statement and in the Prospectus, the Company has not
incurred any liability for any finder&rsquo;s or broker&rsquo;s fee or agent&rsquo;s commission or financial advisory or similar fee in
connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby.</P>

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

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and each of its subsidiaries (collectively, the &ldquo;<B><U>Subsidiaries</U></B>&rdquo;) have been duly organized and are validly
existing as corporations or other legal entities in good standing (or the foreign equivalent thereof) under the laws of their respective
jurisdictions of organization. The Company and each of its Subsidiaries are duly qualified to do business and are in good standing, or
validly existing as the case may be, as foreign corporations or other legal entities in each jurisdiction in which their respective ownership
or lease of property or the conduct of their respective businesses requires such qualification and have all power and authority (corporate
or other) necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the
failure to so qualify or have such power or authority would not (i)&nbsp;have, singularly or in the aggregate, a material adverse effect
on the condition (financial or otherwise), results of operations, assets, business or prospects of the Company and its Subsidiaries taken
as a whole, or (ii)&nbsp;impair in any material respect the ability of the Company to perform its obligations under this Agreement or
to consummate any transactions contemplated by this Agreement, including the issuance or sale of the Placement Shares by the Company (any
such effect as described in clauses (i)&nbsp;or (ii), a &ldquo;<B><U>Material Adverse Effect</U></B>&rdquo;). Other than ownership of
its subsidiaries, Vericel Securities Corporation and Vericel Denmark ApS, the Company does not own or control, directly or indirectly,
any interest in any corporation, partnership, limited liability partnership, limited liability company, association or other entity. All
the outstanding shares of capital stock (if any) of each Subsidiary of the Company have been duly authorized and validly issued, are fully
paid and nonassessable and, except to the extent set forth in the Registration Statement or the Prospectus, are owned by the Company directly
or indirectly through one or more wholly-owned subsidiaries, free and clear of any claim, lien, encumbrance, security interest, restriction
upon voting or transfer or any other claim of any third party. Except as described in the Registration Statement and the Prospectus, no
Subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party
or is subject, from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s capital stock,
from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s
properties or assets to the Company or any other Subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has an authorized capitalization as set forth under the heading &ldquo;Description of Capital Stock&rdquo; in the Prospectus,
and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable,
have been issued in compliance with federal and state securities laws and conform in all material respects to the description thereof
contained in the Prospectus. Since such date, the Company has not issued any securities other than Common Stock of the Company issued
pursuant to the exercise of stock options previously outstanding under the Company&rsquo;s stock option plans and the exercise of warrants
previously issued to warrant holders. All of the Company&rsquo;s options, warrants and other rights to purchase or exchange any securities
for shares of the Company&rsquo;s capital stock have been duly authorized and validly issued and were issued in compliance with federal
and state securities laws. None of the outstanding shares of Common Stock was issued in violation of any preemptive rights, rights of
first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding shares
of capital stock, options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities
convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its Subsidiaries other than those described
above or accurately described in the Prospectus. The description of the Company&rsquo;s stock option, stock bonus and other stock plans
or arrangements, and the options or other rights granted thereunder, as described in the Prospectus, accurately and fairly present the
information required to be shown with respect to such plans, arrangements, options and rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Placement Shares to be issued and sold by the Company to the Agent hereunder have been duly and validly authorized and, when issued and
delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and nonassessable and free of any preemptive
or similar rights and will conform to the description thereof contained in the Prospectus. When issued and delivered by the Company against
payment therefor pursuant to this Agreement, the purchasers of the Placement Shares issued and sold hereunder will acquire good, marketable
and valid title to such Placement Shares, free and clear of all pledges, liens, security interests, charges, claims or encumbrances. The
issuance and sale of the Placement Shares as contemplated hereby will not cause any holder of any share capital, securities convertible
into or exchangeable or exercisable for share capital or options, warrants or other rights to purchase share capital or any other securities
of the Company to have any right to acquire any preferred shares of the Company. There are no restrictions upon the voting or transfer
of the Common Stock under the Company&rsquo;s restated certificate of incorporation, as amended to date, or amended and restated bylaws
or any agreement or other instrument to which the Company is a party or otherwise filed as an exhibit to the Registration Statement.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
are no statutes or regulations that are material to the business of the Company and that are required to be described in the Registration
Statement and in the Prospectus or required to be filed as exhibits to the Registration Statement by the Securities Act that have not
been so described or filed. &nbsp; There is no franchise agreement, lease, contract, or other agreement or document required by the Securities
Act to be described in the Prospectus or an Incorporated Document or to be filed as an exhibit to the Registration Statement which is
not so described or filed therein as required; and all descriptions of any such franchise agreements, leases, contracts, or other agreements
or documents contained in the Prospectus or in an Incorporated Document are accurate and complete descriptions of such documents in all
material respects. Other than as described in the Prospectus, no such franchise agreement, lease, contract or other agreement has been
suspended or terminated for convenience or default by the Company or any of the other parties thereto, and neither the Company nor any
of its Subsidiaries has received notice of and the Company does not have Knowledge of any such pending or threatened suspension or termination,
except for such suspensions or terminations or pending or threatened suspensions or terminations that would not reasonably be expected
to, singularly or in the aggregate, have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid, legal and binding obligation of the
Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities
laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of
creditors generally and subject to general principles of equity.&nbsp; The Company has full corporate power and authority to enter into
this Agreement and to consummate the transactions contemplated hereby, including the authorization, issuance and sale of the Placement
Shares as contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Company nor any of its Subsidiaries is or, after giving effect to the offering of the Placement Shares and the application of the
proceeds thereof as described in the Prospectus, will become an &ldquo;investment company&rdquo; within the meaning of the Investment
Company Act of 1940, as amended, and the rules&nbsp;and regulations of the Commission thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
consent, approval, authorization or order of, or filing, qualification or registration (each an &ldquo;<B><U>Authorization</U></B>&rdquo;)
with, any court, governmental or non-governmental agency or body, foreign or domestic, which has not been made, obtained or taken and
is not in full force and effect, is required for the execution, delivery and performance of this Agreement by the Company, the offer or
sale of the Placement Shares or the consummation of the transactions contemplated hereby, except for (i)&nbsp;the registration of the
Placement Shares under the Securities Act Exchange Act and applicable state securities laws, the Financial Industry Regulatory Authority
(&ldquo;<B><U>FINRA</U></B>&rdquo;) and Nasdaq in connection with the purchase and distribution of the Placement Shares by the Agent and
the listing of the Placement Shares on Nasdaq and (ii)&nbsp;such Authorizations (other than those set forth in clause (i)), the failure
of which to obtain or make is not reasonably expected to have a Material Adverse Effect.&nbsp; No event has occurred that allows or results
in, or after notice or lapse of time or both would allow or result in, revocation, suspension, termination or invalidation of any such
Authorization or any other impairment of the rights of the holder or maker of any such Authorization. All corporate approvals (including
those of stockholders) necessary for the Company to consummate the transactions contemplated by this Agreement have been obtained and
are in effect.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
execution, delivery and performance of this Agreement by the Company, the issue and sale of the Placement Shares by the Company and the
consummation of the transactions contemplated hereby will not (with or without notice or lapse of time or both) (i)&nbsp;conflict with
or result in a breach or violation of any of the terms or provisions of, constitute a default or a Debt Repayment Triggering Event (as
defined below) under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation
or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge upon
any property or assets of the Company or any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or
to which any of the property or assets of the Company or any of its Subsidiaries is subject, (ii)&nbsp;result in any violation of the
provisions of the articles of incorporation or by-laws (or analogous governing instruments, as applicable) of the Company or any of its
Subsidiaries or (iii)&nbsp; result in any violation of the provisions of any law, statute, rule, regulation, judgment, order or decree
of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or any
of their properties or assets; except, in the case of clause (iii), to the extent that such event is not reasonably expected to have a
Material Adverse Effect. A &ldquo;<B><U>Debt Repayment Triggering Event</U></B>&rdquo; means any event or condition that gives, or with
the giving of notice or lapse of time would give the holder of any note, debenture or other evidence of indebtedness (or any person acting
on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by
the Company of any of its Subsidiaries. Neither the Company nor any of its Subsidiaries (a)&nbsp;is in violation of its charter or by-laws
(or analogous governing instrument, as applicable), (b)&nbsp;is in default in any respect, and no event has occurred which, with notice
or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained
in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it
is bound or to which any of its material property or assets is subject (including, without limitation, those administered by the United
States Food and Drug Administration of the United States Department of Health and Human Services (&ldquo;<B><U>FDA</U></B>&rdquo;) or
by any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA),
(c)&nbsp;is in violation in any respect of any law, ordinance, governmental rule, regulation or court order, decree or judgment to which
it or its property or assets may be subject, including the Sarbanes-Oxley Act of 2002 (the &ldquo;<B><U>Sarbanes-Oxley Act</U></B>&rdquo;);
or (d)&nbsp;is in violation of any applicable corporate governance requirements set forth in the rules&nbsp;of Nasdaq; except, in the
case of clauses (b), (c)&nbsp;and (d)&nbsp;of this paragraph, for any violations or defaults which, singularly or in the aggregate, would
not have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Since
the date as of which information is given in the Prospectus through the date hereof, and except as set forth in the Prospectus, neither
the Company nor any of its Subsidiaries has (i)&nbsp;issued or granted any securities other than options to purchase Common Stock pursuant
to the Company&rsquo;s stock option plan, (ii)&nbsp;incurred any material liability or obligation, direct or contingent, other than liabilities
and obligations which were incurred in the ordinary course of business, (iii)&nbsp;entered into any material transaction other than in
the ordinary course of business, or (iv)&nbsp;declared or paid any dividend on its capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
person or entity has the right to require registration of shares of Common Stock or other securities of the Company or any of its Subsidiaries
because of the filing or effectiveness of the Registration Statement or otherwise, other than disclosed in the Prospectus and except for
persons and entities who have expressly waived such right in writing or who have been given timely and proper written notice and have
failed to exercise such right within the time or times required under the terms and conditions of such right. Except as described in the
Prospectus, there are no persons with registration rights or similar rights to have any securities registered by the Company or any of
its Subsidiaries under the Securities Act.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
financial statements, together with the related notes and schedules, included or incorporated by reference in the Registration Statement
and the Prospectus, fairly present in all material respects the financial position and the results of operations and changes in financial
position of the Company and its consolidated subsidiaries at the respective dates or for the respective periods therein specified. Such
statements and related notes have been prepared in accordance with the generally accepted accounting principles in the United States (&ldquo;<B><U>GAAP</U></B>&rdquo;)
applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated
by reference in the Registration Statement and the Prospectus. The financial statements, together with the related notes, included or
incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with Regulation S-X. No other
financial statements or supporting schedules or exhibits are required by Regulation S-X to be described or incorporated by reference in
the Registration Statement or the Prospectus. The selected financial data included or incorporated by reference in the Registration Statement
and the Prospectus fairly present in all material respects the information shown therein as at the respective dates and for the respective
periods specified and are derived from the consolidated financial statements incorporated by reference in the Registration Statement,
the Prospectus and other financial information. All information contained in the Registration Statement and the Prospectus regarding &ldquo;non-GAAP
financial measures&rdquo; (as defined in Regulation G) complies with Regulation G and Item&nbsp;10 of Regulation S-K, to the extent applicable.
Except as disclosed in the Prospectus, there are no material off-balance sheet arrangements (as defined in Regulation S-K under the Securities
Act,&nbsp;Item 303(a)(4)(ii)) or any other relationships with unconsolidated entities or other persons, that may have a material current
or material future effect on the Company&rsquo;s financial condition, results of operations, liquidity, capital expenditures, capital
resources or significant components of revenue or expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>PricewaterhouseCoopers
LLP (&ldquo;<U>PwC</U>&rdquo;), which has certified certain financial statements included or incorporated by reference in the Registration
Statement and the Prospectus, and has audited the effectiveness of the Company&rsquo;s internal control over financial reporting, is (x)&nbsp;an
independent registered public accounting firm within the meaning of Article&nbsp;2-01 of Regulation S-X and the Public Company Accounting
Oversight Board (United States) (the &ldquo;<B><U>PCAOB</U></B>&rdquo;), (y)&nbsp;a registered public accounting firm (as defined in Section&nbsp;2(a)(12)
of the Sarbanes-Oxley Act and all rules&nbsp;and regulations promulgated thereunder or implementing the provisions thereof) and (z)&nbsp;in
the performance of its work for the Company, was not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;There
are no transfer taxes or other similar fees or charges under federal law, the laws of any state, any foreign law, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the Company or sale by
the Company of the Placement Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and its Subsidiaries each (i)&nbsp;have timely filed, or duly obtained extensions of the time for filing, all necessary federal,
state, local and foreign tax returns and all such returns were true, complete and correct, (ii)&nbsp;have paid all federal, state, local
and non-U.S. taxes due and payable for which it is liable, including, without limitation, all sales and use taxes and all taxes which
the Company or any of its Subsidiaries is obligated to withhold from amounts owing to employees, creditors and third parties, other than,
in each case, any taxes which the Company or any of its Subsidiaries is contesting in good faith and (iii)&nbsp;do not have any tax deficiency
that has been assessed or, to its Knowledge, proposed against any of them, except those, in each of the cases described in clauses (i),
(ii)&nbsp;and (iii)&nbsp;of this paragraph, that would not, singularly or in the aggregate, have a Material Adverse Effect. The Company
and its Subsidiaries have not engaged in any &ldquo;reportable transaction&rdquo; within the meaning of Section&nbsp;6707A(c)&nbsp;of
the Code and Treasury Regulations Section&nbsp;1.6011-4(b).&nbsp;The accruals and reserves on the books and records of the Company and
its Subsidiaries in respect of tax liabilities for any taxable period not yet finally determined are adequate in accordance with GAAP
to meet any assessments and related liabilities for any such period, and since December&nbsp;31, 2018, the Company and its subsidiaries
have not incurred any liability for taxes other than in the ordinary course.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as is adequate for the
conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar
businesses in similar industries. Neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that would not have a Material Adverse Effect. All policies of insurance owned by the Company
or any of its Subsidiaries are, to the Company&rsquo;s Knowledge, in full force and effect and the Company and its Subsidiaries are in
compliance in all material respects with the terms of such policies. Neither the Company nor any of its Subsidiaries has received written
notice from any insurer, agent of such insurer or the broker of the Company or any of its Subsidiaries that any material capital improvements
or any other material expenditures (other than premium payments) are required or necessary to be made in order to continue such insurance.
None of the Company or any of its Subsidiaries insures risk of loss through any captive insurance, risk retention group, reciprocal group
or by means of any fund or pool of assets specifically set aside for contingent liabilities other than as described in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
is (i)&nbsp;no significant unfair labor practice complaint pending against the Company, or any of its Subsidiaries, nor to the Knowledge
of the Company, threatened against it or any of its Subsidiaries, before the National Labor Relations Board, any state or local labor
relation board or any foreign labor relations board, and no significant grievance or significant arbitration proceeding arising out of
or under any collective bargaining agreement is so pending against the Company or any of its Subsidiaries, or, to the Knowledge of the
Company, threatened against it and (ii)&nbsp;no strike, lockout, work stoppage, slowdown, union organizing campaign, union demand for
recognition or union election petition is pending or, to the Company&rsquo;s Knowledge, threatened, with respect to the employees of
the Company or any of its subsidiaries, and, to the Company&rsquo;s Knowledge, there is no existing or imminent strike, lockout, work
stoppage&nbsp;or slowdown by the employees of its Subsidiaries&rsquo; principal suppliers, manufacturers, customers or contractors, that
would reasonably be expected, singularly or in the aggregate, to have a Material Adverse Effect. Other than as disclosed to the Agent,
no key employee or significant group of employees of the Company or any Subsidiary has provided, or to the Company&rsquo;s Knowledge,
plans to provide, written notice to the Company of intent to terminate employment with the Company or any such Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Company nor any of its Subsidiaries has sustained, since the date of the latest audited financial statements included or incorporated
by reference in the Prospectus, any material loss or interference with its business from fire, explosion, flood or other calamity, whether
or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth
or contemplated in the Prospectus; and, since such date, there has not been any change in the capital stock or long-term debt of the
Company or any of its Subsidiaries, or any Material Adverse Effect or any development which would reasonably be expected to result in
any Material Adverse Effect, otherwise than as set forth or contemplated in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and each of its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use,
all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each
case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singularly or in the aggregate, materially
affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company or any
of its Subsidiaries; and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as
one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Prospectus, are in full force
and effect, and neither the Company nor any Subsidiary has any notice of any material claim of any sort that has been asserted by anyone
adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning
the rights of the Company or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or
sublease.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as disclosed in the Registration Statement and the Prospectus, </FONT>the Company and each of its Subsidiaries possess all licenses, certificates,
authorizations and permits issued by, and have made all declarations and filings with, the appropriate local, state, federal or foreign
regulatory agencies or bodies (including, without limitation, those administered by the FDA or by any foreign, federal, state or local
governmental or regulatory authority performing functions similar to those performed by the FDA) which are necessary for the ownership
of their respective properties or the conduct of their respective businesses as described in the Prospectus (collectively, the &ldquo;<B><U>Governmental
Permits</U></B>&rdquo;) except where any failures to possess or make the same, singularly or in the aggregate, would not have a Material
Adverse Effect. The Company and its Subsidiaries are in compliance with all such Governmental Permits and all such Governmental Permits
are valid and in full force and effect, except where the noncompliance, validity or failure to be in full force and effect would not,
singularly or in the aggregate, have a Material Adverse Effect.&nbsp; Neither the Company nor any Subsidiary has received written notification
of any revocation, modification, suspension, termination or invalidation (or proceedings related thereto) of any such Governmental Permit
and to the Knowledge of the Company, no event has occurred that allows or results in, or after notice or lapse of time or both would allow
or result in, revocation, modification, suspension, termination or invalidation (or proceedings related thereto ) of any such Governmental
Permit and the Company has no reason to believe that any such Governmental Permit will not be renewed. The studies, tests and preclinical
or clinical trials conducted by or on behalf of the Company that are described in the Prospectus (the &ldquo;<B><U>Company Studies and
Trials</U></B>&rdquo;) were and, if still pending, are being, conducted in all material respects in accordance with experimental protocols,
procedures and controls pursuant to, where applicable, accepted professional scientific standards; the descriptions of the results of
the Company Studies and Trials contained in the Prospectus are accurate in all material respects; the Company has not received any written
notices or correspondence from the FDA or any foreign, state or local governmental body exercising comparable authority requiring the
termination, suspension or material modification of any Company Studies or Trials that would reasonably be expected to have a Material
Adverse Effect; and the Company is not aware of any studies, tests or trials the results of which the Company believes reasonably call
into question the study, test, or trial results described or referred to in the Registration Statement and the Prospectus when viewed
in the context in which such results are described and the clinical state of development.&nbsp; For the avoidance of doubt, the Company
makes no representation or warranty that the results of any studies, tests or preclinical or clinical trials conducted by or on behalf
of the Company will be sufficient to obtain governmental approval from the FDA or any foreign, state or local governmental body exercising
comparable authority or that additional studies, tests or preclinical or clinical trials will reach similar results or conclusions.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as described in the Prospectus, the Company and each of its Subsidiaries maintains a system of internal control over financial reporting
(as such term is defined in Rule&nbsp;13a-15 of the General Rules&nbsp;and Regulations under the Exchange Act (the &ldquo;<B><U>Exchange
Act Rules</U></B>&rdquo;)) that complies with the requirements of the Exchange Act and has been designed by the Company&rsquo;s principal
executive officer and principal financial officer, or under their supervision, to provide reasonable assurances that (i)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to
assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.&nbsp;
Except as described in the Prospectus, since the end of the Company&rsquo;s most recent audited fiscal year, there has been (A)&nbsp;no
material weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and (B)&nbsp;no change
in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company&rsquo;s internal control over financial reporting. The Company&rsquo;s internal control over financial reporting is overseen
by the Audit Committee of the Board of Directors of the Company (the &ldquo;<B><U>Audit Committee</U></B>&rdquo;) in accordance with the
Exchange Act Rules. The Company has not publicly disclosed or reported to the Audit Committee or to the Board any material weakness, change
in internal control over financial reporting or fraud involving management or other employees who have a significant role in the internal
control over financial reporting (each an &ldquo;<B><U>Internal Control Event</U></B>&rdquo;), any violation of, or failure to comply
with, the U.S. Securities Laws, or any matter which if determined adversely, would have a Material Adverse Effect. A member of the Audit
Committee has confirmed to the Chief Executive Officer, Chief Financial Officer or General Counsel that, except as set forth in the Prospectus,
the Audit Committee is not reviewing or investigating, and neither the Company&rsquo;s independent auditors nor its internal auditors
have recommended that the Audit Committee review or investigate, (i)&nbsp;adding to, deleting, changing the application of or changing
the Company&rsquo;s disclosure with respect to, any of the Company&rsquo;s material accounting policies, (ii)&nbsp;any matter which could
result in a restatement of the Company&rsquo;s financial statements for any annual or interim period during the current or prior three
fiscal years, or (iii)&nbsp;any Internal Control Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company maintains disclosure controls and procedures (as such is defined in Rule&nbsp;13a-15 of the Exchange Act Rules) that comply with
the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that information required to
be disclosed by the Company with respect to itself and its subsidiaries in the reports it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the Commission&rsquo;s rules&nbsp;and forms. The Company has
utilized such controls and procedures in preparing and evaluating the disclosures in the Registration Statement and in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
relationship, direct or indirect, exists between or among the Company on the one hand, and the directors, officers, stockholders (or analogous
interest holders), customers or suppliers of the Company or any of its affiliates on the other hand, which is required to be described
in the Prospectus or an Incorporated Document and which is not so described.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Company nor any of its officers or directors has taken or will take, directly or indirectly, any action designed or intended to stabilize
or manipulate the price of any security of the Company, or which caused or resulted in, or which might in the future reasonably be expected
to cause or result in, stabilization or manipulation of the price of any security of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as otherwise described in the Prospectus, and except as would not, individually or in the aggregate, result in a Material Adverse Effect
(i)&nbsp;neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign law or regulation relating
to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges,
releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and
petroleum products (collectively, &ldquo;<B><U>Materials of Environmental Concern</U></B>&rdquo;), or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environment Concern (collectively,
 &ldquo;<B><U>Environmental Laws</U></B>&rdquo;), which violation includes, but is not limited to, noncompliance with any permits or other
governmental authorizations required for the operation of the business of the Company or its Subsidiaries under applicable Environmental
Laws, or noncompliance with the terms and conditions thereof, nor has the Company or any of its Subsidiaries received any written communication,
whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its Subsidiaries
is in violation of any Environmental Law; (ii)&nbsp;there is no claim, action or cause of action filed with a court or governmental authority,
no investigation with respect to which the Company has received written notice, and no written notice by any person or entity alleging
potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages,
personal injuries, attorneys&rsquo; fees or penalties arising out of, based on or resulting from the presence, or release into the environment,
of any Material of Environmental Concern at any location owned, leased or operated by the Company or any of its Subsidiaries, now or in
the past (collectively, &ldquo;<B><U>Environmental Claims</U></B>&rdquo;), pending or, to the Company&rsquo;s Knowledge, threatened against
the Company or any of its Subsidiaries or any person or entity whose liability for any Environmental Claim the Company or any of its Subsidiaries
has retained or assumed either contractually or by operation of law; and (iii)&nbsp;to the Company&rsquo;s Knowledge, there are no past
or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission,
discharge, presence or disposal of any Material of Environmental Concern, that reasonably could result in a violation of any Environmental
Law or form the basis of a potential Environmental Claim against the Company or any of its Subsidiaries or against any person or entity
whose liability for any Environmental Claim the Company or any of its Subsidiaries has retained or assumed either contractually or by
operation of law.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
 &ldquo;prohibited transaction&rdquo; (as defined in Section&nbsp;406 of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder (&ldquo;<B><U>ERISA</U></B>&rdquo;), or Section&nbsp;4975 of the Internal
Revenue Code of 1986, as amended from time to time (the &ldquo;<B><U>Code</U></B>&rdquo;)) or &ldquo;accumulated funding deficiency&rdquo;
(as defined in Section&nbsp;302 of ERISA) or any of the events set forth in Section&nbsp;4043(b)&nbsp;of ERISA (other than events with
respect to which the thirty (30)-day notice requirement under Section&nbsp;4043 of ERISA has been waived) has occurred or could reasonably
be expected to occur with respect to any employee benefit plan (as defined in Section&nbsp;3(3)&nbsp;of ERISA) of the Company or any of
its Subsidiaries which could, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan (as defined in
Section&nbsp;3(3)&nbsp;of ERISA) of the Company or any of its Subsidiaries is in compliance in all material respects with applicable law,
including ERISA and the Code.&nbsp; The Company and its Subsidiaries have not incurred and could not reasonably be expected to incur liability
under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in Section&nbsp;3(2)&nbsp;of
ERISA). Each pension plan that is intended to be qualified under Section&nbsp;401(a)&nbsp;of the Code is so qualified, and to the Company&rsquo;s
Knowledge, nothing has occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of
such qualification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company
is in compliance with, and there is and has been no failure on the part of the Company and, to the Company&rsquo;s Knowledge, any of the
Company&rsquo;s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley
Act and all rules&nbsp;and regulations promulgated thereunder or implementing the provisions thereof, including Section&nbsp;402 relating
to loans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(jj)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the Company, any of its Subsidiaries, nor, to the Knowledge of the Company, any of their respective directors, officers, agents, employees
or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of
the unlawful payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any &ldquo;government official&rdquo;
(including any officer or employee of a government or government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office) to influence official action or secure an improper advantage; and the Company, each of its Subsidiaries and, to
the Company&rsquo;s Knowledge, each of their respective affiliates have conducted their businesses in compliance with applicable anti-corruption
laws.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>None
of the Company, its Subsidiaries or, to the Knowledge of the Company, any director, officer, agent, employee, affiliate or other person
acting on behalf of the Company or its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in
a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder (the
 &ldquo;<B><U>FCPA</U></B>&rdquo;), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA and the Company has and, to the Knowledge of the Company, its affiliates have conducted their businesses in compliance with the FCPA
and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
operations of the Company and its Subsidiaries are and have been conducted at all times in compliance in all material respects with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules&nbsp;and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental entity (collectively, the &ldquo;<B><U>Money Laundering Laws</U></B>&rdquo;); and
no action, suit or proceeding by or before any governmental entity involving the Company or its Subsidiaries with respect to the Money
Laundering Laws is pending or, to the Knowledge of the Company, threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its Subsidiaries has granted rights to develop,
manufacture, produce, assemble, distribute, license, market or sell its product candidates to any other person and is not bound by any
agreement that affects the exclusive right of the Company to develop, manufacture, produce, assemble, distribute, license, market or sell
its products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>None
of the Company, its Subsidiaries or, to the Knowledge of the Company, any director, officer, agent, employee, affiliate or representative
of the Company or its Subsidiaries is an individual or entity (&ldquo;<B><U>Person</U></B>&rdquo;) currently the subject or target of
any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury&rsquo;s
Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant
sanctions authority (collectively, &ldquo;<B><U>Sanctions</U></B>&rdquo;), nor is the Company located, organized or resident in a country
or territory that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Placement
Shares, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partners or other Person, to fund
any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of&nbsp;
Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the transaction,
whether as underwriter, advisor, investor or otherwise) of Sanctions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT>Except
as disclosed in the Prospectus, the Company (i)&nbsp;does not have any material lending or other relationship with any bank or lending
affiliate of any Agent and (ii)&nbsp;does not intend to use any of the proceeds from the sale of the Placement Shares hereunder to repay
any outstanding debt owed to any affiliate of any Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;T</FONT>he
statistical and market related data included in the Registration Statement and the Prospectus are based on or derived from sources that
the Company believes to be reliable and accurate in all material respects and such data agree with the sources from which they are derived.</P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company has no debt securities or preferred stock that is rated by any &ldquo;nationally recognized statistical rating organization&rdquo;
(as that term is defined by the Commission for purposes of Rule&nbsp;436(g)(2)&nbsp;under the Securities Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and its Subsidiaries own or possess the right to use all (i)&nbsp;valid and enforceable patents, patent applications, trademarks,
trademark registrations, service marks, service mark registrations,&nbsp;Internet domain name registrations, copyrights, copyright registrations,
licenses, trade secret rights (&ldquo;<B><U>Intellectual Property Rights</U></B>&rdquo;) and (ii)&nbsp;inventions, software, works of
authorships, trademarks, service marks, trade names, databases, formulae, know how,&nbsp;Internet domain names and other intellectual
property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information, systems, or procedures)
(collectively, &ldquo;<B><U>Intellectual Property Assets</U></B>&rdquo;) necessary to conduct their respective businesses as currently
conducted, and as proposed to be conducted and described in the Prospectus. The Company and its Subsidiaries have not received any opinion
from their legal counsel concluding that any activities of their respective businesses infringe, misappropriate, or otherwise violate,
valid and enforceable Intellectual Property Rights of any other person, and have not received written notice of any challenge, which is
to their Knowledge still pending, by any other person to the rights of the Company and its Subsidiaries with respect to any Intellectual
Property Rights or Intellectual Property Assets owned or used by the Company or its subsidiaries. To the Knowledge of the Company, the
Company and its Subsidiaries&rsquo; respective businesses as now conducted do not give rise to any infringement of, any misappropriation
of, or other violation of, any valid and enforceable Intellectual Property Rights of any other person. All licenses for the use of the
Intellectual Property Rights described in the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in
accordance to its terms. The Company has complied in all material respects with, and is not in breach nor has received any asserted or
threatened claim of breach of any Intellectual Property Rights or Intellectual Property Assets license, and the Company has no Knowledge
of any breach or anticipated breach by any other person to any Intellectual Property Rights or Intellectual Property Assets license. Except
as described in the Prospectus, no claim has been made against the Company alleging the infringement by the Company of any patent, trademark,
service mark, trade name, copyright, trade secret, license in or other intellectual property right or franchise right of any person. The
Company has taken all reasonable steps to protect, maintain and safeguard its Intellectual Property Rights, including the execution of
appropriate nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not
result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person
in respect of, the Company&rsquo;s right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or held for
use in the conduct of the business as currently conducted. The Company has at all times complied in all material respects with all applicable
laws relating to privacy, data protection, and the collection and use of personal information collected, used, or held for use by the
Company in the conduct of the Company&rsquo;s business. All key employees have signed confidentiality and invention assignment agreements
with the Company. The Company has taken all necessary actions to obtain ownership of all works of authorship and inventions made by its
employees, consultants and contractors during the time they were employed by or under contract with the Company and which relate to the
Company&rsquo;s business. To the Knowledge of the Company, the Company has complied with the United States Patent and Trademark Office&rsquo;s
(the &ldquo;<B>USPTO</B>&rdquo;) duty of candor, good faith and disclosure and best mode requirement for any patent applications filed
by the Company, and all other requirements for patentability and enforceability of any resultant patents, and has made no material misrepresentation
in any such applications.</P>

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

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

<!-- Field: Page; Sequence: 2; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as set forth in the Prospectus, there is no legal or written proceeding (governmental or otherwise) to which the Company or any of its
Subsidiaries is a party or of which any property or assets of the Company or any of its Subsidiaries or any officer or director of the
Company, in their roles as such, or any employee benefit plan sponsored by the Company is the subject, including any proceeding before
the FDA or comparable federal, state, local or foreign governmental bodies (it being understood that the interaction between the Company
and the FDA and such comparable governmental bodies relating to the clinical development and product approval process shall not be deemed
proceedings for purposes of this representation), which is required to be described in the Registration Statement or the Prospectus or
an Incorporated Document and is not described therein, or which, singularly or in the aggregate, if determined adversely to the Company
or any of its Subsidiaries, could reasonably be expected to have a Material Adverse Effect; and to the Company&rsquo;s Knowledge, no such
proceedings are threatened or contemplated by governmental authorities or threatened by others. The Company is in compliance with all
applicable federal, state, local and foreign laws, regulations, orders and decrees governing its business as prescribed by the FDA, or
any other federal, state or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous substances or materials,
except where noncompliance would not, singly or in the aggregate, have a Material Adverse Effect. All preclinical and clinical studies
conducted by or on behalf of the Company to support approval for commercialization of the Company&rsquo;s products have been conducted
by the Company, or to the Company&rsquo;s Knowledge by third parties, in compliance with all applicable federal, state or foreign laws,
rules, orders and regulations, except for such failure or failures to be in compliance as could not reasonably be expected to have, singly
or in the aggregate, a Material Adverse Effect. &nbsp; To the Knowledge of the Company, and except as would not, individually or in the
aggregate, have a Material Adverse Effect, the Company&rsquo;s manufacturing facilities and operations are in compliance with applicable
regulations of the FDA, including current Good Manufacturing Practices.&nbsp; Except as set forth in the Prospectus, each of the Company
and its Subsidiaries (i)&nbsp;has not received any Form&nbsp;FDA 483, notice of adverse finding, warning letter, untitled letter or other
correspondence or notice from the FDA or any other governmental authority alleging or asserting noncompliance with any statutes, rules,
or regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling,
promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company (&ldquo;<B><U>Applicable
Laws</U></B>&rdquo;) or permits; and (ii)&nbsp; has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused
to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, post sale warning, &ldquo;dear doctor&rdquo;
letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation
and, to the Company&rsquo;s Knowledge, no third party has initiated, conducted or intends to initiate any such notice or action; except,
in the case of each of (i)&nbsp;and (ii), as would not, individually or in the aggregate, have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;T</FONT><FONT STYLE="background-color: white">he
Company and its Subsidiaries are, and for the three years prior to the date hereof have been, in compliance with all Health Care
Laws to the extent applicable to the Company&rsquo;s operations and services, except where the failure to do so would not reasonably
be expected to have a Material Adverse Effect, individually or in the aggregate. For purposes of this Agreement, &ldquo;<B><U>Health
Care Laws</U></B>&rdquo; means: (i)&nbsp;the Clinical Laboratory Improvement Amendments of 1988 (42 U.S.C. Section&nbsp;263a), and
the regulations promulgated thereunder, and all applicable state laws governing the provision of laboratory tests, including
so-called waived tests, to the extent applicable; (ii)&nbsp;the Federal Food, Drug, and Cosmetic Act (21 U.S.C. Section&nbsp;301 et
seq.); (iii)&nbsp;all applicable federal, state, and local laws relating to health care fraud and abuse, including, without
limitation, the Anti-Kickback Statute (42 U.S.C. Section&nbsp;1320a-7b(b)), the Civil False Claims Act (31 U.S.C. Section&nbsp;3729
et seq.), the criminal false statements law (42 U.S.C. Section&nbsp;1320a-7b(a)), 18 U.S.C. Sections 286 and 287, the health care
fraud criminal provisions under the U.S. Health Insurance Portability and Accountability Act of 1996 (&ldquo;HIPAA&rdquo;) (42
U.S.C. Section&nbsp;1320d et seq.) to the extent applicable, the Stark Law (42 U.S.C. Section&nbsp;1395nn), the Civil Monetary
Penalties Law (42 U.S.C. Section&nbsp;1320a-7a), the exclusion law (42 U.S.C. Section&nbsp;1320a-7), and applicable laws governing
government funded or sponsored healthcare programs, each as amended; (iv)&nbsp;patient privacy and security provisions under HIPAA,
as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C. Section&nbsp;17921 et seq.) to the
extent applicable; (v)&nbsp;licensure, quality, safety and accreditation requirements under applicable federal, state, or local laws
or regulatory bodies; (vi)&nbsp;all other local, state, federal, national, supranational and foreign laws to the extent applicable
to the regulation of the Company or its Subsidiaries; and (vii)&nbsp;the directives and regulations promulgated pursuant to such
statutes and any state or non-U.S. counterpart thereof. Neither the Company nor any of its Subsidiaries has received any written
notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any court or
arbitrator or governmental or regulatory authority or third party alleging that any product operation or activity is in material
violation of any Health Care Laws nor, to the Company&rsquo;s knowledge, is any such claim, action, suit, proceeding, hearing,
enforcement, investigation, arbitration or other action threatened. The Company and its Subsidiaries have filed, maintained or
submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments
as required by any Health Care Laws, and all such reports, documents, forms, notices, applications, records, claims, submissions and
supplements or amendments were complete and accurate on the date filed in all material respects (or were corrected or supplemented
by a subsequent submission). Neither the Company nor any Subsidiary is a party to any corporate integrity agreement, monitoring
agreement, consent decree, settlement order, or similar agreement with or imposed by any governmental or regulatory authority.
Additionally, neither the Company, any of its Subsidiaries, nor any of its or their respective employees, officers, directors, or
agents is excluded, suspended or debarred from participation in any U.S. federal health care program or human clinical research or,
to the Company&rsquo;s knowledge, is subject to a governmental inquiry, investigation, proceeding, or other similar action that
could reasonably be expected to result in debarment, suspension, or exclusion.</FONT></P>

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

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

<!-- Field: Page; Sequence: 3; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(uu)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company
acknowledges and agrees that the Agent has informed the Company that the Agent may, to the extent permitted under the Securities Act and
the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect; <I>provided</I>, that
(i)&nbsp;no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent the Agent may engage in
sales of Placement Shares purchased or deemed purchased from the Company as a &ldquo;riskless principal&rdquo; or in a similar capacity)
and (ii)&nbsp;the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent, except as may
be otherwise agreed by the Company and the Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company
is not a party to any agreement with an agent or underwriter for any other &ldquo;at the market&rdquo; or continuous equity transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ww)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
applicable, all of the information provided to the Agent or to counsel for the Agent by the Company, its officers and directors and the
holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with letters, filings or
other supplemental information provided to FINRA pursuant to NASD Conduct rule&nbsp;2710 or 2720 is, to the Knowledge of the Company,
true, correct and complete. Neither the Company nor any of its affiliates (within the meaning of FINRA Rule&nbsp;5121(f)) directly or
indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article&nbsp;I,
Section&nbsp;1(ee) of the By-laws of FINRA) of, any member firm of FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(i)&nbsp;</FONT>At
the original effectiveness of the Registration Statement, (ii)&nbsp;at the time of the most recent amendment thereto for the purposes
of complying with Section&nbsp;10(a)(3)&nbsp;of the Securities Act (whether such amendment was by post-effective amendment or incorporated
report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or in the form of a prospectus), (iii)&nbsp;at the time the
Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)&nbsp;under the Securities Act)
made any offer relating to the Placement Shares in reliance on the exemption of Rule&nbsp;163 under the Securities Act, and (iv)&nbsp;as
of each Applicable Time, the Company was and is a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule&nbsp;405).</P>

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

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

<!-- Field: Page; Sequence: 4; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(yy)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the Company as described in the
Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or
any other regulation of such Board of Governors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(zz)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the Company nor, to the Company&rsquo;s Knowledge, any of its affiliates (within the meaning of Rule&nbsp;144 under the Securities Act)
has, prior to the date hereof, made any offer or sale of any securities which could be &ldquo;integrated&rdquo; (within the meaning of
the Securities Act) with the offer and sale of the Placement Shares hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aaa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the Company nor any of its Subsidiaries has (i)&nbsp;failed to pay any dividend or sinking fund installment on preferred stock or (ii)&nbsp;defaulted
on any installment or payment due on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bbb)&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;</FONT>No
forward-looking statement (within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act) contained
in either the Registration Statement or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other
than in good faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ccc)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Placement Shares have been approved for listing on the Nasdaq Capital Market, subject to notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ddd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of
indebtedness by the Company or any of its Subsidiaries to or for the benefit of any of the officers or directors of the Company, any
of its Subsidiaries or any of their respective family members, except as disclosed in the Registration Statement and the Prospectus.
All transactions by the Company with office holders or control persons of the Company have been duly approved by the board of directors
of the Company, or duly appointed committees or officers thereof, if and to the extent required under U.S. law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(eee)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and its Subsidiaries, individually and on a consolidated basis, are not as of the date hereof, and after giving effect to the
transactions contemplated hereby to occur at certain Applicable Times, will not be Insolvent (as defined below). For purposes of this
paragraph, &ldquo;<B><U>Insolvent</U></B>&rdquo; means, with respect to any person, (i)&nbsp;the present fair saleable value of such person&rsquo;s
assets is less than the amount required to pay such person&rsquo;s total indebtedness, (ii)&nbsp;such person is unable to pay its debts
and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, (iii)&nbsp;such person
intends to incur or believes that it will incur debts that would be beyond its ability to pay as such debts mature or (iv)&nbsp;such person
has unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed
to be conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(fff)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;T</FONT>he
Company and each of its Subsidiaries (i)&nbsp;is in compliance, in all material respects, with any and all applicable foreign, federal,
state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all governmental authorities (including
pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace (&ldquo;<B><U>Occupational
Laws</U></B>&rdquo;), (ii)&nbsp;has received all material permits, licenses or other approvals required of it under applicable Occupational
Laws to conduct its business as currently conducted and (iii)&nbsp;is in compliance, in all material respects, with all terms and conditions
of such permit, license or approval.&nbsp; No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the
Company&rsquo;s knowledge, threatened against the Company or any of its Subsidiaries relating to Occupational Laws.</P>

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

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

<!-- Field: Page; Sequence: 5; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ggg)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Within
60 days prior to the filing of the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2020, the
aggregate market value of the Company&rsquo;s voting and non-voting common equity held by non-affiliates was $75,000,000 or more.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hhh)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
patents and patent applications owned by or licensed to the Company or under which the Company has rights have, to the Knowledge of the
Company, been duly and properly filed and maintained; to the Knowledge of the Company, the parties prosecuting such patent applications
have complied with their duty of candor and disclosure to the USPTO in connection with such applications; and the Company is not aware
of any facts required to be disclosed to the USPTO that were not disclosed to the USPTO and which would preclude the grant of a patent
in connection with any such application or would reasonably be expected to form the basis of a finding of invalidity with respect to
any patents that have issued with respect to such applications.&nbsp; To the Company&rsquo;s knowledge, all patents and patent applications
owned by the Company and filed with the USPTO or any foreign or international patent authority (the &ldquo;<B><U>Company Patent Rights</U></B>&rdquo;)
and all patents and patent applications in-licensed by the Company and filed with the USPTO or any foreign or international patent authority
(the &ldquo;<B><U>In-licensed Patent Rights</U></B>&rdquo;) have been duly and properly filed; the Company believes it has complied with
its duty of candor and disclosure to the USPTO for the Company Patent Rights and, to the Company&rsquo;s Knowledge, the licensors of
the In-licensed Patent Rights have complied with their duty of candor and disclosure to the USPTO for the In-licensed Patent Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&#8239;<FONT STYLE="background-color: white">The
Company&rsquo;s information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications,
and databases (collectively, &ldquo;<B><U>IT Systems</U></B>&rdquo;) are adequate for, and operate and perform in all material respects
as required in connection with the operation of the business of the Company as currently conducted, and to the knowledge of the Company,
are free and clear of all material bugs, errors, defects, Trojan horses, time bombs, back-doors, malware and other corruptants. The Company
and its subsidiaries have implemented and maintained commercially reasonable physical, technical and administrative controls, policies,
procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy
and security of all IT Systems and data, including &ldquo;Personal Data,&rdquo; used in connection with their businesses &ldquo;<B><U>Personal
Data</U></B>&rdquo; means (i)&nbsp;a natural person&rsquo;s name, street address, telephone number, e-mail address, photograph, social
security number or tax identification number, driver&rsquo;s license number, passport number, credit card number, bank information, or
customer or account number; (ii)&nbsp;any information which would qualify as &ldquo;personally identifying information&rdquo; under the
Federal Trade Commission Act, as amended; (iii)&nbsp;&ldquo;personal data&rdquo; as defined by the European Union General Data Protection
Regulation (&ldquo;<B><U>GDPR</U></B>&rdquo;) (EU 2016/679); and (iv)&nbsp;any other piece of information that allows the identification,
contact and/or identifies the location of such natural person, or his or her family, or permits the collection or analysis of any data
related to an identified person&rsquo;s health or sexual orientation. There have been no material breaches, violations, outages or unauthorized
uses of or accesses to Personal Data, nor any incidents under internal review or investigations relating to the same. The Company and
its subsidiaries are and have been at all times in compliance in all material respects with all applicable laws, directives, or statutes
and all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental or regulatory authority, internal policies
and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems
and Personal Data from unauthorized use, access, misappropriation or modification (collectively, the &ldquo;<B><U>Data Protection Laws</U></B>&rdquo;).</FONT></P>

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

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

<!-- Field: Page; Sequence: 6; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jjj)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="background-color: white">To
ensure compliance with the Data Protection Laws, the Company and each of its subsidiaries has in place, complies with, and takes appropriate
steps reasonably designed to ensure compliance in all material respects with their policies and procedures relating to data privacy and
security and the collection, storage, use, disclosure, handling, and analysis of Personal Data (the &ldquo;</FONT><B><U>Policies</U></B><FONT STYLE="background-color: white">&rdquo;).
The Company has at all times made all material disclosures to users or customers required by applicable laws and regulatory rules&nbsp;or
requirements, and none of such disclosures made or contained in any Policy have been inaccurate or in violation of any applicable laws
and regulatory rules&nbsp;or requirements in any material respect. The Company and its subsidiaries have: (i)&nbsp;made all necessary
registrations and notifications under the Data Protection Laws and such registrations and notifications are appropriate for the Company
and its subsidiaries&rsquo; actual data processing activities; (ii)&nbsp;secured all consents and permissions necessary under the Data
Protection Laws to collect, store, disclose, use, transfer and otherwise process any Personal Data; (iii)&nbsp;required and do require
all third parties to which they provide any Personal Data to maintain the privacy and security of such Personal Data (iv)&nbsp;not received
any written communication from any person or data subject alleging a breach of any of its obligations under Data Protection Laws, including
any compensation claim and, to the Company&rsquo;s knowledge, there are no facts or circumstances that would give rise to any such claim
and (v)&nbsp;not received any written request, official notice (including an information notice or enforcement notice) or other written
notice of investigation or other action under Data Protection Laws from any governmental body or supervisory authority alleging a breach
of any of their obligations under Data Protection Laws, </FONT>except, in the case of clauses (i)&nbsp;through (v), to the extent that
the failure of or the occurrence of any such action, as applicable, is not reasonably expected to have a Material Adverse Effect <FONT STYLE="background-color: white">and,
to the Company&rsquo;s knowledge, there are no facts or circumstances that would give rise to such an investigation or other action by
a supervisory authority. The Company further certifies that neither the Company nor any of its subsidiaries are currently conducting
or paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any Data Protection Law and
neither the Company nor any of its subsidiaries is not a party to any order, decree, or agreement that imposes any obligation or liability
under any Data Protection Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate signed by any officer of the Company
and delivered to the Agent or its counsel in connection with the offering of the Placement Shares shall be deemed a representation and
warranty by the Company, as to matters covered thereby, to the Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Covenants
of the Company</U>. The Company covenants and agrees with the Agent that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Statement Amendments</U>. After the date of this Agreement and during any period in which the Prospectus relating to any Placement Shares
is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied
pursuant to Rule&nbsp;172 under the Securities Act or a similar rule); (i)&nbsp;the Company will notify the Agent promptly of the time
when any subsequent amendment to the Registration Statement, other than Incorporated Documents, has been filed with the Commission and/or
has become effective or any subsequent supplement to the Prospectus, other than Incorporated Documents, has been filed and of any request
by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information, in each case
related to the Placement Shares; (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon the Agent&rsquo;s request,
any amendments or supplements to the Registration Statement or Prospectus that, in the Agent&rsquo;s reasonable opinion, may be necessary
or advisable in connection with the distribution of the Placement Shares by the Agent (provided, however, that the failure of the Agent
to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agent&rsquo;s right to rely
on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall
have with respect to the failure by the Company to make such filing (but without limiting the Agent&rsquo;s rights under Section&nbsp;9
hereof) will be to cease making sales under this Agreement until such amendment or supplement is filed); (iii)&nbsp;the Company will not
file any amendment or supplement to the Registration Statement or Prospectus, other than Incorporated Documents, relating to the Placement
Shares unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has not
reasonably objected thereto (provided, however, that the failure of the Agent to make such objection shall not relieve the Company of
any obligation or liability hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties made by the Company
in this Agreement and provided, further, that the only remedy the Agent shall have with respect to the Company&rsquo;s making such filing
notwithstanding the Agent&rsquo;s objection (but without limiting the Agent&rsquo;s rights under Section&nbsp;9 hereof) will be to cease
making sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any Incorporated
Document, except for those documents available via EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus,
other than Incorporated Documents, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;of
the Securities Act and, in the case of any Incorporated Document, to be filed with the Commission as required pursuant to the Exchange
Act, within the time period prescribed.</P>

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

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

<!-- Field: Page; Sequence: 7; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Commission Stop Orders</U>. The Company will advise the Agent, promptly after it receives notice or obtains Knowledge thereof, of the
issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the
suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction or of the initiation or threatening of
any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agent promptly after it receives
any request by the Commission for any amendments to the Registration Statement related to the Placement Shares or any amendment or supplements
to the Prospectus or for additional information related to the offering of the Placement Shares or for additional information related
to the Registration Statement with respect to the Placement Shares or the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Prospectus; Subsequent Changes</U>. During any period in which the Prospectus relating to the Placement Shares is required to be delivered
by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances where such
requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities Act or a similar rule), the Company will comply with all requirements
imposed upon it by the Securities Act, as from time to time in force, and will file on or before their respective due dates (taking into
account any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required to be
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d)&nbsp;or any other provision of or under the Exchange
Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus
to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of Placement Shares during such
period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as
to correct such statement or omission or effect such compliance; provided, however, that the Company may delay the filing of any amendment
or supplement if, in the judgment of the Company, it would materially adversely affect the Company not to do so. If the Company has omitted
any information from the Registration Statement pursuant to Rule&nbsp;430B under the Securities Act, it will use its reasonable best efforts
to comply with the provisions thereof and make all requisite filings with the Commission pursuant to said Rule&nbsp;430B and to notify
the Agent promptly of all such filings if not available on EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Listing
of Placement Shares</U>. During any period in which the Prospectus relating to the Placement Shares is required to be delivered by the
Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances where such requirement
may be satisfied pursuant to Rule&nbsp;172 under the Securities Act or a similar rule), the Company will use its commercially reasonable
efforts to cause the Placement Shares to be listed on Nasdaq. The Company will timely file with Nasdaq all material documents and notices
required by Nasdaq of companies that have or will issue securities that are traded on Nasdaq.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Registration Statement and Prospectus</U>. The Company will furnish to the Agent and its counsel (at the expense of the Company) copies
of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements to the Registration
Statement or Prospectus that are filed with the Commission during any period in which the Prospectus relating to the Placement Shares
is required to be delivered under the Securities Act (including all Incorporated Documents filed with the Commission during such period),
in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time reasonably request and, at the
Agent&rsquo;s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may
be made; <I>provided</I>, <I>however</I>, that the Company shall not be required to furnish any document (other than the Prospectus) to
the Agent to the extent such document is available on EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Earnings
Statement</U>. The Company will make generally available to its security holders and to the Agent as soon as practicable, but in any event
not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month period
that satisfies the provisions of Section&nbsp;11(a)&nbsp;of and Rule&nbsp;158 under the Securities Act, which requirement shall be satisfied
by the timely filing with the Commission of the Company&rsquo;s Annual Report on Form&nbsp;10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expenses</U>.
The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated in accordance with
the provisions of Section&nbsp;11 hereunder, will pay all expenses incident to the performance of its obligations hereunder, including
expenses relating to (i)&nbsp;the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto,
of the Prospectus and of each amendment and supplement thereto and of this Agreement and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Placement Shares, (ii)&nbsp;the preparation, issuance, sale and delivery
of the Placement Shares and any taxes due or payable in connection therewith, (iii)&nbsp;the qualification of the Placement Shares under
securities laws in accordance with the provisions of Section&nbsp;7(w)&nbsp;of this Agreement, including filing fees (provided, however,
that any fees or disbursements of counsel for the Agent in connection therewith shall be paid by the Agent except as set forth in clauses
(vii)&nbsp;and (viii)&nbsp;below), (iv)&nbsp;the printing and delivery to the Agent and its counsel of copies of the Prospectus and any
amendments or supplements thereto, and of this Agreement, (v)&nbsp;the fees and expenses incurred in connection with the listing or qualification
of the Placement Shares for trading on Nasdaq, (vi)&nbsp;the filing fees and expenses, if any, owed to the Commission or FINRA and the
fees and expenses of any transfer agent or registrar for the Shares, (vii)&nbsp;the reasonable and documented fees and associated expenses
of the Agent&rsquo;s outside legal counsel for filings with the FINRA Corporate Financing Department in an amount not to exceed $15,000
(excluding FINRA filing fees referred to in clause (vi)&nbsp;above and in addition to the fees and disbursements referred to in clause
(viii)&nbsp;below), and (viii)&nbsp;the reasonable fees and disbursements of the Agent&rsquo;s outside legal counsel (A)&nbsp;in an amount
not to exceed $75,000 arising out of executing this Agreement and the Company&rsquo;s delivery of the initial certificate pursuant to
Section&nbsp;7(m)&nbsp;and (B)&nbsp;in an amount not to exceed $15,000 in connection with each Representation Date (as defined below)
on which the Company is required to provide a certificate pursuant to Section&nbsp;7(m)&nbsp;(in addition to the fees and associated expenses
referred to in clause (vii)&nbsp;above).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Use
of Proceeds</U>. The Company will use the Net Proceeds as described in the Prospectus in the section entitled &ldquo;Use of Proceeds.&rdquo;</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Other Sales</U>. Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any shares of Common Stock (other than the Placement Shares offered
pursuant to this Agreement) or securities convertible into or exchangeable or exercisable for shares of Common Stock, warrants or any
rights to purchase or acquire shares of Common Stock during the period beginning on the third Trading Day immediately prior to the date
on which any Placement Notice is delivered to Agent hereunder and ending on the second Trading Day immediately following the final Settlement
Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended
prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination); and will not directly
or indirectly in any other &ldquo;at the market offering&rdquo; or continuous equity transaction offer to sell, sell, contract to sell,
grant any option to sell or otherwise dispose of any shares of Common Stock (other than the Placement Shares offered pursuant to this
Agreement) or securities convertible into or exchangeable or exercisable for shares of Common Stock, warrants or any rights to purchase
or acquire, shares of Common Stock prior to the later of the termination of this Agreement and the thirtieth day immediately following
the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice; <I>provided</I>, <I>however</I>, that
such restrictions will not be required in connection with the Company&rsquo;s issuance or sale of (i)&nbsp;shares of Common Stock, options
to purchase shares of Common Stock, other securities under the Company&rsquo;s existing equity incentive plans, or shares of Common Stock
issuable upon the exercise of options or vesting of other securities, pursuant to any employee or director stock option or benefits plan,
inducement grant award, stock ownership plan or dividend reinvestment plan (but not shares of Common Stock subject to a waiver to exceed
plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented, (ii)&nbsp;shares of Common
Stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed
in filings by the Company available on EDGAR or otherwise in writing to the Agent and (iii)&nbsp;shares of Common Stock or securities
convertible into or exchangeable for shares of Common Stock as consideration for mergers, acquisitions, other business combinations or
strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Change
of Circumstances</U>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Placement Shares, advise the Agent promptly after it shall have received notice or obtained Knowledge of any information or fact
that would alter or affect in any material respect any opinion, certificate, letter or other document provided or required to be provided
to the Agent pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Due
Diligence Cooperation</U>. During the term of this Agreement, the Company will cooperate with any reasonable due diligence review conducted
by the Agent, its affiliates agents and counsel from time to time in connection with the transactions contemplated hereby, including providing
information and making available documents and senior corporate officers, during regular business hours and at the Company&rsquo;s principal
offices, as the Agent may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Required
Filings Relating to Placement of Placement Shares</U>. The Company agrees that on or prior to such dates as the Securities Act shall require,
the Company will (i)&nbsp;file a prospectus supplement with the Commission under the applicable paragraph of Rule&nbsp;424(b)&nbsp;under
the Securities Act, which prospectus supplement will set forth, within the relevant period, the number or amount of Placement Shares sold
through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such Placement
Shares, and (ii)&nbsp;deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales
were effected as may be required by the rules&nbsp;or regulations of such exchange or market; <I>provided</I>, that, unless a prospectus
supplement containing such information is required to be filed under the Securities Act, the requirement of this Section&nbsp;7(l)&nbsp;may
be satisfied by Company&rsquo;s inclusion in the Company&rsquo;s Form&nbsp;10-K or Form&nbsp;10-Q, as applicable, of the number or amount
of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with
respect to such Placement Shares during the relevant period.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representation
Dates; Certificate</U>. On or prior to the date on which the Company first delivers a Placement Notice pursuant to this Agreement (the
 &ldquo;<B><U>First Placement Notice Date</U></B>&rdquo;) and each time the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;amends
or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed
in accordance with Section&nbsp;7(l)&nbsp;of this Agreement) by means of a post-effective amendment, sticker or supplement but not by
means of incorporation of document(s)&nbsp;by reference into the Registration Statement or the Prospectus relating to the Placement Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;files
an annual report on Form&nbsp;10-K under the Exchange Act (including any Form&nbsp;10-K/A containing amended financial information or
a material amendment to the previously filed Form&nbsp;10-K);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;files
a quarterly report on Form&nbsp;10-Q under the Exchange Act; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;files
a current report on Form&nbsp;8-K containing amended financial information (other than an earnings release that is &ldquo;furnished&rdquo;
pursuant to Item 2.02 or Item 7.01 of Form&nbsp;8-K) under the Exchange Act (each date of filing of one or more of the documents referred
to in clauses (i)&nbsp;through (iv)&nbsp;shall be a &ldquo;<B><U>Representation Date</U></B>&rdquo;),</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Company shall furnish the Agent (but in the case of clause (iv)&nbsp;above
only if (1)&nbsp;a Placement Notice is pending or in effect and (2)&nbsp;the Agent requests such certificate within three Business Days
after the filing of such Form&nbsp;8-K with the Commission) with a certificate, in the form attached hereto as <B><U>Exhibit&nbsp;7(m)</U></B>&nbsp;(modified,
as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented), within two Trading Days of
any Representation Date. The requirement to provide a certificate under this Section&nbsp;7(m)&nbsp;shall be waived for any Representation
Date occurring at a time at which no Placement Notice is pending or in effect, which waiver shall continue until the earlier to occur
of (1)&nbsp;the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and (2)&nbsp;the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell
Placement Shares following a Representation Date on which the Company relied on the waiver referred to in the previous sentence and did
not provide the Agent with a certificate under this Section&nbsp;7(m), then before the Company delivers a Placement Notice or the Agent
sells any Placement Shares pursuant thereto, the Company shall provide the Agent with a certificate, in the form attached hereto as <B><U>Exhibit&nbsp;7(m)</U></B>,
dated the date of such Placement Notice. Within two Trading Days of each Representation Date, the Company shall have furnished to the
Agent such further information, certificates and documents as the Agent may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Legal
Opinions</U>. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant
to Section&nbsp;7(m)&nbsp;for which no waiver is applicable, the Company shall cause to be furnished to the Agent the written opinion
and negative assurance letter of Goodwin Procter LLP, counsel to the Company, or such other counsel satisfactory to the Agent (&ldquo;<B><U>Company
Counsel</U></B>&rdquo;), and the written opinion of Dykema Gossett PLLC, Michigan counsel to the Company (&ldquo;<B><U>Michigan Counsel</U></B>&rdquo;),
all in form and substance satisfactory to the Agent and its counsel, dated the date that the opinions and negative assurance letter are
required to be delivered, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented;
<I>provided</I>, <I>however</I>, that in lieu of such opinions and negative assurance letter for subsequent Representation Dates, Company
Counsel and Michigan Counsel may furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion or negative
assurance letter, as applicable, delivered by such counsel under this Section&nbsp;7(n)&nbsp;to the same extent as if it were dated the
date of such letter (except that statements in such prior opinion or negative assurance letter shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented at such Representation Date).</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Intellectual
Property Opinion</U>. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate
pursuant to Section&nbsp;7(m)&nbsp;for which no waiver is applicable, the Company shall cause to be furnished to the Agent the written
opinion of Choate Hall&nbsp;&amp; Stewart LLP, counsel for the Company with respect to intellectual property matters, or such other intellectual
property counsel satisfactory to the Agent (&ldquo;<B><U>Intellectual Property Counsel</U></B>&rdquo;), in form and substance satisfactory
to the Agent and its counsel, dated the date that the opinion letter is required to be delivered, modified, as necessary, to relate to
the Registration Statement and the Prospectus as then amended or supplemented; <I>provided</I>, <I>however</I>, that in lieu of such written
opinion for subsequent Representation Dates,&nbsp;Intellectual Property Counsel may furnish the Agent with a letter to the effect that
the Agent may rely on a prior opinion letter delivered by such counsel under this Section&nbsp;7(o)&nbsp;to the same extent as if it were
dated the date of such opinion letter (except that statements in such prior opinion letter shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented at such Representation Date).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Comfort
Letter</U>. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate pursuant
to Section&nbsp;7(m)&nbsp;for which no waiver is applicable, the Company shall cause its independent registered public accounting firm
(and any other independent accountants whose report is included in the Registration Statement or the Prospectus) to furnish the Agent
letters (the &ldquo;<B><U>Comfort Letters</U></B>&rdquo;), dated the date the Comfort Letter is delivered, which shall meet the requirements
set forth in this Section&nbsp;7(p); <I>provided</I>, that if requested by the Agent, the Company shall cause a Comfort Letter to be furnished
to the Agent within 10 Trading Days of the occurrence of any material transaction or event that necessitates the filing of additional,
pro forma, amended or revised financial statements (including any restatement of previously issued financial statements). Each Comfort
Letter shall be in form and substance satisfactory to the Agent and each Comfort Letter from the Company&rsquo;s independent registered
public accounting firm shall (i)&nbsp;confirm that they are an independent registered public accounting firm within the meaning of the
Securities Act and the PCAOB, (ii)&nbsp;state, as of such date, the conclusions and findings of such firm with respect to the financial
information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters or agents in connection
with registered public offerings (the first such letter, the &ldquo;<B><U>Initial Comfort Letter</U></B>&rdquo;) and (iii)&nbsp;update
the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such
date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of
such letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Market
Activities</U>. The Company will not, directly or indirectly, and will cause its officers, directors and Subsidiaries not to (i)&nbsp;take
any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of shares of Common Stock or (ii)&nbsp;sell, bid for, or
purchase shares of Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement
Shares other than the Agent; <I>provided</I>, <I>however</I>, that the Company may bid for and purchase shares of Common Stock in accordance
with Rule&nbsp;10b-18 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Insurance</U>.
The Company and its Subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering such risks as is reasonable
and customary for the business for which it is engaged.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Laws</U>. The Company and each of its Subsidiaries shall maintain, or cause to be maintained, all material environmental certificates,
authorizations or permits required by federal, state and local law in order to conduct their businesses as described in the Prospectus
(collectively, &ldquo;<B>Permits</B>&rdquo;), and the Company and each of its Subsidiaries shall conduct their businesses, or cause their
businesses to be conducted, in substantial compliance with such Permits and with applicable Environmental Laws, except where the failure
to maintain or be in compliance with such Permits could not reasonably be expected to result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Investment
Company Act</U>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its Subsidiaries
will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo; as such term is defined
in the Investment Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Securities
Act and Exchange Act</U>. The Company will use its reasonable best efforts to comply with all requirements imposed upon it by the Securities
Act and the Exchange Act as from time to time in force, so far as necessary to permit the sales of, or dealings in, the Placement Shares
as contemplated by the provisions hereof and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Offer to Sell</U>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance by
the Company and the Agent, neither the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity
as agent) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule&nbsp;405 under the Securities
Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Blue
Sky and Other Qualifications</U>. The Company will use its commercially reasonable efforts, in cooperation with the Agent, to qualify
the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered and sold, under the applicable
securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may designate and to maintain such qualifications
and exemptions in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year
from the date of this Agreement); <I>provided, however</I>, that the Company shall not be obligated to file any general consent to service
of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or
to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction
in which the Placement Shares have been so qualified or exempt, the Company will file such statements and reports as may be required by
the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the
distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sarbanes-Oxley
Act</U>. </FONT>Except as described in the Prospectus, there is and has been no failure on the part of the Company or, to its Knowledge,
any of the Company&rsquo;s officers or directors, in their capacities as such, to comply in all material respects with any provision of
the Sarbanes-Oxley Act and the rules&nbsp;and regulations promulgated in connection therewith, including Section&nbsp;402 related to loans
and Sections 302 and 906 related to certifications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Renewal
of Registration Statement.</U> If, immediately prior to the third anniversary of the initial effective date of the Registration Statement
(the &ldquo;<B><U>Renewal Date</U></B>&rdquo;), any of the Placement Shares remain unsold and this Agreement has not been terminated,
the Company will, prior to the Renewal Date, file a new shelf registration statement or, if applicable, an automatic shelf registration
statement relating to the Common Stock that may be offered and sold pursuant to this Agreement (which shall include a prospectus reflecting
the number or amount of Placement Shares that may be offered and sold pursuant to this Agreement), in a form satisfactory to the Agent
and its counsel, and, if such registration statement is not an automatic shelf registration statement, will use its reasonable best efforts
to cause such registration statement to be declared effective within 180 days after the Renewal Date. The Company will take all other
reasonable actions necessary or appropriate to permit the public offer and sale of the Placement Shares to continue as contemplated in
the expired registration statement and this Agreement. From and after the effective date thereof, references herein to the &ldquo;Registration
Statement&rdquo; shall include such new shelf registration statement or such new automatic shelf registration statement, as the case may
be.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>General
Instruction I.B.6. of Form&nbsp;S-3</U>. If, from and after the date of this Agreement, the Company is no longer eligible to use Form&nbsp;S-3
(including pursuant to General Instruction I.B.6.) at the time it files with the Commission an annual report on Form&nbsp;10-K or any
post-effective amendment to the Registration Statement, then it shall promptly notify the Agent and, within two Business Days after the
date of filing of such annual report on Form&nbsp;10-K or amendment to the Registration Statement, the Company shall file a new prospectus
supplement with the Commission reflecting the number of shares of Common Stock available to be offered and sold by the Company under this
Agreement pursuant to General Instruction I.B.6. of Form&nbsp;S-3; <I>provided</I>, <I>however</I>, that the Company may delay the filing
of any such prospectus supplement for up to 30 days if, in the reasonable judgment of the Company, it is in the best interest of the Company
to do so, provided that no Placement Notice is in effect or pending during such time. Until such time as the Company shall have corrected
such misstatement or omission or effected such compliance, the Company shall not notify the Agent to resume the offering of Placement
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Tax Indemnity</U>.
The Company will indemnify and hold harmless the Agent against any documentary, stamp or similar issue tax, including any interest and
penalties, on the issue and sale of the Placement Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Transfer
Agent</U>. The Company has engaged and will maintain, at its sole expense, a transfer agent and registrar for the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Conditions
to the Agent&rsquo;s Obligations</U>. The obligations of the Agent hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its
obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to the Agent in its reasonable judgment,
and to the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Statement Effective</U>. The Registration Statement shall be effective and shall be available for all offers and sales of Placement Shares
(i)&nbsp;that have been issued pursuant to all prior Placement Notices and (ii)&nbsp;that will be issued pursuant to any Placement Notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Prospectus
Supplement</U>. To the extent required by Rule&nbsp;424, the Company shall have filed with the Commission the Prospectus Supplement pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act not later than the Commission&rsquo;s close of business on the second Business Day following
the date of this Agreement.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Notices</U>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any of its
Subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during
the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt
by the Company or any of its Subsidiaries of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&nbsp;the
occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any material Incorporated
Document untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or Incorporated
Documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading and, in the case of the Prospectus,
so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Misstatement or Material Omission</U>. The Agent shall not have advised the Company that the Registration Statement or Prospectus, or
any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&rsquo;s opinion is material, or omits to state
a fact that in the Agent&rsquo;s opinion is material and is required to be stated therein or is necessary to make the statements therein
not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Material
Changes</U>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there shall
not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any Material Adverse
Effect or any development that could reasonably be expected to result in a Material Adverse Effect, or any downgrading in or withdrawal
of the rating assigned to any of the Company&rsquo;s securities (other than asset backed securities), if any, by any rating organization
or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Company&rsquo;s
securities (other than asset backed securities), if any, the effect of which, in the judgment of the Agent (without relieving the Company
of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering
of the Placement Shares on the terms and in the manner contemplated in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Counsel Legal Opinions</U>. The Agent shall have received the opinions and negative assurance letters, as applicable, of Company Counsel,
Michigan Counsel, and Intellectual Property Counsel required to be delivered pursuant to Section&nbsp;7(n)&nbsp;and Section&nbsp;7(o),
as applicable, on or before the date on which such delivery of such opinions and negative assurance letters are required pursuant to Section&nbsp;7(n)&nbsp;and
Section&nbsp;7(o), as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agent&rsquo;s
Counsel Legal Opinion</U>. The Agent shall have received from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., counsel for the Agent,
such opinion or opinions, on or before the date on which the delivery of the Company Counsel and Michigan Counsel legal opinions is required
pursuant to Section&nbsp;7(n), with respect to such matters as the Agent may reasonably require, and the Company shall have furnished
to such counsel such documents as they may request to enable them to pass upon such matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Comfort
Letter</U>. The Agent shall have received the Comfort Letter required to be delivered pursuant to Section&nbsp;7(p)&nbsp;on or before
the date on which such delivery of such Comfort Letter is required pursuant to Section&nbsp;7(p).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representation
Certificate</U>. The Agent shall have received the certificate required to be delivered pursuant to Section&nbsp;7(m)&nbsp;on or before
the date on which delivery of such certificate is required pursuant to Section&nbsp;7(m).</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Secretary&rsquo;s
Certificate</U>. On or prior to the First Placement Notice Date, the Agent shall have received a certificate, signed on behalf of the
Company by the Secretary of the Company and attested to by an executive officer of the Company, dated as of such date and in form and
substance satisfactory to the Agent and its counsel, certifying as to (i)&nbsp;the restated certificate of incorporation of the Company,
as amended to date, (ii)&nbsp;the amended and restated bylaws of the Company, (iii)&nbsp;the resolutions of the board of directors of
the Company or duly authorized committee thereof authorizing the execution, delivery and performance of this Agreement and the issuance
and sale of the Placement Shares and (iv)&nbsp;the incumbency of the officers of the Company duly authorized to execute this Agreement
and the other documents contemplated by this Agreement (including each of the officers set forth on <B><U>Schedule 2</U></B>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Suspension</U>. The Common Stock shall be duly listed, and admitted and authorized for trading, subject to official notice of issuance,
on Nasdaq. Trading in the Common Stock shall not have been suspended on, and the Common Stock shall not have been delisted from, Nasdaq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other
Materials</U>. On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(m), the Company shall
have furnished to the Agent such appropriate further information, opinions, certificates, letters and other documents as the Agent may
have reasonably requested. All such information, opinions, certificates, letters and other documents shall have been in compliance with
the provisions hereof. The Company shall have furnished the Agent with conformed copies of such opinions, certificates, letters and other
documents as the Agent may have reasonably requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Securities
Act Filings Made</U>. All filings with the Commission required by Rule&nbsp;424(b)&nbsp;or Rule&nbsp;433 under the Securities Act to
have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed
for such filing by Rule&nbsp;424(b)&nbsp;(without reliance on Rule&nbsp;424(b)(8)&nbsp;of the Securities Act) or Rule&nbsp;433, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Approval
for Listing</U>. Either (i)&nbsp;the Placement Shares shall have been approved for listing on Nasdaq, subject only to notice of issuance,
or (ii)&nbsp;the Company shall have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the First Placement
Notice Date and Nasdaq shall have reviewed such application and not provided any objections thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>FINRA</U>.
To the extent FINRA review is applicable, FINRA shall have raised no objection to the terms of the offering contemplated hereby and the
amount of compensation allowable or payable to the Agent as described in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Termination Event</U>. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant to Section&nbsp;11(a).</P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
and Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Indemnification</U>. The Company agrees to indemnify and hold harmless the Agent, its affiliates and their respective partners, members,
directors, officers, employees and agents, and each person, if any, who (i)&nbsp;controls the Agent within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is under common control with the Agent,
in each case from and against any and all losses, claims, liabilities, expenses and damages (including any and all investigative, legal
and other expenses reasonably incurred in connection with, and any and all amounts paid in settlement (in accordance with this Section&nbsp;9),
any action, suit, investigation or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified
party and any third party (including any governmental or self-regulatory authority, or otherwise, or any claim asserted or threatened),
as and when incurred, to which the Agent, or any such other person may become subject under the Securities Act, the Exchange Act or other
federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages
arise out of or are based, directly or indirectly, on (x)&nbsp;any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement or the Prospectus (or any amendment or supplement to the Registration Statement or the Prospectus) or in
any free writing prospectus or in any application or other document executed by or on behalf of the Company or based on written information
furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof
or filed with the Commission, (y)&nbsp;the omission or alleged omission to state in any such document a material fact required to be stated
therein or necessary to make the statements therein (solely with respect to the Prospectus, in light of the circumstances under which
they were made) not misleading or (z)&nbsp;any breach by any of the indemnifying parties of any of their respective representations, warranties
or agreements contained in this Agreement; <I>provided</I>, <I>however</I>, that this indemnity agreement shall not apply to the extent
that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused,
directly or indirectly, by an untrue statement or omission, or alleged untrue statement or omission, made in reliance upon and in conformity
with the Agent&rsquo;s Information. This indemnity agreement will be in addition to any liability that the Company might otherwise have.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agent
Indemnification</U>. The Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who
signed the Registration Statement, and each person, if any, who (i)&nbsp;controls the Company within the meaning of Section&nbsp;15 of
the Securities Act or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is under common control with the Company against
any and all loss, liability, claim, damage and expense described in the indemnity contained in Section&nbsp;9(a), as incurred, but only
with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Agent&rsquo;s
Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Procedure</U>.
Any party that proposes to assert the right to be indemnified under this Section&nbsp;9 will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section&nbsp;9,
notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to
notify such indemnifying party will not relieve the indemnifying party from (i)&nbsp;any liability that it might have to any indemnified
party otherwise than under this Section&nbsp;9 and (ii)&nbsp;any liability that it may have to any indemnified party under the foregoing
provision of this Section&nbsp;9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or
defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party
of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written
notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly
with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable
documented costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party
will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at
the expense of such indemnified party unless (1)&nbsp;the employment of counsel by the indemnified party has been authorized in writing
by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party,
(3)&nbsp;a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party
and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf
of the indemnified party) or (4)&nbsp;the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified
party to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each
of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties.
It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel)
admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such documented fees, disbursements
and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating
to such documented fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable
for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written
consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action
or proceeding relating to the matters contemplated by this Section&nbsp;9 (whether or not any indemnified party is a party thereto),
unless such settlement, compromise or consent (1)&nbsp;includes an unconditional release of each indemnified party, in form and substance
reasonably satisfactory to such indemnified party, from all liability arising out of such claim, action or proceeding and (2)&nbsp;does
not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Settlement
Without Consent if Failure to Reimburse</U><I>. </I> If an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for reasonable fees and expenses of counsel for which it is entitled to be reimbursed under this Section&nbsp;9, such
indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section&nbsp;9(a)&nbsp;effected without
its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid
request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement
being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Contribution</U>.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Section&nbsp;9 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the
Company or the Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including
any documented investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of,
any action, suit, investigation or proceeding or any claim asserted, but after deducting any contribution received by the Company from
persons other than the Agent, such as persons who control the Company within the meaning of the Securities Act, officers of the Company
who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and
the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one
hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and the Agent on the other hand shall
be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received
by the Company bear to the total compensation received by the Agent from the sale of Placement Shares on behalf of the Company. If, but
only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be
made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the
relative fault of the Company, on the one hand, and the Agent, on the other hand, with respect to the statements or omission that resulted
in such loss, claim, liability, expense or damage, or action, suit, investigation or proceeding in respect thereof, as well as any other
relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or the Agent, the intent of the parties and their relative Knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and the Agent agree that it would not be just and equitable
if contributions pursuant to this Section&nbsp;9(e)&nbsp;were to be determined by <I>pro rata</I> allocation or by any other method of
allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense or damage, or action, suit, investigation or proceeding in respect thereof,
referred to above in this Section&nbsp;9(e)&nbsp;shall be deemed to include, for the purpose of this Section&nbsp;9(e), any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action, suit, investigation,
proceeding or claim to the extent consistent with this Section&nbsp;9. Notwithstanding the foregoing provisions of this Section&nbsp;9(e),
the Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person
found guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) will be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section&nbsp;9(e), any person
who controls a party to this Agreement within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, any affiliates of the Agent, any partners, members, directors, officers, employees and agents of the Agent and each person that
is controlled by or under common control with the Agent will have the same rights to contribution as that party, and each officer of
the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the
provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party
in respect of which a claim for contribution may be made under this Section&nbsp;9(e), will notify any such party or parties from whom
contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought
from any other obligation it or they may have under this Section&nbsp;9(e)&nbsp;except to the extent that the failure to so notify such
other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement
entered into pursuant to the last sentence of Section&nbsp;9(c)&nbsp;hereof or pursuant to Section&nbsp;9(d)&nbsp;hereof, no party will
be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant
to Section&nbsp;9(c)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations
and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in Section&nbsp;9 of this Agreement and all
representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i)&nbsp;any investigation made by or on behalf of the Agent, any controlling persons, or the Company (or any of
their respective officers, directors, employees or controlling persons), (ii)&nbsp;delivery and acceptance of the Placement Shares and
payment therefor or (iii)&nbsp;any termination of this Agreement.</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Agent shall have the right, by giving notice as hereinafter specified, at any time to terminate this Agreement if (i)&nbsp;any Material
Adverse Effect, or any development that could reasonably be expected to result in a Material Adverse Effect, has occurred that, in the
judgment of the Agent, may materially impair the ability of the Agent to sell the Placement Shares hereunder, (ii)&nbsp;the Company shall
have failed, refused or been unable to perform any agreement on its part to be performed hereunder; <I>provided</I>, <I>however</I>, in
the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion or letter required under
Section&nbsp;7(m), Section&nbsp;7(n), Section&nbsp;7(o)&nbsp;or Section&nbsp;7(p), the Agent&rsquo;s right to terminate shall not arise
unless such failure to deliver (or cause to be delivered) continues for more than 15 calendar days from the date such delivery was required,
(iii)&nbsp;any other condition of the Agent&rsquo;s obligations hereunder is not fulfilled, (iv)&nbsp;any suspension or limitation of
trading in the Placement Shares or in securities generally on Nasdaq shall have occurred, (v)&nbsp;a general banking moratorium shall
have been declared by any of United States federal or New York authorities, or (vi)&nbsp;there shall have occurred any outbreak or escalation
of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets,
or any substantial change or development involving a prospective substantial change in United States or international political, financial
or economic conditions that, in the judgment of the Agent, may materially impair the ability of the Agent to sell the Placement Shares
hereunder or to enforce contracts for the sale of securities. Any such termination shall be without liability of any party to any other
party except that the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17
hereof shall remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided
in this Section&nbsp;11(a), the Agent shall provide the required notice as specified in Section&nbsp;12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall have the right, by giving 5 days&rsquo; prior notice as hereinafter specified, to terminate this Agreement in its sole discretion
at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that
the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17 hereof shall
remain in full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Agent shall have the right, by giving 5 days&rsquo; prior notice as hereinafter specified, to terminate this Agreement in its sole discretion
at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that
the provisions of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17 hereof shall
remain in full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
earlier terminated pursuant to this Section&nbsp;11, this Agreement shall automatically terminate upon the issuance and sale of all of
the Placement Shares through the Agent on the terms and subject to the conditions set forth herein; <I>provided</I> that the provisions
of Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17 hereof shall remain in
full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 11(a), (b), (c), or (d)&nbsp;above or otherwise
by mutual agreement of the parties; <I>provided</I>, <I>however</I>, that any such termination by mutual agreement shall in all cases
be deemed to provide that Section&nbsp;7(g), Section&nbsp;9, Section&nbsp;10, Section&nbsp;11(f), Section&nbsp;16 and Section&nbsp;17
shall remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however</I>, that such
termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the
case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall
settle in accordance with the provisions of this Agreement. Upon termination of this Agreement, the Company shall not be required to pay
to the Agent any discount or commission with respect to any Placement Shares not otherwise sold by the Agent under this Agreement; <I>provided</I>,
<I>however</I>, that the Company shall remain obligated to reimburse the Agent&rsquo;s expenses pursuant to Section&nbsp;7(g).</P>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.
All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement
shall be in writing, unless otherwise specified in this Agreement, and if sent to the Agent, shall be delivered to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1301 Avenue of the Americas, 12<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Peter M. Fry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">E-mail: peter.fry@svbleerink.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy (which shall not constitute notice) to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1301 Avenue of the Americas, 12<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Stuart R. Nayman,&nbsp;Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">E-mail: stuart.nayman@svbleerink.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and if to the Company, shall be delivered to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">64 Sidney Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Cambridge, MA 02139</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">E-mail: ncolangelo@vcel.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with copies (which shall not constitute notice) to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Goodwin Procter LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">100 Northern Ave<BR>
 Boston, MA 02210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Mitchell Bloom, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">E-mail: mbloom@goodwinlaw.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each party to this Agreement may change such address for notices by
sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall
be deemed given (i)&nbsp;when delivered personally on or before 4:30 P.M., New York City time, on a Business Day, or, if such day is not
a Business Day, on the next succeeding Business Day, (ii)&nbsp;by Electronic Notice as set forth in the next paragraph, (iii)&nbsp;on
the next Business Day after timely delivery to a nationally-recognized overnight courier or (iv)&nbsp;on the Business Day actually received
if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement,
 &ldquo;<B><U>Business Day</U></B>&rdquo; shall mean any day on which the Nasdaq and commercial banks in the City of New York are open
for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An electronic communication (&ldquo;<B><U>Electronic Notice</U></B>&rdquo;)
shall be deemed written notice for purposes of this Section&nbsp;12 if sent to the electronic mail address specified by the receiving
party in Section&nbsp;12. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives actual acknowledgment
of receipt from the person whom the notice is sent, other than via auto-reply. Any party receiving Electronic Notice may request and shall
be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<B><U>Nonelectronic Notice</U></B>&rdquo;), which shall be
sent to the requesting party within 10 days of receipt of the written request for Nonelectronic Notice.</P>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors
and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their respective successors
and the affiliates, controlling persons, officers, directors and other persons referred to in Section&nbsp;9 hereof. References to any
of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of each such party. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto, the persons referred to in
the preceding sentence and their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under
this Agreement without the prior written consent of the other party; <I>provided, however</I>, that the Agent may assign its rights and
obligations hereunder to an affiliate of the Agent without obtaining the Company&rsquo;s consent, so long as such affiliate is a registered
broker-dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Adjustments
for Share Splits</U>. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to
take into account any share split, share dividend or similar event effected with respect to the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Entire
Agreement; Amendment; Severability; Waiver</U>. This Agreement (including all schedules (as amended pursuant to this Agreement) and exhibits
attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent; <I>provided</I>, <I>however</I>,
that <B><U>Schedule 2</U></B> of this Agreement may be amended by either party from time to time by sending a notice containing a revised
<B><U>Schedule 2</U></B> to the other party in the manner provided in Section&nbsp;12 and, upon such amendment, all references herein
to <B><U>Schedule 2</U></B> shall automatically be deemed to refer to such amended <B><U>Schedule 2</U></B>. In the event that any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid,
illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and
the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.
No implied waiver by a party shall arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising
any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any right, power, or privilege hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B><U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Consent
to Jurisdiction</U>. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any of the transactions contemplated
hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum, or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy (certified or registered mail, return receipt requested) to such
party at the address in effect for notices under Section&nbsp;12 of this Agreement and agrees that such service shall constitute good
and sufficient notice of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law.</P>

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Construction</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
section and exhibit headings herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Words
defined in the singular shall have a comparable meaning when used in the plural, and vice versa.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
words &ldquo;hereof,&rdquo; &ldquo;hereto,&rdquo; &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of similar import, when used
in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Wherever
the word &ldquo;include,&rdquo; &ldquo;includes&rdquo; or &ldquo;including&rdquo; is used in this Agreement, it shall be deemed to be
followed by the words &ldquo;without limitation.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;References
herein to any gender shall include each other gender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;References
herein to any law, statute, ordinance, code, regulation, rule&nbsp;or other requirement of any governmental authority shall be deemed
to refer to such law, statute, ordinance, code, regulation, rule&nbsp;or other requirement of any governmental authority as amended, reenacted,
supplemented or superseded in whole or in part and in effect from time to time and also to all rules&nbsp;and regulations promulgated
thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Permitted
Free Writing Prospectuses</U>. Each of the Company and the Agent represents, warrants and agrees that, unless it obtains the prior written
consent of the other party</FONT>, which consent shall not be unreasonably withheld, conditioned or delayed, it has not made and will
not make any offer relating to the Placement Shares that would constitute an issuer free writing prospectus, or that would otherwise constitute
a free writing prospectus (as defined in Rule&nbsp;405), required to be filed with the Commission. Any such free writing prospectus consented
to by the Agent or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<B><U>Permitted Free Writing Prospectus</U></B>.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an issuer
free writing prospectus, and that it has complied and will comply with the requirements of Rule&nbsp;433 applicable to any Permitted Free
Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Absence
of Fiduciary Relationship</U>. The Company acknowledges and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Agent</FONT> has been retained to act as sales agent in connection with the sale of the Placement Shares, the Agent has acted at arms&rsquo;
length and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity
holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in
respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised or is advising the Company
on other matters and the Agent has no duties or obligations to the Company with respect to the transactions contemplated by this Agreement
except the obligations expressly set forth herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company is capable of evaluating, and understanding and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</P>

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

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;neither
the Agent</FONT> nor its affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated
by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company has been advised and is aware that the Agent</FONT> and its affiliates are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and that the Agent and its affiliates have no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company waives, to the fullest extent permitted by law, any claims it may have against the Agent</FONT> or its affiliates for breach of
fiduciary duty or alleged breach of fiduciary duty in connection with the transactions contemplated by this Agreement and agrees that
the Agent and its affiliates shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary claim
or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders (or other equity holders),
creditors or employees of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Recognition
of the U.S. Special Resolution Regimes</U>. In the event that the Agent is a Covered Entity and becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from the Agent of this Agreement, and any interest and obligation in or under this Agreement,
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and
any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Agent is a Covered Entity
and the Agent or a BHC Act Affiliate of the Agent becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under this Agreement that may be exercised against the Agent are permitted to be exercised to no greater extent than such Default Rights
could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state
of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Agreement, (A)&nbsp;&ldquo;BHC
Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12
U.S.C. &sect; 1841(k); (B)&nbsp;&ldquo;Covered Entity&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered entity&rdquo; as that
term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a &ldquo;covered bank&rdquo; as that term
is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is
defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b); (C)&nbsp;&ldquo;Default Right&rdquo; has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable; and (D)&nbsp;&ldquo;U.S.
Special Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and
(ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or electronic
transmission. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal
ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.</P>

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

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Use
of Information</U>. The Agent may not provide any information gained in connection with this Agreement and the transactions contemplated
by this Agreement, including due diligence, to any third party other than its legal counsel advising it on this Agreement and the transactions
contemplated by this Agreement unless expressly approved by the Company in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agent&rsquo;s
Information</U>. As used in this Agreement, &ldquo;<B><U>Agent&rsquo;s Information</U></B>&rdquo; means solely the following information
in the Registration Statement and the Prospectus: the first and third sentences in the ninth paragraph under the heading &ldquo;Plan of
Distribution&rdquo; in the Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All references in this Agreement to the Registration
Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission
pursuant to EDGAR. All references in this Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo;
 &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import)
shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference
in the Registration Statement or the Prospectus, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references in this Agreement to &ldquo;supplements&rdquo; to the Prospectus shall include any supplements, &ldquo;wrappers&rdquo; or similar
materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent</FONT> outside of the
United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Remainder of Page&nbsp;Intentionally Blank]</B></P>

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

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing correctly sets forth the understanding between the Company and the Agent</FONT>, please so indicate in the space provided
below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Agent.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="3"><B>VERICEL CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Dominick C. Colangelo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">Name:</TD>
  <TD STYLE="width: 42%">Dominick C. Colangelo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="3"><B>ACCEPTED as of the date first-above written:</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3"><B>SVB LEERINK LLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Peter M. Fry</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Peter M. Fry</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>Head of Alternative Equities</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>SCHEDULE 1</U></B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">From:</TD><TD STYLE="text-align: justify">[ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;]</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">[&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</TD><TD STYLE="text-align: justify">]</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Cc:</TD><TD STYLE="text-align: justify">[ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;]</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Subject:</TD><TD STYLE="text-align: justify">SVB Leerink&mdash;At the Market Offering&mdash;Placement Notice</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the terms and subject to the conditions contained in the
Sales Agreement, dated August&nbsp;27, 2021 (the &ldquo;<B><U>Agreement</U></B>&rdquo;), by and between Vericel Corporation, a Michigan
corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and SVB Leerink LLC (&ldquo;<B><U>SVB Leerink</U></B>&rdquo;),&nbsp;I hereby request
on behalf of the Company that SVB Leerink sell up to [ ] shares of common stock, no par value per share, of the Company (the &ldquo;<B><U>Shares</U></B>&rdquo;),
at a minimum market price of $&#8239;&#8239;&#8239;&#8239;&nbsp; per share[; <I>provided</I> that no more than [ ] Shares shall be sold in
any one Trading Day (as such term is defined in Section&nbsp;3 of the Agreement)]. Sales should begin on the date of this Placement Notice
and end on [DATE] [until all Shares that are the subject of this Placement Notice are sold].</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>SCHEDULE 2</U></B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">atm@svbleerink.com</P>

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>SCHEDULE 3</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall pay SVB Leerink compensation in cash equal to 3.0%
of the gross proceeds from the sales of Placement Shares pursuant to the terms of the Sales Agreement of which this <B><U>Schedule 3</U></B>
forms a part.</P>

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

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit&nbsp;7(m)</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of Dominick Colangelo, the duly qualified and elected Chief Executive
Officer of Vericel Corporation, a Michigan corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and Joseph Mara, the duly qualified
and elected Chief Financial Officer of the Company, does hereby certify in his respective capacity and on behalf of the Company, pursuant
to Section&nbsp;7(m)&nbsp;of the Sales Agreement, dated August&nbsp;27, 2021 (the &ldquo;<B><U>Sales Agreement</U></B>&rdquo;), by and
between the Company and SVB Leerink LLC, that, after due inquiry, to the best of the knowledge of the undersigned:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
representations and warranties of the Company in Section&nbsp;6 of the Sales Agreement (A)&nbsp;to the extent such representations and
warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Effect, are true
and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, and (B)&nbsp;to
the extent such representations and warranties are not subject to any qualifications or exceptions relating to materiality or Material
Adverse Effect, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same
force and effect as if expressly made on and as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement
at or prior to the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
of the date hereof, (A)&nbsp;the Registration Statement complies in all material respects with the requirements of the Securities Act
and does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein not misleading, (B)&nbsp;the Prospectus complies in all material respects with the requirements
of the Securities Act does not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading
and (C)&nbsp;no event has occurred as a result of which it is necessary to amend or supplement the Registration Statement or the Prospectus
in order to make the statements therein not untrue or misleading or for clauses (A)&nbsp;and (B)&nbsp;above, to be true and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;There
has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the
condition (financial or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities or prospects
of the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, since
the date as of which information is given in the Prospectus, as amended or supplemented to the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company does not possess any material non-public information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
maximum amount of Placement Shares that may be sold pursuant to the Sales Agreement has been duly authorized by the Company&rsquo;s board
of directors or a duly authorized committee thereof pursuant to a resolution or unanimous written consent in accordance with the Company&rsquo;s
amended and restated articles of incorporation, amended and restated bylaws and applicable law.</P>

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

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

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Sales Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, each of the undersigned, in
such individual&rsquo;s respective capacity as Chief Executive Officer or Chief Financial Officer of the Company, has executed this Officers&rsquo;
Certificate on behalf of the Company.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Dominick C. Colangelo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Date:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">Name:</TD>
  <TD STYLE="width: 42%">Joseph Mara</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD> Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Date:</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Company Signature Page&nbsp;to Officers&rsquo;
Certificate</I>]</P>

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

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

<!-- Field: Page; Sequence: 16; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>tm2125905d2_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.2</B></P>

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 78%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;101.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;102.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificates and Opinions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;103.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;104.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;105.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,&nbsp;etc., to Trustee and Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;106.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice to Holders; Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;107.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts; Effect of Headings and Table of Contents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;108.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;109.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability Clause</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;110.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;111.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;112.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;113.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;114.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TWO - SECURITIES FORMS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;201.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;202.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Trustee&#8217;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;203.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Issuable in Global Form</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;THREE - THE SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;301.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;302.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;303.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution, Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;304.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;305.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration, Registration of Transfer, Conversion and Exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;306.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;307.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;308.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons Deemed Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;309.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;310.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;311.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP Numbers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FOUR - SATISFACTION AND DISCHARGE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;401.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;402.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Trust Funds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FIVE - REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;501.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;502.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;503.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;504.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee May&nbsp;File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;505.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee May&nbsp;Enforce Claims Without Possession of Securities or Coupons</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;506.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;507.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;508.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;509.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;510.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;511.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;512.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control by Holders of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;513.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;514.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Usury, Stay or Extension Laws</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;515.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking for Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SIX - THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;601.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;602.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Rights of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;603.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Responsible for Recitals or Issuance of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;604.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;Hold Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;605.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;606.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Reimbursement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;607.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Trustee Required; Eligibility; Conflicting Interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;608.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;609.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance of Appointment by Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;610.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;611.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;612.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Duties and Responsibilities of the Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SEVEN - HOLDERS&#8217; LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;701.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure of Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;702.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;703.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;704.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;801.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;802.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights and Duties of Successor Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;803.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers&#8217; Certificate and Opinion of Counsel</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;NINE - SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;901.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;902.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;903.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;904.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;905.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;906.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference in Securities to Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TEN - COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1001.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal, Premium or Make-Whole Amount, if any; and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1002.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Office or Agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1003.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money for Securities Payments to Be Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1004.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1005.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Properties</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1006.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1007.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Taxes and Other Claims</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1008.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement as to Compliance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1009.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Certain Covenants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;ELEVEN - REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1101.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1102.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election to Redeem; Notice to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1103.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection by Trustee of Securities to Be Redeemed</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1104.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1105.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1106.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Payable on Redemption Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1107.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Redeemed in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TWELVE - SINKING FUNDS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1201.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1202.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1203.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1301.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1302.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1303.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Option</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1304.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When Securities Presented for Repayment Become Due and Payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1305.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Repaid in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1401.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article; Company&#8217;s Option to Effect Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1402.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1403.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1404.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1405.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1501.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purposes for Which Meetings May&nbsp;Be Called</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1502.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call, Notice and Place of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1503.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons Entitled to Vote at Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1504.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum; Action</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1505.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of Voting Rights; Conduct and Adjournment of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1506.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counting Votes and Recording Action of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SIXTEEN - CONVERSION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1601.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article; Conversion Privilege and Conversion Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1602.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Conversion Privilege</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1603.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractions of Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1604.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment of Conversion Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1605.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Adjustments of Conversion Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1606.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Certain Corporate Action</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1607.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company to Reserve Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1608.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes on Conversion</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1609.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants as to Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1610.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of Converted Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1611.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1612.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee Adjustment Disclaimer; Company Determination Final</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1613.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When No Adjustment Required</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1614.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equivalent Adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reconciliation and tie between the Trust Indenture Act of 1939, as
amended (the &#8220;Trust Indenture Act&#8221; or &#8220;TIA&#8221;) and the Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp; .</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trust&nbsp;Indenture&nbsp;Act&nbsp;Section</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indenture&nbsp;Section</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 310(a)(1)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607, 608</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 312(c)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">701</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 313(a)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 314(a)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1008</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(1)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(2)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 315(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">601</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 74%; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 316(a)&nbsp;(last sentence)</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="width: 24%; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101(&#8220;Outstanding&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">502, 512</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">508</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 317(a)(1)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">503</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">504</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 318(a)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INDENTURE, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp; , VERICEL CORPORATION, a corporation organized under the laws of the State of Michigan (hereinafter called the &#8220;Company&#8221;),
having its principal office at 64 Sidney St., Cambridge, MA 02139, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee hereunder (hereinafter called the &#8220;Trustee&#8221;), having a Corporate Trust Office at &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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company deems it necessary to issue from time to time for its lawful
purposes senior debt securities (hereinafter called the &#8220;Securities&#8221;) evidencing its unsecured and senior indebtedness, and
has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the Securities, to be
issued in one or more Series&nbsp;as provided in this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Indenture is subject to the provisions of the Trust Indenture
Act of 1939, as amended (the &#8220;Trust Indenture Act&#8221; or &#8220;TIA&#8221;), that are deemed to be incorporated into this Indenture
and shall, to the extent applicable, be governed by such provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All things necessary to make this Indenture a valid and legally binding
agreement of the Company, in accordance with its terms, have been done.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For 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 a Series&nbsp;thereof, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;ONE - DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;101. <U>Definitions</U>. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the terms defined in this Article&nbsp;have the meanings assigned
to them in this Article, and include the plural as well as the singular;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;all other terms used herein which are defined in the TIA,
either directly or by reference therein, have the meanings assigned to them therein, and the terms &#8220;cash transactions&#8221; and
 &#8220;self-liquidating paper,&#8221; as used in TIA Section&nbsp;311, shall have the meanings assigned to them in the rules&nbsp;of the
Commission adopted under the TIA;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;any reference to an &#8220;Article&#8221; or a &#8220;Section&#8221;
refers to an Article&nbsp;or Section, as the case may be, of this Indenture; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;the words &#8220;herein,&#8221; &#8220;hereof &#8220;and &#8220;hereunder&#8221;
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section&nbsp;or other subdivision.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Act</U>,&#8221; when used with respect to any Holder, has
the meaning specified in Section&nbsp;104.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Affiliate</U>&#8221; 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, &#8220;control&#8221; 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 &#8220;controlling&#8221; and &#8220;controlled&#8221; have meanings correlative to the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Authenticating Agent</U>&#8221; means any Person authorized
by the Trustee pursuant to Section&nbsp;611 hereof 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Authorized Newspaper</U>&#8221; means a newspaper,
printed in the English language or in an official language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or 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. Whenever successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or in different Authorized 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Bankruptcy Law</U>&#8221; has the meaning specified in Section&nbsp;501.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Bearer Security</U>&#8221; means any Security established
pursuant to Section&nbsp;201 which is payable to the bearer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Board of Directors</U>&#8221; when used with reference to
the Company, means the board of directors of the Company, or any committee of that board duly authorized to act hereunder, or any director
or directors and/or officer or officers of the Company, to whom the board or committee shall have duly delegated its authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Board Resolution</U>&#8221; means a copy of (1)&nbsp;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 of the Board of Directors and to be in full force and effect on the date of such certification, or (2)&nbsp;a certificate signed
by the director or directors and/or officer or officers to whom the Board of Directors shall have duly delegated its authority, together
with a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification authorizing such delegation, and, in each case, delivered to the
Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Business Day</U>,&#8221; when used with respect to any Place
of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with
respect to any Securities issued pursuant to Section&nbsp;301, any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions in that Place of Payment or particular location are authorized or required by law, regulation
or executive order to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Capital Stock</U>&#8221; means, with respect to any Person,
any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of
such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase
any thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Clearstream</U>&#8221; means Clearstream Banking Luxembourg,
soci&eacute;t&eacute; anonyme, or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Closing Price</U>&#8221; means the closing price of a share
of Common Stock of the Company as reported on the NASDAQ Capital Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Code</U>&#8221; means the Internal Revenue Code of 1986,
as amended, and the regulations thereunder.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Commission</U>&#8221; means the Securities and Exchange Commission,
as from time to time constituted, created under the Exchange Act, or, if at any time after execution of this instrument such Commission
is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such
date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Common Depository</U>&#8221; has the meaning specified in
Section&nbsp;304.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Common Stock</U>&#8221; means, with respect to any Person,
all shares of capital stock issued by such Person other than Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Company</U>&#8221; means the Person named as the &#8220;Company&#8221;
in the first paragraph of this Indenture until a successor corporation shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter &#8220;Company&#8221; shall mean such successor corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Company Request</U>&#8221; and &#8220;<U>Company Order</U>&#8221;
mean, respectively, a written request or order signed in the name of the Company by the Chief Executive Officer, the President, or a Vice
President, and by its 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Constituent Person</U>&#8221; has the meaning specified in
Section&nbsp;1611.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Conversion Event</U>&#8221; means the cessation of use of
(i)&nbsp;a Foreign Currency both by the government of the country which issued such currency and for the settlement of transactions by
a central bank or other public institutions of or within the international banking community, (ii)&nbsp;the ECU both within the European
Monetary System and for the settlement of transactions by public institutions of or within the European Communities or (iii)&nbsp;any
currency unit (or composite currency) other than the ECU for the purposes for which it was established.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Conversion Price</U>&#8221; has the meaning specified in
Section&nbsp;1601.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Corporate Trust Office</U>&#8221; means the office of the
Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof
is located at [&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>corporation</U>&#8221; includes corporations, associations,
companies and business trusts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>coupon</U>&#8221; means any interest coupon appertaining
to a Bearer Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Covenant Defeasance</U>&#8221; has the meaning specified
in Section&nbsp;1403.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Custodian</U>&#8221; has the meaning specified in Section&nbsp;501.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Defaulted Interest</U>&#8221; has the meaning specified in
Section&nbsp;307.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Defeasance</U>&#8221; has the meaning specified in Section&nbsp;1402.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Distribution Record Date</U>&#8221; has the meaning specified
in Section&nbsp;1611.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Dividend Record Date</U>&#8221; has the meaning specified
in Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Dollar</U>&#8221; or the sign &#8220;<U>$</U>&#8221; means
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>DTC</U>&#8221; means The Depository Trust Company and any
successor to DTC in its capacity as depository for any Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>ECU</U>&#8221; means the European Currency Unit as defined
and revised from time to time by the Council of the European Communities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Euroclear</U>&#8221; means the operator of the Euroclear
System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>European Communities</U>&#8221; means the European Economic
Community, the European Coal and Steel Community and the European Atomic Energy Community.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>European Monetary System</U>&#8221; means the European Monetary
System established by the Resolution of December&nbsp;5, 1978 of the Council of the European Communities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Event of Default</U>&#8221; has the meaning specified in
Article&nbsp;Five.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Exchange Act</U>&#8221; means the Securities Exchange Act
of 1934, as amended, as in force at the date as of which this Indenture was executed; <U>provided</U>, <U>however</U>, that in the event
the Exchange Act is amended after such date, &#8220;Exchange Act&#8221; means to the extent required by any such amendment, the Exchange
Act as so amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Exchange Date</U>&#8221; has the meaning specified in Section&nbsp;304.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>FINRA</U>&#8221; means the Financial Industry Regulatory
Authority,&nbsp;Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Foreign Currency</U>&#8221; means any currency, currency
unit or composite currency, including, without limitation, the ECU issued by the government of one or more countries other than the United
States of America or by any recognized confederation or association of such governments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>GAAP</U>&#8221; means, except as otherwise provided herein,
generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a consistent basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Global Security</U>&#8221; means a Security evidencing all
or a part of a series of Securities issued to and registered in the name of the depository for such series, or its nominee, in accordance
with Section&nbsp;305, and bearing the legend prescribed in Section&nbsp;203.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Government Obligations</U>&#8221; means (i)&nbsp;securities
which are (A)&nbsp;direct obligations of the United States of America or the government which issued the Foreign Currency in which the
Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (B)&nbsp;obligations of
a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which
issued the Foreign Currency in which the Securities of such series 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, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and (iii)&nbsp;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, <U>provided</U> 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Holder</U>&#8221; means, in the case of a Registered Security,
the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and,
when used with respect to any coupon, shall mean the bearer thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Indenture</U>&#8221; means this instrument as originally
executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section&nbsp;301;
<U>provided</U>, <U>however</U>, that, if at any time more than one Person is acting as Trustee under this instrument, &#8220;Indenture&#8221;
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 be supplemented or amended from time to time 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&nbsp;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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Indexed Security</U>&#8221; means a Security the terms of
which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof
at original issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Interest</U>,&#8221; when used with respect to an Original
Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable after Maturity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Interest Payment Date</U>,&#8221; when used 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Make-Whole Amount</U>,&#8221; when used with respect to any
Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any) which is required by a Security, under
the terms and conditions specified therein or as otherwise specified as contemplated by Section&nbsp;301, to be paid by the Company to
the Holder thereof in connection with any optional redemption or accelerated payment of such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>mandatory sinking fund payment</U>&#8221; has the meaning
specified in Section&nbsp;1201.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Market Value of the Distribution</U>&#8221; has the meaning
specified in Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Maturity</U>,&#8221; when used with respect to any Security,
means the date on which the principal (or, if the context so requires, in the case of an Original Issue Discount Security, or lesser amount
or, in the case of an Indexed Security, an amount determined in accordance with the specified terms of that Security) 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Officers&#8217; Certificate</U>&#8221; means a certificate
signed by the Chief Executive Officer, the President, or a Vice President (whether or not designated by a number or word or words added
before or after the title &#8220;Vice President&#8221;), 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Opinion of Counsel</U>&#8221; means a written opinion of
counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>optional sinking fund payment</U>&#8221; has the meaning
specified in Section&nbsp;1201.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Original Issue Discount Security</U>&#8221; means any Security
which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less than the principal amount
thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;502.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Outstanding</U>,&#8221; when used with respect to Securities,
means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, <U>except</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation;</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;Securities, or portions thereof, for whose payment or redemption
(including 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; <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;Securities, except to the extent provided in Sections 1402
and 1403, with respect to which the Company has effected Defeasance and/or Covenant Defeasance as provided in Article&nbsp;Fourteen; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iv)&nbsp;Securities which have been paid pursuant to Section&nbsp;306
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>however</U>, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section&nbsp;313, (i)&nbsp;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 purpose shall be equal to
the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the maturity thereof pursuant to Section&nbsp;502, (ii)&nbsp;the principal
amount of any Security denominated in a Foreign Currency 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 pursuant to Section&nbsp;301 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)&nbsp;above)
of such Security, (iii)&nbsp;the principal amount of any Indexed Security that may be counted in making such determination or
calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed
Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section&nbsp;301, and
(iv)&nbsp;Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in
making such calculation or in 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 owned as
provided in clause (iv)&nbsp;above which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee&#8217;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 of such other obligor. In case of a dispute
as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with
such advice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Paying Agent</U>&#8221; means any Person authorized by the
Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities or coupons on behalf of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Person</U>&#8221; means any individual, corporation, limited
liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof, or any other entity or organization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Place of Payment</U>,&#8221; when used with respect to the
Securities of or within any series, means the place or places where the principal of (and premium or Make-Whole Amount, if any) and interest
on such Securities are payable as specified as contemplated by Sections 301 and 1002.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Predecessor Security</U>&#8221; 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&nbsp;306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or
stolen coupon appertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Preferred Stock</U>&#8221; means, with respect to any Person,
all capital stock issued by such Person that is entitled to a preference or priority over any other capital stock issued by such Person
with respect to any distribution of such Person&#8217;s assets, whether by dividend or upon any voluntary or involuntary liquidation,
dissolution or winding up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Redemption Date</U>,&#8221; when used with respect to any
Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Redemption Price</U>,&#8221; when used with respect to any
Security to be redeemed, means the price specified in the related Officers&#8217; Certificate or supplemental indenture contemplated by
and pursuant to Section&nbsp;301, at which it is to be redeemed pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Reference Date</U>&#8221; has the meaning specified in Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Registered Security</U>&#8221; shall mean any Security which
is registered in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Regular Record Date</U>&#8221; for the interest payable on
any Interest Payment Date on the Registered Securities of or within any series means the date specified for that purpose as contemplated
by Section&nbsp;301, whether or not a Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Repayment Date</U>&#8221; means, when used with respect to
any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Repayment Price</U>&#8221; means, when used with respect
to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Responsible Officer</U>,&#8221; when used with respect to
the Trustee, means any Vice President (whether or not designated by a number or a word or words added before or after the title &#8220;Vice
President&#8221;), Assistant Vice President, Trust Officer or Assistant Trust Officer working in its Corporate Trust Department, or any
other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and working
in its Corporate Trust Department, and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such officer&#8217;s knowledge 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Rights</U>&#8221; has the meaning specified in Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Rights Record Date</U>&#8221; has the meaning specified in
Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Security</U>&#8221; and &#8220;<U>Securities</U>&#8221; has
the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered
under this Indenture; <U>provided</U>, <U>however</U>, that, if at any time there is more than one Person acting as Trustee under this
Indenture, &#8220;Securities&#8221; 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Security Register</U>&#8221; and &#8220;<U>Security Registrar</U>&#8221;
have the respective meanings specified in Section&nbsp;305.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &#8220;<U>Series</U>&#8221; of Securities means all securities denoted
as part of the same series authorized by or pursuant to a particular Board Resolution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Short Term Rights</U>&#8221; has the meaning specified in
Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Significant Subsidiary</U>&#8221; means any Subsidiary which
is a &#8220;significant subsidiary&#8221; (as defined in Article&nbsp;I, Rule&nbsp;1-02 of Regulation S-X, promulgated under the Securities
Act of 1933, as amended) of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Special Record Date</U>&#8221; for the payment of any Defaulted
Interest on the Registered Securities of or within any series means a date fixed by the Company pursuant to Section&nbsp;307.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Stated Maturity</U>,&#8221; when used 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Subsidiary</U>&#8221; means, with respect to any Person,
any corporation, limited liability company, partnership or other entity of which a majority of (i)&nbsp;the voting power of the voting
equity securities or (ii)&nbsp;the outstanding equity interests are owned, directly or indirectly, by such Person.&nbsp; For the purposes
of this definition, &#8220;voting equity securities&#8221; means equity securities having voting power for the election of directors,
whether at all times or only so long as no senior class of security has such voting power by reason of any contingency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Trading Day</U>&#8221; means any day on which the NASDAQ
Capital Market is open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Trigger Events</U>&#8221; has the meaning specified in Section&nbsp;1604.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Trust Indenture Act</U>&#8221; or &#8220;<U>TIA</U>&#8221;
means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture was executed, except as provided
in Section&nbsp;905.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Trustee</U>&#8221; means the Person named as the
 &#8220;Trustee&#8221; in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter &#8220;Trustee&#8221; shall mean or include each Person who is then a
Trustee hereunder; <U>provided</U>, <U>however</U>, that if at any time there is more than one such Person, &#8220;Trustee&#8221; as
used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Unadjusted Distribution</U>&#8221; has the meaning specified
in Section&nbsp;1604.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>United States</U>&#8221; means, unless otherwise specified
with respect to any Securities pursuant to Section&nbsp;301, the United States of America (including the states and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>United States Person</U>&#8221; means, unless otherwise specified
with respect to any Securities pursuant to Section&nbsp;301, an individual who is a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is
subject to United States Federal income taxation regardless of its source.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<U>Yield to Maturity</U>&#8221; means the yield to maturity,
computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United States bond yield computation principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;102. <U>Compliance Certificates and Opinions</U>. 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&#8217; 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 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (including certificates delivered pursuant to Section&nbsp;1008) shall include:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;a statement that each individual signing such certificate
or opinion has read such condition or covenant and the definitions herein relating thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such certificate or opinion are based;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;103. <U>Form&nbsp;of Documents Delivered to Trustee</U>.
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or
representations 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 as 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, they may, but need not, be consolidated
and form one instrument.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;104. <U>Acts of Holders</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding Securities of all series or one or
more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by agents duly appointed in writing. 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&nbsp;Fifteen, 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 &#8220;Act&#8221; of the Holders signing such instrument
or instruments or 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 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&nbsp;1506.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to
him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate
or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;The ownership of Registered Securities shall be proved by
the Security Register. As to any matter relating to beneficial ownership interests in any Global Security, the appropriate depository&#8217;s
records shall be dispositive for purposes of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;The ownership of Bearer Securities may be proved by the
production of such Bearer Securities or by a certificate executed, as depository, by any trust company, bank, banker or other
depository, 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 depository, 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)&nbsp;another certificate or affidavit bearing a later date issued in respect of the same Bearer
Security is produced, or (2)&nbsp;such Bearer Security is produced to the Trustee by some other Person, or (3)&nbsp;such Bearer
Security is surrendered in exchange for a Registered Security, or (4)&nbsp;such Bearer Security is no longer Outstanding. The
ownership of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;If the Company shall solicit from the Holders of
Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its
option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so.
Notwithstanding TIA Section&nbsp;316(c), such record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in
connection therewith and not later than the date such solicitation is completed. 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 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; <U>provided</U> that no such authorization, agreement or consent by the Holders on such record date shall be
deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after
the record date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;Any request, demand, authorization, direction, notice, consent,
waiver or other Act of 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 upon the conversion thereof or in exchange therefor or in lieu thereof in respect
of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;105. <U>Notices,&nbsp;etc., to Trustee and Company</U>.
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
] or at any other address previously furnished in writing to the Company by the Trustee, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&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 it 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 the Trustee by the Company, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;either the Trustee or the Company, by the other party or by
any Holder, shall be sufficient for every purpose hereunder if given by facsimile transmission, receipt confirmed by telephone followed
by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]; and if to the Company at facsimile number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;106. <U>Notice to Holders; Waiver</U>. Where this
Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such
Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, if any, and
not earlier than the earliest date, if any, prescribed for the giving of such notice. 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 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 mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives
such notice.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If by reason of the suspension of or irregularities in regular mail
service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders of Registered
Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise expressly provided herein or otherwise
specified with respect to any Securities pursuant to Section&nbsp;301, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York and
in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not later than the
latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. Any such notice shall
be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such
publication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If 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 the failure to give notice by publication to any particular Holder
of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of such notice with respect
to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any request, demand, authorization, direction, notice, consent or waiver
required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language
of the country of publication.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;107. <U>Counterparts; Effect of Headings and Table of
Contents</U>. This Indenture 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 Indenture. The Article&nbsp;and Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;108. <U>Successors and Assigns</U>. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;109. <U>Severability Clause</U>. In case any provision
in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.</P>

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

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

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;110. <U>Benefits of Indenture</U>. Nothing in this Indenture
or in the Securities or coupons, if any, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;111. <U>Governing Law</U>. This Indenture and the Securities
and coupons shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to the
provisions of the TIA 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;112. <U>Legal Holidays</U>. In any case where any Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security or the last date
on which a Holder has the right to convert or exchange a Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or any Security or coupon other than a provision in the Securities of any series which specifically
states that such provision shall apply in lieu hereof), payment of interest or principal (and premium or Make-Whole Amount, if any) or
conversion or exchange of such Security need not be made at such Place of Payment on such date, but (except as otherwise provided in the
supplemental indenture with respect to such Security) 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, Redemption Date, Repayment Date or sinking fund payment date, or at the
Stated Maturity or Maturity, or on such last day for conversion or exchange, provided that no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity
or Maturity, as the case may be.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 03 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;113. <U>Limited Liability; Immunity of Stockholders,
Directors, Officers and Agents of the Company</U>. Notwithstanding any other provision of this Indenture or of the Securities of any
series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any
Security, or for the payment of any sums due on account of any indebtedness evidenced thereby, including without limitation
principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect of this
Indenture or any Security, shall be had, whether by levy or execution or otherwise, against (i)&nbsp;the Company, the
Company&#8217;s assets or against any past, present or future stockholder, employee, officer, director or agent, as such, of the
Company or any successor, either directly or through the Company or any successor, under any rule&nbsp;of law, statute,
constitutional provision or by the enforcement of any assessment or penalty, or by any legal or equitable proceeding or otherwise,
nor shall any such parties be personally liable for any such amounts, obligations or claims, or liable for any deficiency judgment
based thereon or with respect thereto, it being expressly understood that the sole remedies hereunder or under any other document
with respect to the Securities against such parties with respect to such amounts, obligations or claims shall be against the Company
and that all such liability of and recourse against such parties is expressly waived and released by the acceptance of the
Securities by the Holders and as part of the consideration for the issue of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;114. <U>Conflict with Trust Indenture Act</U>. If any
provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Indenture
by any of the provisions of the Trust Indenture Act, such required provision shall control. If any provision of this Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply
to this Indenture as so modified or to be excluded, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;201. <U>Forms of Securities</U>. The Registered Securities,
if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be substantially in the form of <U>Exhibit&nbsp;A</U>
hereto or in such other form as shall be established in one or more indentures supplemental hereto or approved from time to time by or
pursuant to a Board Resolution in accordance with Section&nbsp;301, shall have such 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 or designation and such legends or endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule&nbsp;or regulation
made pursuant thereto or with any rule&nbsp;or regulation of any over-the-counter market or securities exchange, on which the Securities
may be quoted or listed, or to conform to usage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified as contemplated by Section&nbsp;301, Bearer
Securities shall have interest coupons attached.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The definitive Securities and 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 mechanically reproduced
on safety paper or may be produced in any other manner, all as determined by the officers 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;202. <U>Form&nbsp;of Trustee&#8217;s Certificate of Authentication</U>.
Subject to Section&nbsp;611, the Trustee&#8217;s certificate of authentication shall be in substantially the following form:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><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">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><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">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><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">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><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">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signatory</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;203. <U>Securities Issuable in Global Form</U>. If
Securities of or within a series are issuable in the form of one or more Global Securities, then, notwithstanding clause (8)&nbsp;of
Section&nbsp;301 and the provisions of Section&nbsp;302, any such Global Security or Securities may provide that it or they shall
represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms
thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities of such series
represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of any Global Security to
reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof, of Outstanding
Securities represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person or Persons as
shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section&nbsp;303 or 304. Subject to
the provisions of Section&nbsp;303 and, if applicable, Section&nbsp;304, the Trustee shall deliver and redeliver any Global 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&nbsp;303 or 304 has been, or simultaneously is, delivered, any instructions by
the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in writing but need not comply with
Section&nbsp;102 and need not be accompanied by an Opinion of Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of the last sentence of Section&nbsp;303 shall apply
to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to
the Trustee the Global Security together with written instructions (which need not comply with Section&nbsp;102 and need not be accompanied
by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written
statement contemplated by the last sentence of Section&nbsp;303.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of Section&nbsp;307, unless otherwise
specified as contemplated by Section&nbsp;301, payment of principal of and any premium or Make-Whole Amount, if any, and interest on any
Global Security in permanent global form shall be made to the registered Holder thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of Section&nbsp;308 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)&nbsp;in the case of a permanent Global Security in registered
form, the Holder of such permanent Global Security in registered form, or (ii)&nbsp;in the case of a permanent Global Security in bearer
form, Euroclear or Clearstream.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;This Security is a Global Security within the meaning set forth
in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. This Security is
exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances
described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or another nominee of the Depository or by the Depository or its nominee to a successor Depository
or its nominee.&#8221;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;301. <U>Amount Unlimited; Issuable in Series</U>. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities may be issued in one or more series, each of which shall
be authorized pursuant to Board Resolutions of the Company. There shall be established in one or more Board Resolutions or pursuant to
authority granted by one or more Board Resolutions and, subject to Section&nbsp;303, set forth in an Officers&#8217; Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;The title of the Securities of the series, including &#8220;CUSIP&#8221;
numbers (which shall distinguish the Securities of such series from all other series of Securities);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Any limit upon the aggregate principal amount of the
Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section&nbsp;304, 305, 306, 906, 1107 or 1305) and the minimum authorized denominations with respect to the Securities
of such series;</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;The price (expressed as a percentage of the principal amount
thereof) at which such Securities will be issued and, if other than the principal amount thereof, the portion of the principal amount
thereof payable upon declaration of acceleration of the maturity thereof or (if applicable) the portion of the principal amount of such
Securities that is convertible into Common Stock or Preferred Stock or the method by which any such portion shall be determined;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;If convertible, the terms on which such Securities are convertible,
including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability
of Common Stock or Preferred Stock receivable on conversion;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;The date or dates, or the method for determining such date
or dates, on which the principal of such Securities will be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;The rate or rates (which may be fixed or variable), or the
method by which such rate or rates shall be determined, at which such Securities will bear interest, if any;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;The date or dates, or the method for determining such date
or dates, from which any such interest will accrue, the Interest Payment Dates on which any such interest will be payable, the Regular
Record Dates for such Interest Payment Dates, or the method by which such dates shall be determined, the Persons to whom such interest
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;The Make-Whole Amount, if any, or method for determining the
Make-Whole Amount, if any, payable with respect to such Securities, and the terms upon which such amount, if any, will be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;The place or places where the principal of (and premium or
Make-Whole Amount, if any) and interest, if any, on such Securities will be payable, where such Securities may be surrendered for registration
of transfer or conversion or exchange and where notices or demands to or upon the Company in respect of such Securities and this Indenture
may be served;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;The period or periods, if any, within which, the price or
prices at which and the other terms and conditions upon which such Securities may, pursuant to any optional or mandatory redemption provisions,
be redeemed, as a whole or in part, at the option of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) The obligation, if any, of the Company to redeem, repay or purchase
such Securities pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within
which, the price or prices at which and the other terms and conditions upon which such Securities will be redeemed, repaid or purchased,
as a whole or in part, pursuant to such obligation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(12) If other than Dollars, the currency or currencies in which such
Securities are denominated and payable, which may be a foreign currency or units of two or more foreign currencies or a composite currency
or currencies, the manner of determining the equivalent thereof in Dollars for purposes of the definition of &#8220;Outstanding&#8221;
in Section&nbsp;101, and the terms and conditions relating thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(13) Whether the amount of payments of principal of (and premium or
Make-Whole Amount, if any, including any amount due upon redemption, if any) or interest on such Securities may be determined with reference
to an index, formula or other method (which index, formula or method may, but need not be, based on the yield on or trading price of other
securities, including United States Treasury securities or on a currency, currencies, currency unit or units, or composite currency or
currencies) and the manner in which such amounts shall be determined;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(14) Whether the principal of (and premium or Make-Whole Amount,
if any) or interest on the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a
currency or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are
denominated or stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may
be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate
between the currency or currencies, currency unit or units or composite currency or currencies in which such Securities 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 are to be so payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(15) Provisions, if any, granting special rights to the Holders of
Securities of the series upon the occurrence of such events as may be specified;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(16) Any deletions from, modifications of or additions to the Events
of Default or covenants of the Company with respect to Securities of the series, 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(17) Whether and under what circumstances the Company will pay any
additional amounts on such Securities in respect of any tax, assessment or governmental charge and, if so, whether the Company will have
the option to redeem such Securities in lieu of making such payment;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(18) Whether Securities of the series are to be issuable as Registered
Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer
Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series and vice
versa (if permitted by applicable laws and regulations), whether any Securities of the series are to be issuable initially in temporary
global form and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may, or shall be required to, exchange such interests for Securities
of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may, or
shall be required to, occur, if other than in the manner provided in the Indenture, and, if Registered Securities of the series are to
be issuable as a Global Security, the identity of the depository for such series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(19) The date as of which any Bearer Securities of the series and any
temporary 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(20) The Person to whom any interest on any Registered Security of
the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest the manner in which, or the Person to whom, any interest on any
Bearer Security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto
as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary Global Security on an Interest
Payment Date will be paid if other than in the manner provided herein; <U>provided</U>, <U>however</U>, in each case, that the manner
of determining such Person or making such payment shall be acceptable to the Trustee (as not imposing on it any undue administrative burden
or risk of liability);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(21) The applicability, if any, of the Defeasance and Covenant Defeasance
provisions of Article&nbsp;Fourteen hereof to the Securities of the series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(22) The obligation, if any, of the Company to permit the conversion
of the Securities of such series into Common Stock or Preferred Stock, as the case may be, and the terms and conditions upon which such
conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment
of the applicable conversion price and any requirements relative to the reservation of such shares for purposes of conversion);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(23) If the Securities of such 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/or terms of such certificates, documents or
conditions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(24) Designation of the Trustee, if different from the Trustee under
the Indenture, with respect to such series and the terms applicable to such Trustee (which shall be accepted by such Trustee by its execution
and delivery of a supplemental indenture as provided therein); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(25) Any other terms of the series (which terms shall not be inconsistent
with the provisions of this Indenture).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and
except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section&nbsp;303) and set forth in such Officers&#8217;
Certificate or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the terms of the Securities of any series are established
by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s)&nbsp;shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers&#8217;
Certificate setting forth the terms of the Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;302. <U>Denominations</U>. The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by Section&nbsp;301. With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Securities of such series,
other than Global Securities (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple
thereof or the equivalent amounts thereof in the case of Securities denominated in the Foreign Currency or currency unit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;303. <U>Execution, Authentication, Delivery and Dating</U>.
The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its Chief Executive Officer, 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 coupons may be manual or facsimile signatures of the present or any future
such authorized officer and may be imprinted or otherwise reproduced on the Securities.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 coupon appertaining thereto,
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such
Securities (accompanied by a copy of the Board Resolution and the Officers&#8217; Certificate or supplemental indenture contemplated
by Section&nbsp;301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; <U>provided</U>, <U>however</U>,
that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the
United States; and <U>provided further</U> that, unless otherwise specified with respect to any series of Securities pursuant to
Section&nbsp;301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as the case may be, in the form set forth in <U>Exhibit&nbsp;B-1</U>
to this Indenture or such other certificate as may be specified by the Company with respect to any series of Securities pursuant to
Section&nbsp;301, dated no earlier than 15 days prior to the earlier of the date on which such Bearer Security is delivered and the
date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with the terms of such
temporary Security and this Indenture. If any Security shall be represented by a permanent Global Security, then, for purposes of
this Section&nbsp;and Section&nbsp;304, the notation of a beneficial owner&#8217;s interest therein upon original issuance of such
Security or upon exchange of a portion of a temporary Global Security shall be deemed to be delivery in connection with its original
issuance of such beneficial owner&#8217;s interest in such permanent Global Security. Except as permitted by Section&nbsp;306, the
Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been
detached and canceled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all the Securities of any series are not to be issued at one time
and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures
acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such
as interest rate or formula, maturity date, date of issuance and date from which interest shall accrue. In authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive,
and (subject to TIA Section&nbsp;315(a)&nbsp;through 315(d)) shall be fully protected in relying upon,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;an Opinion of Counsel stating that</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;the form or forms of such Securities and any coupons have
been established in conformity with the provisions of this Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;the terms of such Securities and any coupons have been established
in conformity with the provisions of this Indenture; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;such Securities, together with any coupons appertaining thereto,
when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication in accordance with
this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and legally binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization and other
similar laws of general applicability relating to or affecting the enforcement of creditors&#8217; rights generally and to general equitable
principles; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;an Officers&#8217; Certificate stating that all conditions
precedent provided for in this Indenture relating to the issuance of the Securities have been complied with and that, to the best of the
knowledge of the signers of such certificate, that 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If such form or terms have been so established, the Trustee shall not
be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable) if the issue of such
Securities pursuant to this Indenture will affect the Trustee&#8217;s own rights, duties, obligations or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of Section&nbsp;301 and of the preceding
paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers&#8217;
Certificate otherwise required pursuant to Section&nbsp;301 or a Company Order, or an Opinion of Counsel or an Officers&#8217; Certificate
otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order, opinion
and certificates, with appropriate modifications to cover such 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Registered Security shall be dated the date of its authentication
and each Bearer Security shall be dated as of the date specified as contemplated by Section&nbsp;301.</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security to which such coupon
appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee (subject to
Section&nbsp;611) by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture. Notwithstanding the foregoing, if any Security (including a Global Security) shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section&nbsp;309 together with a written statement (which need not comply with
Section&nbsp;102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by
the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;304. <U>Temporary Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Pending the preparation of definitive Securities of any series,
the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities 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 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in the case of temporary Global Securities (which shall be exchanged
as otherwise provided herein or as otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section&nbsp;301),
if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities
of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall execute (in accordance with a Company Order
delivered at or prior to the authentication of the first definitive security to such series) and the Trustee shall authenticate and deliver
in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations; <U>provided</U>,
<U>however</U>, that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and <U>provided
further</U> that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the
conditions set forth in Section&nbsp;303. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;Unless otherwise provided in or pursuant to a Board Resolution
or supplemental indenture pursuant to Section&nbsp;301, the following provisions of this Section&nbsp;304(b)&nbsp;shall govern the exchange
of temporary Securities other than through the facilities of the DTC. If any such temporary Security is issued in global form, then such
temporary Global Security shall, unless otherwise provided therein, be delivered to the London office of a depository or common depository
upon and pursuant to written direction of the Company (the &#8220;Common Depository&#8221;), for the benefit of Euroclear and Clearstream,
for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without unnecessary delay but in any event not later than the
date specified in, or determined pursuant to the terms of, any such temporary Global Security (the &#8220;Exchange Date&#8221;), the
Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such
temporary Global Security, executed by the Company. On or after the Exchange Date, such temporary Global Security shall be
surrendered by the Common Depository to the Trustee, as the Company&#8217;s agent for such purpose, to be exchanged, in whole or
from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive
Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by
Section&nbsp;301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed by or
pursuant to information provided by the Common Depository); <U>provided</U>, <U>however</U>, that, unless otherwise specified in
such temporary Global Security, upon such presentation by the Common Depository, such temporary Global Security shall be accompanied
by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global
Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by
Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, each in the form set
forth in <U>Exhibit&nbsp;B-2</U> to this Indenture or in such other form as may be established pursuant to Section&nbsp;301; and <U>provided
further</U> that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in
compliance with the requirements of Section&nbsp;303.</P>

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

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

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified in such temporary Global Security, the interest
of a beneficial owner of Securities of a series in a temporary Global Security shall be exchanged for definitive Securities of the same
series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to
request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth
in <U>Exhibit&nbsp;B-1</U> to this Indenture (or in such other form as may be established pursuant to Section&nbsp;301), dated no earlier
than 15 days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream,
the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such
temporary Global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security,
except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like unless such
Person takes delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer
form to be delivered in exchange for any portion of a temporary Global Security shall be delivered only to an address located outside
the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series
and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section&nbsp;301,
interest payable on a temporary Global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable
Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by Euroclear and Clearstream to
the Trustee of a certificate or certificates in the form set forth in <U>Exhibit&nbsp;B-2</U> to this Indenture (or in such other forms
as may be established pursuant to Section&nbsp;301), for credit without further interest on or after such Interest Payment Date to the
respective accounts of Persons who are the beneficial owners of such temporary Global Security on such Interest Payment Date and who have
each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment
Date occurring prior to such Exchange Date in the form set forth as <U>Exhibit&nbsp;B-1</U> to this Indenture (or in such other forms
as may be established pursuant to Section&nbsp;301). Notwithstanding anything to the contrary herein contained, the certifications made
pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section&nbsp;304(b)&nbsp;and
of the third paragraph of Section&nbsp;303 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary
Global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series and of
like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed
by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal or interest owing with respect to
a beneficial interest in a temporary Global Security will be made unless and until such interest in such temporary Global Security shall
have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein
provided shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid
to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to <U>Exhibit&nbsp;B-1</U> or <U>B-2</U> to this
Indenture, the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other forms
of such exhibits for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time that any
certificate may be required, <U>provided that</U> such substitute form or forms or notice of elimination or change of such
certification requirement have theretofore been delivered to the Trustee with a Company Request and such form or forms, elimination
or change is reasonably acceptable to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;305. <U>Registration, Registration of Transfer,
Conversion and Exchange</U>. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or
agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such office or in
any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the
 &#8220;Security Register&#8221;) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form
or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office,
is hereby initially appointed &#8220;Security Registrar&#8221; for the purpose of registering Registered Securities and transfers of
Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of this Section&nbsp;305, upon surrender
for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for
that series, 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 and 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of this Section&nbsp;305, at the option of
the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized
denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the
Registered Securities to be exchanged at any such office or agency. Whenever any such 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. Unless otherwise specified with respect to any series of Securities as contemplated by Section&nbsp;301, Bearer
Securities may not be issued in exchange for Registered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If (but only if) permitted by the applicable Board Resolution and
(subject to Section&nbsp;303) set forth in the applicable Officers&#8217; Certificate, or in any indenture supplemental hereto,
delivered as contemplated by Section&nbsp;301, at the option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor, upon
surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons 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, any such permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company (or to the Trustee for the Security in case of matured coupons in default) 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; <U>provided</U>, <U>however</U>,
that, except as otherwise provided in Section&nbsp;1002, interest represented by coupons shall be payable only upon presentation and
surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same
series and like tenor after the close of business at such office or agency on (i)&nbsp;any Regular Record Date and before the
opening of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;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 Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. Whenever any Securities are
so surrendered for exchange, 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section&nbsp;301, any permanent Global Security shall be exchangeable only as provided in this paragraph. If the
depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly permit such Global
Security to be exchanged in whole or in part for definitive Securities, a Global Security may be transferred, in whole but not in
part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security selected or
approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the Company that it is unwilling or
unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to be a clearing
agency registered under the Exchange Act if so required by applicable law or regulation, the Company shall appoint a successor
depository with respect to such Global Security or Securities. If (w)&nbsp;a successor depository for such Global Security or
Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
unwillingness, inability or ineligibility, (x)&nbsp;the Company delivers to the Trustee for Securities of such series in registered
form a Company Order stating that the Securities of such series shall be exchangeable, (y)&nbsp;an Event of Default has occurred and
is continuing and the beneficial owners representing a majority in principal amount of the applicable series of Securities
represented by such Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or
(z)&nbsp;the Company, in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any
series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or
Securities, then the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like series,
rank, tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or
Securities. If any beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest
for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as
contemplated by Section&nbsp;301 and provided that any applicable notice provided in the permanent Global Security shall have been
given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged,
the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner&#8217;s interest in such permanent Global Security. On or after the earliest date
on which such interests may be so exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other
depository as shall be specified in the Company Order with respect thereto to the Trustee, as the Company&#8217;s agent for such
purpose; <U>provided</U>, <U>however</U>, that no such exchanges may occur during a period beginning at the opening of business 15
days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange
is requested may be among those selected for redemption; and <U>provided further</U> that no Bearer Security delivered in exchange
for a portion of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. If a
Registered Security is issued in exchange for any portion of a permanent Global Security after the close of business at the office
or agency where such exchange occurs on (i)&nbsp;any Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii)&nbsp;any Special Record Date and the opening of business at such office or agency on
the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable
on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in
respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every Registered Security presented or surrendered for registration
of transfer or for conversion, exchange or redemption shall (if so required by the Company or the Security Registrar) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made to the Holder for any registration
of transfer or conversion or exchange 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 conversion or exchange of Securities, other
than exchanges pursuant to Section&nbsp;304, 906, 1107 or 1305 not involving any transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company or the Trustee, as applicable, shall not be required
(i)&nbsp;to issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption
during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed under
Section&nbsp;1103 and ending at the close of business on (A)&nbsp;if such Securities are issuable only as Registered Securities, the
day of the mailing of the relevant notice of redemption and (B)&nbsp;if such Securities are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and
there is no publication, the mailing of the relevant notice of redemption, or (ii)&nbsp;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 Registered Security to be redeemed in
part, the portion thereof not to be redeemed, or (iii)&nbsp;to exchange any Bearer Security so selected for redemption except that
such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, <U>provided</U> that such
Registered Security shall be simultaneously surrendered for redemption, or (iv)&nbsp;to issue, register the transfer of or exchange
any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not
to be so repaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, notwithstanding any other provision of this Section&nbsp;305,
the Company will not be required to exchange any Securities if, as a result of the exchange, the Company would suffer adverse consequences
under any United States law or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;306. <U>Mutilated, Destroyed, Lost and Stolen Securities</U>.
If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together
with, in proper cases, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of
either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding,
with coupons corresponding to the coupons, if any, appertaining to the surrendered Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If there shall be delivered to the Company and to the Trustee (i)&nbsp;evidence
to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii)&nbsp;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 lieu of any such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed,
lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal
amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to
the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen
coupon appertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of the previous two paragraphs, 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, 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, pay such Security or coupon if the
applicant for such payment shall furnish to the Company and the Trustee for such Security such security or indemnity as may be required
by them to save each of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and Trustee
and any agent of any of them of the destruction, loss or theft of such Security and the ownership thereof; <U>provided</U>, <U>however</U>,
that payment of principal of (and premium or Make-Whole Amount, if any), and interest, if any, on, Bearer Securities shall, except as
otherwise provided in Section&nbsp;1002, be payable only at an office or agency located outside the United States and, unless otherwise
specified as contemplated by Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every new Security of any series with its coupons, if any, issued pursuant
to this Section&nbsp;in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen
coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security and 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, duly issued hereunder.</P>

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

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

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;307. <U>Payment of Interest; Interest Rights Preserved</U>.
Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section&nbsp;301, interest on
any Registered Security that 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 at the close of business on the Regular Record
Date for such interest payment at the office or agency of the Company maintained for such purpose pursuant to Section&nbsp;1002; <U>provided</U>,
<U>however</U>, that each installment of interest on any Registered Security may at the Company&#8217;s option be paid by (i)&nbsp;mailing
a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section&nbsp;308, to the address
of such Person as it appears on the Security Register or (ii)&nbsp;transfer to an account maintained by the payee located inside the United
States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise provided as contemplated by Section&nbsp;301 with
respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security, by transfer to an account
maintained by the payee with a bank located outside the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise provided as contemplated by Section&nbsp;301, every
permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear and/or
Clearstream, as the case may be, with respect to that portion of such permanent Global Security held for its account by Cede&nbsp;&amp;
Co. or the Common Depository, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect
of such permanent Global Security to the accounts of the beneficial owners thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 for such Bearer Security, but will be payable only to the
Holder of such coupon when due in accordance with the provisions of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise specified with respect to a series of Securities
in accordance with the provisions of Section&nbsp;301, any interest on any Registered Security of any series that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called &#8220;Defaulted Interest&#8221;) shall forthwith cease
to be payable to the registered Holder thereof 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)&nbsp;or (2)&nbsp;below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Registered Securities of such series (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
Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is
received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the currency or
currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) 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, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall 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
Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such
Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be
published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition
precedent to the establishment of 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
the Registered Securities of such series (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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;The Company may make payment of any Defaulted Interest on
the Registered Securities of any series in any other lawful manner not inconsistent with the requirements of any over-the-counter market
or securities exchange on which such Securities may be quoted or listed, and upon such notice as may be required by such market or exchange,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be
deemed practicable by the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the foregoing provisions of this Section&nbsp;and Section&nbsp;305,
each Security delivered under this Indenture upon registration of transfer of or upon conversion 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;308. <U>Persons Deemed Owners</U>. 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 Security for the purpose of receiving payment of
principal of (and premium or Make-Whole Amount, if any), and (subject to Sections 305 and 307) interest on, such Registered Security and
for all other purposes whatsoever, whether or not 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. All such payments so made to any such Person, or upon such
Person&#8217;s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability
for money payable upon any such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer Security and
the Holder 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 such Security or coupon be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No holder of any beneficial interest in any Global Security held
on its behalf by a depository shall have any rights under this Indenture with respect to such Global Security and such depository
(which is the Holder of such security) shall be treated by the Company, the Trustee, and any agent of the Company or the Trustee as
the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, with respect to any Global Security,
nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification,
proxy or other authorization furnished by any depository, as a Holder, with respect to such Global Security or impair, as between such
depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of
the rights of such depository (or its nominee) as Holder of such Global Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;309. <U>Cancellation</U>. All Securities and coupons surrendered
for payment, redemption, repayment at the option of the Holder, registration of transfer or conversion or exchange or for credit against
any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities
and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose, upon direction by the Company, shall
be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other
Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued
and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities,
however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless
and until the same are surrendered to the Trustee for cancellation. 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. Cancelled Securities and coupons
held by the Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements
of the Exchange Act).</P>

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

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

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;310. <U>Computation of Interest</U>. Except as otherwise
specified as contemplated by Section&nbsp;301 with respect to Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;311. <U>CUSIP Numbers</U>. The Company in issuing the
Securities may use &#8220;CUSIP&#8221; numbers (if then generally in use), and, if so, the Trustee shall use &#8220;CUSIP&#8221; numbers
in notices of redemption as a convenience to Holders; <U>provided</U>, <U>however</U>, that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other 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 &#8220;CUSIP&#8221; numbers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;401. <U>Satisfaction and Discharge of Indenture</U>. This
Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company
Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities of such series herein expressly
provided for), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute instruments in form
and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of this Indenture as to such series
when</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;either</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;all Securities of such series theretofore authenticated
and delivered and all coupons, if any, appertaining thereto (other than (i)&nbsp;coupons appertaining to Bearer Securities
surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been
waived as provided in Section&nbsp;305, (ii)&nbsp;Securities and coupons of such series which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section&nbsp;306, (iii)&nbsp;coupons appertaining to Securities called for
redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section&nbsp;1106, and
(iv)&nbsp;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&nbsp;1003)
have been delivered to the Trustee for cancellation; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;all Securities of such series and, in the case of (i)&nbsp;or
(ii)&nbsp;below, any coupons appertaining thereto not theretofore delivered to the Trustee for cancellation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;have become due and payable, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;will become due and payable at their Stated Maturity within
one year, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;if redeemable at the option of the Company, 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, and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, has
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable,
sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee
for cancellation, for principal (and premium or Make-Whole Amount, if any) and interest 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Company has paid or caused to be paid all other sums payable
hereunder by the Company; and</P>

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

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

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;the Company has delivered to the Trustee an Officers&#8217;
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under Section&nbsp;606, the obligations of the Company to any Authenticating
Agent under Section&nbsp;611 and, if money shall have been deposited with and held by the Trustee pursuant to subclause (B)&nbsp;of clause
(1)&nbsp;of this Section, the obligations of the Trustee under Section&nbsp;402 and the last paragraph of Section&nbsp;1003 shall survive
such satisfaction and discharge.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;402. <U>Application of Trust Funds</U>. Subject to the
provisions of the last paragraph of Section&nbsp;1003, all money deposited with the Trustee pursuant to Section&nbsp;401 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 or Make-Whole Amount, if any), and any interest for whose payment such money has been
deposited with or received by 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;501. <U>Events of Default</U>. &#8220;Event of
Default,&#8221; wherever used herein with respect to any particular series of Securities, means any one of the following events
(whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule&nbsp;or regulation of any administrative or
governmental body):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;default in the payment of any interest on any Security of
that series or of any coupon appertaining thereto, when such interest or coupon becomes 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;default in the payment of the principal of (or premium or
Make-Whole Amount, if any, on) any Security of that series when it becomes due and payable at its Maturity; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;default in the deposit of any sinking fund payment, to the
extent applicable to such series of Securities, when and as due by the terms of any Security of that series; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;default in the performance, or breach, of any covenant or
warranty of the Company in this Indenture with respect to any Security of that series (other than a covenant or warranty a default in
whose performance or whose breach is elsewhere in this Section&nbsp;specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default or breach for a period
of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a &#8220;Notice of Default&#8221; hereunder; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;default under any bond, debenture, note, mortgage, indenture
or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the
Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable
as obligor or guarantor), having an aggregate principal amount outstanding of at least $30,000,000, whether such indebtedness now exists
or shall hereafter be created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration
having been rescinded or annulled, 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 10% in principal amount of the Outstanding Securities
of that series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause
such acceleration to be rescinded or annulled and stating that such notice is a &#8220;Notice of Default&#8221; hereunder; <U>provided</U>,
<U>however</U>, that, subject to the provisions of Sections 601 and 602, the Trustee shall not be deemed to have knowledge of such default
unless either (A)&nbsp;a Responsible Officer of the Trustee shall have knowledge of such default or (B)&nbsp;the Trustee shall have received
written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee under any such
mortgage, indenture or other instrument; or</P>

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

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

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;the Company or any Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;commences a voluntary case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;consents to the entry of an order for relief against it in
an involuntary case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C)&nbsp;consents to the appointment of a Custodian of it or for all
or substantially all of its property, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(D)&nbsp;makes a general assignment for the benefit of its creditors;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;is for relief against the Company or any Significant Subsidiary
in an involuntary case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;appoints a Custodian of the Company or any Significant Subsidiary
or for all or substantially all of either of its property, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C)&nbsp;orders the liquidation of the Company or any Significant Subsidiary,
and the order or decree remains unstayed and in effect for 90 days; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;any other Event of Default provided with respect to Securities
of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in this Section&nbsp;501, the term &#8220;Bankruptcy Law&#8221;
means title 11, U.S. Code or any similar Federal or state law for the relief of debtors and the term &#8220;Custodian&#8221; means any
receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;502. <U>Acceleration of Maturity; Rescission and Annulment</U>.
If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such
case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the
principal amount (or, if Securities of that Series&nbsp;are Original Issue Discount Securities or Indexed Securities, such portion of
the principal as may be specified in the terms thereof) of all 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 specified portion
thereof shall become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;provided, the Holders of a majority in principal amount of the Outstanding Securities of that series,
by written notice to the Company and the Trustee, may rescind and annul such declaration of acceleration and its consequences if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Company has paid or deposited with the Trustee a sum sufficient
to pay in the currency, currency unit or composite currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section&nbsp;301 for the Securities of such series):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;all overdue installments of interest on all Outstanding Securities
of that series and any related coupons,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;the principal of (and premium or Make-Whole Amount, if any,
on) any Outstanding Securities of that 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C)&nbsp;to the extent that payment of such interest is lawful, interest
upon overdue installments of interest 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;all Events of Default with respect to Securities of that series,
other than the nonpayment of the principal of (or premium or Make-Whole Amount, if any) or interest on Securities of that series which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section&nbsp;513.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such rescission shall affect any subsequent default or impair any
right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;503. <U>Collection of Indebtedness and Suits for Enforcement
by Trustee</U>. The Company covenants that if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;default is made in the payment of any installment of interest
on any Security of any series and any related coupon when such interest becomes due and payable and such default continues for a period
of 30 days, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;default is made in the payment of the principal of (or
premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity, then the Company will, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due
and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with interest upon
any overdue principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 of such series and collect the moneys adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon such Securities of such series, wherever situated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 necessary to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;504. <U>Trustee May&nbsp;File Proofs of Claim</U>. 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 of any series shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal, premium or Make-Whole Amount, if any, or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&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 or Make-Whole Amount, if any) and interest owing
and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and</P>

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

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

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the same;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and any custodian, receiver, assignee, trustee, liquidator, sequestrator
(or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such series and coupons
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any
predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section&nbsp;606.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent
all the Holders of the Securities, and it shall not be necessary to make any Holders of the Securities parties to any such proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;505. <U>Trustee May&nbsp;Enforce Claims Without Possession
of Securities or Coupons</U>. 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
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has
been recovered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;506. <U>Application of Money Collected</U>. Any money
collected by the Trustee pursuant to this Article&nbsp;shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal (or premium or Make-Whole Amount, if any) or interest, upon presentation
of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIRST: To the payment of all amounts due the Trustee and any predecessor
Trustee under Section&nbsp;606;</P>

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

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

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 04 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECOND: To the payment of the amounts then due and unpaid upon the
Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable
on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, respectively; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIRD: To the payment of the remainder, if any, to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;507. <U>Limitation on Suits</U>. No Holder of any Security
of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture
or the Securities or any related coupon, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;such Holder has previously given written notice to the Trustee
of a continuing Event of Default with respect to the Securities of that series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event
of Default in its own name as Trustee hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;such Holder or Holders have offered to the Trustee 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that
series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">it being understood 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 to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture or the Securities, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;508. <U>Unconditional Right of Holders to Receive Principal,
Premium or Make-Whole Amount, if any, and Interest</U>. 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 or Make-Whole
Amount, if any) and (subject to Sections 305 and 307) interest on such Security or payment of such coupon on the respective due dates
expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;509. <U>Restoration of Rights and Remedies</U>. If the
Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then
and in every such case, the Company, the Trustee and the Holders of Securities and coupons shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee
and the Holders shall continue as though no such proceeding had been instituted.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;510. <U>Rights and Remedies Cumulative</U>. 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&nbsp;306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of
Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.</P>

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

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

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;511. <U>Delay or Omission Not Waiver</U>. 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&nbsp;or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;512. <U>Control by Holders of Securities</U>. The Holders
of not less than 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, <U>provided</U> that:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;such direction shall not be in conflict with any rule&nbsp;of
law or with this Indenture,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;the Trustee need not take any action which might involve
it in personal liability or be unduly prejudicial to the Holders of Securities of such series not joining therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nothing in this
Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not
inconsistent with such direction by Holders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;513. <U>Waiver of Past Defaults</U>. 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 related coupons 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;in the payment of the principal of (or premium or Make-Whole
Amount, if any) or interest on any Security of such series or any related coupons, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;in respect of a covenant or provision hereof which under Article&nbsp;Nine
cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;in respect of a covenant or provision hereof for the benefit
or protection of the Trustee, without its express written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 Event of Default or impair any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;514. <U>Waiver of Usury, Stay or Extension Laws</U>. 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 usury, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;515. <U>Undertaking for Costs</U>. All parties to
this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&#8217; fees
and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made
by such party litigant; but the provisions of this Section&nbsp;shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium
or Make-Whole Amount, if any) or interest on any Security on or after the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on or after the Redemption Date).</P>

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

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

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;601. <U>Notice of Defaults</U>. Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the
extent provided in TIA Section&nbsp;313(c), notice of such default hereunder known to the Trustee, unless such default shall have been
cured or waived; <U>provided</U>, <U>however</U>, that, except in the case of a default in the payment of the principal of (or premium
or Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of any sinking or purchase fund installment
with respect to the 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 the Securities and coupons of such series; and <U>provided further</U>
that in the case of any default or breach of the character specified in Section&nbsp;501(4)&nbsp;with respect to the Securities and coupons
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 &#8220;default&#8221; means any event which is, or after notice or lapse of time or both would become, an Event of Default
with respect to the Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;602. <U>Certain Rights of Trustee</U>. Subject to the
provisions of TIA Section&nbsp;315(a)&nbsp;through 315(d):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Trustee may conclusively rely and shall be fully protected
in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;any request or direction of the Company mentioned herein shall
be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, together with any coupons appertaining
thereto, to the Trustee for authentication and delivery pursuant to Section&nbsp;303 which shall be sufficiently evidenced as provided
therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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, rely upon an Officers&#8217; Certificate;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;the Trustee may consult with counsel of its own selection
and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&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
related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon or other paper or document, unless requested in writing so to do by the Holders of not
less than a majority in aggregate principal amount of the Outstanding Securities of any series; <U>provided</U> that, if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms
of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding;
the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the
Holders upon demand. 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, relevant to the facts or matters that are the subject of its inquiry, personally or by
agent or attorney at the expense of 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;the Trustee shall not be liable for any action taken, suffered
or omitted 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;any permissive right or power available to the Trustee under
this Indenture or any supplement hereto shall not be construed to be a mandatory duty or obligation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;the Trustee shall not be charged with knowledge of any matter
(including any default, other than as described in Section&nbsp;501(1), (2)&nbsp;or (3)) unless and except to the extent actually known
to a Responsible Officer of the Trustee or to the extent written notice thereof is received by the Trustee at the Corporate Trust Office;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) the Trustee shall have no liability for any inaccuracy in the
books and records of, or for any actions or omissions of, DTC, Euroclear or Clearstream or any depository acting on behalf of any of them;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(12) 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 each agent, custodian and other Person employed by the Trustee to act hereunder; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(13) the Trustee may request that the Company deliver an Officers&#8217;
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant
to this Indenture, which Officers&#8217; Certificate may be signed by any person authorized to sign an Officers&#8217; Certificate, including
any person specified as so authorized in any such certificate previously delivered and not superseded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee shall not be required to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except during the continuance of an Event of Default, the Trustee undertakes
to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into
this Indenture against the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;603. <U>Not Responsible for Recitals or Issuance of Securities</U>.
The recitals contained herein and in the Securities, except the Trustee&#8217;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 any 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. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof. The Trustee shall have no responsibility with respect to any information, statement or recital in any offering
prospectus or other disclosure materials prepared or distributed with respect to the Securities.</P>

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

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

<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;604. <U>May&nbsp;Hold Securities</U>. The Trustee, any
Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b)&nbsp;and 311, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;605. <U>Money Held in Trust</U>. Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;606. <U>Compensation and Reimbursement</U>. The Company
agrees:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;to pay to the Trustee as agreed upon in writing from time
to time reasonable compensation for all services rendered by it hereunder (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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;except as otherwise expressly provided herein, to reimburse
each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, and disbursements incurred 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 or disbursement as shall be determined to have been caused by its own negligence,
willful misconduct or bad faith; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;to indemnify each of the Trustee and any predecessor Trustee
for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence, willful misconduct or
bad faith on its 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 itself against any claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section&nbsp;501(7)&nbsp;or Section&nbsp;501(8), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable
Federal or state bankruptcy, insolvency or other similar law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As security for the performance of the obligations of the Company under
this Section, the Trustee shall have a lien for payment of the Trustee&#8217;s fees and expenses prior to the Securities 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 or Make-Whole
Amount, if any) or interest on particular Securities or any coupons.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;607. <U>Corporate Trustee Required; Eligibility; Conflicting
Interests</U>. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section&nbsp;310(a)(1)&nbsp;and
shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall have a combined capital and surplus of
at least $10,000,000 and whose ultimate parent holding company shall have a combined capital and surplus of at least $50,000,000. If the
Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District
of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of the Trustee
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
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. Neither the Company nor any Person directly or indirectly controlling, controlled
by, or under common control with the Company shall serve as Trustee.</P>

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

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

<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;608. <U>Resignation and Removal; Appointment of Successor</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article&nbsp;shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section&nbsp;609.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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 an instrument of acceptance by a successor Trustee shall not
have been delivered to the Trustee within 60 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&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 to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 60 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;If at any time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Trustee shall fail to comply with the provisions of TIA
Section&nbsp;310(b)&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Trustee shall cease to be eligible under Section&nbsp;607
and shall fail to resign 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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, then, in any such
case, (i)&nbsp;the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to
all Securities, or (ii)&nbsp;subject to TIA Section&nbsp;315(e), any Holder of a Security who has been a bona fide Holder of a Security
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 and the appointment of a successor Trustee or Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&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 a Board Resolution, 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). 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, 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 hereinafter provided, 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 Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&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 in the manner provided for notices to the Holders of Securities in Section&nbsp;106. 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;609. <U>Acceptance of Appointment by Successor</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&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 to
the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section&nbsp;606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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, pursuant to Article&nbsp;Nine
hereof, wherein each successor Trustee shall accept such appointment and which (1)&nbsp;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)&nbsp;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)&nbsp;shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees
of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; 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 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 all 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&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)&nbsp;or (b)&nbsp;of this Section&nbsp;609, as the case may be.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;610. <U>Merger, Conversion, Consolidation or
Succession to Business</U>. 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, <U>provided</U> 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 or coupons 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 or coupons so authenticated with the same effect as
if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in
either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.</P>

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

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

<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;611. <U>Appointment of Authenticating Agent</U>. At any
time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon conversion
or exchange, registration of transfer or partial redemption or repayment thereof, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such
appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument
shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities
by the Trustee or the Trustee&#8217;s certificate of authentication, such reference shall be deemed to include authentication and delivery
on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a bank or trust company or corporation organized
and doing business and in good standing under the laws of the United States of America or of any state or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by Federal or state authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 further act on the part of the Trustee or the Authenticating Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any series of Securities
may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth in Section&nbsp;106. 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 herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section, subject to Section&nbsp;606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an 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&#8217;s certificate
of authentication, an alternate certificate of authentication substantially in the following form:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Authenticating Agent</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Authenticating Agent</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;612. <U>Certain Duties and Responsibilities of the Trustee</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;With respect to the Securities of any series, except during
the continuance of an Event of Default with respect to the Securities of such series:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against
the Trustee; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture, but shall not be under any duty to verify the contents or accuracy
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;In case an Event of Default with respect to the Securities
of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series, exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;the Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal
amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to
the Securities of such series; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it; and, the Trustee shall be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holder, unless such Holder shall have offered to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;Whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section&nbsp;612.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;The Trustee shall not be liable for interest on any money
or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held in trust by the Trustee need
not be segregated from other assets except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;SEVEN - HOLDERS&#8217; LISTS AND REPORTS
BY TRUSTEE AND COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;701. <U>Disclosure of Names and Addresses of Holders</U>.
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 Authenticating Agent nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the
disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section&nbsp;312, 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 TIA Section&nbsp;312(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;702. <U>Reports by Trustee</U>. The Trustee shall transmit
to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by TIA Section&nbsp;313 at the
times and in the manner provided by the TIA, which shall initially be not less than every twelve months commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp; . A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each
over-the-counter market or securities exchange, if any, upon which any Securities are quoted or listed, with the Commission and with the
Company. The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market or securities exchange
or delisted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;703. <U>Reports by Company</U>. The Company will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;file with the Trustee, within 15 days after the Company is
required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies
of such portions of any of the foregoing as the Commission may from time to time by rules&nbsp;and regulations prescribe) which the Company
may be required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act; or, if the Company
is not required to file information, documents or reports pursuant to either of such Sections, then it will file with the Trustee and
the Commission, in accordance with rules&nbsp;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&nbsp;13 of the Exchange Act in respect of a
security quoted or listed and registered on an over-the-counter market or national securities exchange as may be prescribed from time
to time in such rules&nbsp;and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;file with the Trustee and the Commission, in accordance with
rules&nbsp;and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect
to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules&nbsp;and
regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;transmit by mail to the Holders of Securities, within 30 days
after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section&nbsp;313(c), such summaries of any
information, documents and reports required to be filed by the Company pursuant to paragraphs (1)&nbsp;and (2)&nbsp;of this Section&nbsp;as
may be required by rules&nbsp;and regulations prescribed from time to time by the Commission; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee&#8217;s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company&#8217;s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers&#8217; Certificates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;704. <U>Company to Furnish Trustee Names and Addresses
of Holders</U>. The Company will furnish or cause to be furnished to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;semiannually, 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, semiannually, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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, <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;EIGHT - CONSOLIDATION, MERGER, SALE,
LEASE OR CONVEYANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;801. <U>Consolidations and Mergers of Company and Sales,
Leases and Conveyances Permitted Subject to Certain Conditions</U>. The Company may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into any other corporation, provided that in any such case, (1)&nbsp;either the Company
shall be the continuing corporation, or the successor corporation shall be a corporation organized and existing under the laws of the
United States or a State thereof and such successor corporation shall expressly assume the due and punctual payment of the principal of
(and premium or Make-Whole Amount, if any) and any interest on all of the Securities, according to their tenor, and the due and punctual
performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture,
complying with Article&nbsp;Nine hereof, satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, (2)&nbsp;immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as
a result thereof 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 the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing and (3)&nbsp;the
Company shall have delivered to the Trustee the Officer&#8217;s Certificate and Opinion of Counsel required pursuant to Section&nbsp;803
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;802. <U>Rights and Duties of Successor Corporation</U>.
In case of any such consolidation, merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor
corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the
first part, and the predecessor corporation, except in the event of a lease, shall be relieved of any further obligation under this Indenture
and the Securities. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of
the Company, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered
to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have
been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor corporation
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms
of this Indenture as though all of such Securities had been issued at the date of the execution hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case of any such consolidation, merger, sale, lease or conveyance,
such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;803. <U>Officers&#8217; Certificate and Opinion of Counsel</U>.
Any consolidation, merger, sale, lease or conveyance permitted under Section&nbsp;801 is also subject to the condition that the Trustee
receive an Officers&#8217; Certificate and an Opinion of Counsel to the effect that any such consolidation, merger, sale, lease or conveyance,
and the assumption by any successor corporation, complies with the provisions of this Article&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;NINE - SUPPLEMENTAL INDENTURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;901. <U>Supplemental Indentures Without Consent of Holders</U>.
Without the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company contained herein and in the Securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&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; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;to add any additional Events of Default for the benefit of
the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities,
stating that such Events of Default are expressly being included solely for the benefit of such series); <U>provided</U>, <U>however</U>,
that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority
in aggregate principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;to add to or change any of the provisions of this Indenture
to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal
of or premium or Make-Whole Amount, if any, or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for
Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or
to permit or facilitate the issuance of Securities in uncertificated form, <U>provided</U> that any such action shall not adversely affect
the interests of the Holders of Securities of any series or any related coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;to change or eliminate any of the provisions of this Indenture,
<U>provided</U> that any such change or elimination shall become effective only when there is no Security Outstanding of any series created
prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;to secure the Securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;to establish the form or terms of Securities of any series
and any related coupons as permitted or contemplated by Sections 201 and 301; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&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;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&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, <U>provided</U> such
provisions shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material
respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;to supplement any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the Defeasance and discharge of any series of Securities pursuant to Sections
401, 1402 and 1403; <U>provided</U> that any such action shall not adversely affect the interests of the Holders of Securities of such
series and any related coupons or any other series of Securities in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) to make provisions with respect to Holders&#8217; rights of conversion
with respect to any series of Securities pursuant to Article&nbsp;Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 49; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 05 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;902. <U>Supplemental Indentures with Consent of
Holders</U>. With the consent of the Holders of not less than a majority in principal amount of all Outstanding Securities affected
by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or
pursuant to a Board Resolution, 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 and any related coupons under this Indenture; <U>provided</U>, <U>however</U>, that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;change the Stated Maturity of the principal of (or premium
or Make-Whole Amount, if any, on) or any installment of principal of or interest on, any Security; or reduce the principal amount thereof
or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon the redemption thereof, 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&nbsp;502 or the amount thereof provable in bankruptcy pursuant to Section&nbsp;504, or adversely affect any
right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency
unit or units or composite currency or currencies in which, any Security or any premium or Make-Whole Amount 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 or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may
be), or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided in
Article&nbsp;Sixteen; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&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 with respect to such series (or 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&nbsp;1504 for quorum or voting, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;modify any of the provisions of this Section, Section&nbsp;513
or Section&nbsp;1009, except to increase the required percentage to effect such action 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, <U>provided</U>,
<U>however</U>, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to
 &#8220;the Trustee&#8221; and concomitant changes in this Section&nbsp;902 and Section&nbsp;1009, or the deletion of this proviso, in
accordance with the requirements of Sections 609(b)&nbsp;and 901(11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It shall not be necessary for any Act of Holders under this Section&nbsp;902
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;903. <U>Execution of Supplemental Indentures</U>. In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article&nbsp;or the
modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section&nbsp;612) 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. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee&#8217;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;904. <U>Effect of Supplemental Indentures</U>. 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 Securities theretofore or thereafter authenticated
and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;905. <U>Conformity with Trust Indenture Act</U>. Every
supplemental indenture executed pursuant to this Article&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;906. <U>Reference in Securities to Supplemental
Indentures</U>. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to
this Article&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 50; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;TEN - COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1001. <U>Payment of Principal, Premium or Make-Whole Amount,
if any; and Interest</U>. 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 or Make-Whole Amount, if any) and interest on the Securities of that series in accordance
with the terms of such series of Securities, any coupons appertaining thereto and this Indenture. Unless otherwise specified as contemplated
by Section&nbsp;301 with respect to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable
only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally
mature. Unless otherwise specified with respect to Securities of any series pursuant to Section&nbsp;301, at the option of the Company
(upon written notice to the Trustee), all payments of principal may be paid by check to the registered Holder of the Registered Security
or other Person entitled thereto against surrender of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1002. <U>Maintenance of Office or Agency</U>. If Securities
of a series are issuable only as Registered Securities, the Company shall maintain in each Place of Payment for any series of Securities
an office or agency where Securities of that series may be presented or surrendered for payment or conversion, where Securities of that
series may be surrendered for registration of transfer or conversion or exchange and where notices and demands to or upon the Company
in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable as Bearer Securities,
the Company will maintain: (A)&nbsp;in the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities
of that series may be presented or surrendered for payment or conversion, where any Registered Securities of that series may be surrendered
for registration of transfer, where Securities of that series may be surrendered for conversion or exchange, where notices and demands
to or upon the Company in respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that
series and related coupons may be presented or surrendered for payment or conversion in the circumstances described in the following paragraph
(and not otherwise); (B)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is located
outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for
payment; <U>provided</U>, <U>however</U>, that if the Securities of that series are listed on any stock exchange located outside the United
States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities of that series in any required
city located outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and
(C)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States
an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of
that series may be surrendered for conversion 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. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of each 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 or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the
same as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee
its agent to receive all such presentations, surrenders, notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified with respect to any Securities pursuant
to Section&nbsp;301, no payment of principal, premium or Make-Whole Amount 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; <U>provided</U>, <U>however</U>, that, if the Securities of a series are payable in Dollars,
payment of principal of and any premium or Make-Whole Amount and interest on any Bearer Security shall be made at the office of the Company&#8217;s
Paying Agent in the Borough of Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such principal,
premium or Make-Whole Amount, or interest, as the case may be, at all offices or agencies 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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 51; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may from time to time designate one or more other offices
or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented or surrendered for any or
all of such purposes, and may from time to time rescind such designations; <U>provided</U>, <U>however</U>, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect
to any Securities pursuant to Section&nbsp;301 with respect to a series of Securities, the Company hereby designates as a Place of Payment
for each series of Securities, each of (i)&nbsp;the office or agency of the Company in the Borough of Manhattan, The City of New York,
and (ii)&nbsp;the Corporate Trust Office of the Trustee (as Paying Agent); and the Company hereby initially appoints the Trustee at its
Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints as its agent to receive all such presentations,
surrenders, notices and demands each of the Trustee, at its Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified with respect to any Securities pursuant
to Section&nbsp;301, if and so long as the Securities of any series (i)&nbsp;are denominated in a Foreign Currency or (ii)&nbsp;may be
payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then the Company will maintain
with respect to each such series of Securities, or as so required, at least one exchange rate agent (of which it shall give written notice
to the Trustee).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1003. <U>Money for Securities Payments to Be Held in Trust</U>.
If the Company shall at any time act as its own Paying Agent with respect to any series of any Securities and any related coupons, it
will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any), or interest on any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency
unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) sufficient to pay the principal (and premium or Make-Whole Amount, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whenever the Company shall have one or more Paying Agents for any series
of Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any),
or interest on any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies, currency unit or units
or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal (and premium or Make-Whole Amount,
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
Make-Whole Amount, if any, or interest and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;hold all sums held by it for the payment of principal of
(and premium or Make-Whole Amount, if any) or interest on Securities 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;give the Trustee notice of any default by the Company (or
any other obligor upon the Securities) in the making of any such payment of principal (and premium or Make-Whole Amount, if any) or interest
on the Securities of that series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 trusts 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 sums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 52; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the Securities of any series, and subject
to applicable laws, 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 or Make-Whole Amount, if any) or interest on any Security of any series and remaining unclaimed for two
years after such principal (and premium or Make-Whole Amount, if any) or interest has become due and payable shall be paid to the Company
upon Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment of such principal of (and premium or Make-Whole Amount, if any)
or interest on any Security, without interest thereon, 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; <U>provided</U>, <U>however</U>, 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, 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, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1004. <U>Existence</U>. Subject to Article&nbsp;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, all
material rights (by certificate of incorporation, by-laws and statute) and material franchises; <U>provided</U>, <U>however</U>, that
the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1005. <U>Maintenance of Properties</U>. The Company will
cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained
and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all
necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof (and
the Company may take out of service for a period of time, any of its properties that have been condemned or suffered any loss due to casualty
in order to make such repairs, betterments and improvements), all as in the judgment of the Company may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted at all times; <U>provided</U>, <U>however</U>, that the
Company and its Subsidiaries shall not be prevented from (i)&nbsp;removing permanently any property that has been condemned or suffered
a loss due to casualty based on the Company&#8217;s reasonable judgment that such removal is in the best interest of the Company, or (ii)&nbsp;selling
or otherwise disposing of their properties for value in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1006. <U>Insurance</U>. The Company will cause each of
its and its Subsidiaries&#8217; insurable properties to be insured against loss or damage in an amount deemed reasonable by the Board
of Directors with insurers of recognized responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1007. <U>Payment of Taxes and Other Claims</U>. The
Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1)&nbsp;all taxes,
assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the income, profits or property of the
Company or any Subsidiary, and (2)&nbsp;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; <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1008. <U>Statement as to Compliance</U>. The Company will
deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal executive officer, principal
financial officer or principal accounting officer as to his or her knowledge of the Company&#8217;s compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the nature and status thereof.
For purposes of this Section&nbsp;1008, such compliance shall be determined without regard to any period of grace or requirement of notice
under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 53; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1009. <U>Waiver of Certain Covenants</U>. The Company
may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008, inclusive, if
before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such
series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition,
but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;ELEVEN - REDEMPTION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1101. <U>Applicability of Article</U>. Securities of any
series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section&nbsp;301 for Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1102. <U>Election to Redeem; Notice to Trustee</U>. The
election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at
the election of the Company of less than all of the Securities of any series, the Company shall, at least 45 days prior to the giving
of the notice of redemption in Section&nbsp;1104 (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. In the case of any redemption of Securities
prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officers&#8217; Certificate evidencing compliance with such restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1103. <U>Selection by Trustee of Securities to Be Redeemed</U>.
If less than all the Securities of any series issued on the same day with the same 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 issued on such date with the same terms 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 (equal to the minimum authorized denomination for Securities
of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the
minimum authorized denomination for Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 Security redeemed or to be redeemed only in part,
to the portion of the principal amount of such Security which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1104. <U>Notice of Redemption</U>. Notice of redemption
shall be given in the manner provided in Section&nbsp;106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless
a shorter period is specified by the terms of such series established pursuant to Section&nbsp;301, to each Holder of Securities to be
redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security 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 such Security or portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any notice that is mailed to the Holders of Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Redemption Date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Redemption Price, accrued interest to the Redemption Date
payable as provided in Section&nbsp;1106, if any,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 54; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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 Security or Securities
to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;in case any 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 will receive,
without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;that on the Redemption Date the Redemption Price and accrued
interest to the Redemption Date payable as provided in Section&nbsp;1106, if any, will become due and payable upon each such Security,
or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;the Place or Places of Payment 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 and accrued interest, if any, or for conversion,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;that the redemption is for a sinking fund, if such is the
case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;that, unless otherwise specified in such notice, Bearer Securities
of any series, if any, surrendered for redemption must be accompanied by all coupons maturing subsequent to the date fixed for redemption
or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory
to the Company, the Trustee for such series and any Paying Agent is furnished,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;if Bearer Securities of any series are to be redeemed and
any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities
not subject to redemption on this Redemption Date pursuant to Section&nbsp;305 or otherwise, the last date, as determined by the Company,
on which such exchanges may be made,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;the CUSIP number of such Security, if any, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) if applicable, that a Holder of Securities who desires to convert
Securities for redemption must satisfy the requirements for conversion contained in such Securities, the then existing conversion price
or rate, the place or places where such Securities may be surrendered for conversion, and the date and time when the option to convert
shall expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company&#8217;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1105. <U>Deposit of Redemption Price</U>. 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, which it may not do in the case of a sinking fund payment under Article&nbsp;Twelve, segregate and hold in trust as provided in
Section&nbsp;1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series)
sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Securities called for redemption are converted, any money deposited
with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 55; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1106. <U>Securities Payable on Redemption Date</U>.
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 in the currency or currencies, currency unit or units or composite currency or
currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the
Securities of such series) (together with accrued interest, if any, to the Redemption Date), and from and after such date (unless
the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall, if the same were
interest-bearing, 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, if any, to the Redemption Date; <U>provided</U>, <U>however</U>,
that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only
at an office or agency located outside the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise
specified as contemplated by Section&nbsp;301, only upon presentation and surrender of coupons for such interest; and <U>provided
further</U> that except as otherwise provided with respect to Securities convertible into the Company&#8217;s Common Stock or
Preferred Stock, 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 relevant Record Dates according to their terms and the provisions of Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any 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;
<U>provided</U>, <U>however</U>, that interest represented by coupons shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise specified as contemplated by Section&nbsp;301,
only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium or Make-Whole Amount, if any) shall, until paid, bear interest from the Redemption
Date at the rate borne by the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1107. <U>Securities Redeemed in Part</U>. Any Registered
Security which is to be redeemed only in part (pursuant to the provisions of this Article&nbsp;or of Article&nbsp;Twelve) shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or 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 Security
or Securities of the same series, 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 Global Security is so surrendered, the Company
shall execute and the Trustee shall authenticate and deliver to the depository, without service charge, a new Global Security in a denomination
equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;TWELVE - SINKING FUNDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1201. <U>Applicability of Article</U>. The provisions
of this Article&nbsp;shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified
as contemplated by Section&nbsp;301 for Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a &#8220;mandatory sinking fund payment,&#8221; and any payment in excess of
such minimum amount provided for by the terms of such Securities of any series is herein referred to as an &#8220;optional sinking fund
payment.&#8221; If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may
be subject to reduction as provided in Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 56; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1202. <U>Satisfaction of Sinking Fund Payments with Securities</U>.
The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series,
(1)&nbsp;deliver Outstanding Securities of such series (other than any previously called for redemption) together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto and (2)&nbsp;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 Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities, or which have
otherwise been acquired by the Company; <U>provided</U> that such Securities so delivered or applied as a credit have not been previously
so credited. Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified
in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be
reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1203. <U>Redemption of Securities for Sinking Fund</U>.
Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an
Officers&#8217; 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 in the currency or currencies, currency unit
or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section&nbsp;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 delivered and credited. If such Officers&#8217; 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 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section&nbsp;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&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;THIRTEEN - REPAYMENT AT THE OPTION
OF HOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1301. <U>Applicability of Article</U>. Repayment of Securities
of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities,
if any, and (except as otherwise specified by the terms of such series established pursuant to Section&nbsp;301) in accordance with this
Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1302. <U>Repayment of Securities</U>. Securities of
any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the
terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon
accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or prior to
the Repayment Date it will 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&nbsp;1003) an amount of money in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) sufficient to pay the principal (or, if so provided by the terms of the
Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1303. <U>Exercise of Option</U>. Securities of any
series subject to repayment at the option of the Holders thereof will contain an &#8220;Option to Elect Repayment&#8221; form on the
reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee must receive at the
Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from
time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days prior to the Repayment Date
(1)&nbsp;the Security so providing for such repayment together with the &#8220;Option to Elect Repayment&#8221; form on the reverse
thereof duly completed by the Holder (or by the Holder&#8217;s attorney duly authorized in writing) or (2)&nbsp;a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange, or the FINRA, or a commercial bank or trust
company in the United States setting forth the name of the Holder of the Security, the principal amount of the Security, the
principal amount of the Security to be repaid, the CUSIP number, if any, or a description of the tenor and terms of the Security, a
statement that the option to elect repayment is being exercised thereby and a guarantee that the Security to be repaid, together
with the duly completed form entitled &#8220;Option to Elect Repayment&#8221; on the reverse of the Security, will be received by
the Trustee not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission or letter; <U>provided</U>, <U>however</U>,
that such telegram, telex, facsimile transmission or letter shall only be effective if such Security and form duly completed are
received by the Trustee by such fifth Business Day. If less than the entire principal amount of such Security is to be repaid in
accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of the minimum
denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the
Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must be specified. The
principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following
such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of
the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing
for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 57; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1304. <U>When Securities Presented for Repayment Become
Due and Payable</U>. If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered
as provided in this Article&nbsp;and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof,
as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified,
and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer
Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment in accordance
with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount
of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; <U>provided</U>,
<U>however</U>, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise specified pursuant to Section&nbsp;301,
only upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments of
interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the
Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the provisions of Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Bearer Security surrendered for repayment shall not be accompanied
by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting from the amount payable therefor
as provided in Section&nbsp;1302 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 as provided in the preceding sentence, such Holder
shall be entitled to receive the amount so deducted; <U>provided</U>, <U>however</U>, that interest represented by coupons shall be payable
only at an office or agency located outside the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise
specified as contemplated by Section&nbsp;301, only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the principal amount of any Security surrendered for repayment shall
not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued to such Repayment Date)
shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) set forth in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1305. <U>Securities Repaid in Part</U>. Upon surrender
of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver
to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the
same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the
portion of the principal of such Security so surrendered which is not to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;FOURTEEN - DEFEASANCE AND COVENANT
DEFEASANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1401. <U>Applicability of Article; Company&#8217;s Option
to Effect Defeasance or Covenant Defeasance</U>. If, pursuant to Section&nbsp;301, provision is made for either or both of (a)&nbsp;Defeasance
of the Securities of or within a series under Section&nbsp;1402 or (b)&nbsp;Covenant Defeasance of the Securities of or within a series
under Section&nbsp;1403, then the provisions of such Section&nbsp;or Sections, as the case may be, together with the other provisions
of this Article&nbsp;(with such modifications thereto as may be specified pursuant to Section&nbsp;301 with respect to any Securities),
shall be applicable to such Securities and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at
any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section&nbsp;1402 (if applicable) or Section&nbsp;1403
(if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set
forth below in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1402. <U>Defeasance and Discharge</U>. Upon the Company&#8217;s
exercise of the above option applicable to this Section&nbsp;with respect to any Securities of or within a series, the Company shall be
deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on
the date the conditions set forth in Section&nbsp;1404 are satisfied (hereinafter, &#8220;Defeasance&#8221;). For this purpose, such Defeasance
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities
and any coupons appertaining thereto, which shall thereafter be deemed to be &#8220;Outstanding&#8221; only for the purposes of Section&nbsp;1405
and the other Sections of this Indenture referred to in clauses (A)&nbsp;and (B)&nbsp;below, and to have satisfied all of its other obligations
under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining
thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged hereunder: (A)&nbsp;the rights of Holders of such Outstanding
Securities and any coupons appertaining thereto to receive, solely from the trust fund described in Section&nbsp;1404 and as more fully
set forth in such Section, payments in respect of the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on
such Securities and any coupons appertaining thereto when such payments are due, (B)&nbsp;the Company&#8217;s obligations with respect
to such Securities under Sections 305, 306, 1002 and 1003, and the Company&#8217;s obligations under Section&nbsp;606 hereof (C)&nbsp;the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D)&nbsp;this Article. Subject to compliance with this Article&nbsp;Fourteen,
the Company may exercise its option under this Section&nbsp;notwithstanding the prior exercise of its option under Section&nbsp;1403 with
respect to such Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1403. <U>Covenant Defeasance</U>. Upon the
Company&#8217;s exercise of the above option applicable to this Section&nbsp;with respect to any Securities of or within a series,
the Company shall be released from its obligations under Sections 1004 to 1009, inclusive, and, if specified pursuant to
Section&nbsp;301, its obligations under any other covenant contained herein or in any indenture supplemental hereto, with respect to
such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section&nbsp;1404
are satisfied (hereinafter, &#8220;Covenant Defeasance&#8221;), and such Securities and any coupons appertaining thereto shall
thereafter be deemed to be not &#8220;Outstanding&#8221; for the purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with Sections 1004 to 1009, inclusive, or such other covenant, but shall
continue to be deemed &#8220;Outstanding&#8221; for all other purposes hereunder. For this purpose, such Covenant Defeasance means
that, with respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such Section&nbsp;or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section&nbsp;or such other covenant or by
reason of reference in any such Section&nbsp;or such other covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a default or an Event of Default under Section&nbsp;501(4)&nbsp;or 501(8)&nbsp;or otherwise,
as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining
thereto shall be unaffected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 59; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1404. <U>Conditions to Defeasance or Covenant Defeasance</U>.
The following shall be the conditions to application of Section&nbsp;1402 or Section&nbsp;1403 to any Outstanding Securities of or within
a series and any coupons appertaining thereto:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee satisfying the requirements of Section&nbsp;607 who shall agree to comply with
the provisions of this Article&nbsp;Fourteen applicable to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any
coupons appertaining thereto, (1)&nbsp;an amount in such currency, currencies or currency unit in which such Securities and any
coupons appertaining thereto are then specified as payable at Stated Maturity, or (2)&nbsp;Government Obligations applicable to such
Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which such
Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment of
principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining
thereto, money in an amount, or (3)&nbsp;a combination thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the
Trustee (or other qualifying trustee) to pay and discharge, (i)&nbsp;the principal of (and premium or Make-Whole Amount, if any) and
interest, if any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or
installment of principal or interest and (ii)&nbsp;any mandatory sinking fund payments or analogous payments applicable to such
Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with
the terms of this Indenture and of such Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;Such Defeasance or Covenant Defeasance shall not result in
a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company
is a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;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 and any coupons appertaining thereto shall have occurred
and be continuing on the date of such deposit or, insofar as Sections 501(6)&nbsp;and 501(7)&nbsp;are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until
the expiration of such period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;In the case of an election under Section&nbsp;1402, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has received from, or there has been published
by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of
such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes
as a result of such Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;In the case of an election under Section&nbsp;1403, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any coupons
appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and
will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;The Company shall have delivered to the Trustee an Officers&#8217;
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Defeasance under Section&nbsp;1402 or the Covenant
Defeasance under Section&nbsp;1403 (as the case may be) have been complied with and an Opinion of Counsel to the effect that either (i)&nbsp;as
a result of a deposit pursuant to subsection (a)&nbsp;above and the related exercise of the Company&#8217;s option under Section&nbsp;1402
or Section&nbsp;1403 (as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company,
with respect to the trust funds representing such deposit or by the Trustee for such trust funds or (ii)&nbsp;all necessary registrations
under said Act have been effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(g)&nbsp;Notwithstanding any other provisions of this Section, such
Defeasance or Covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which
may be imposed on the Company in connection therewith pursuant to Section&nbsp;301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&nbsp;The payment of amounts payable to the Trustee pursuant to
this Indenture shall be paid or provided for to the reasonable satisfaction of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1405. <U>Deposited Money and Government Obligations to
Be Held in Trust; Other Miscellaneous Provisions</U>. Subject to the provisions of the last paragraph of Section&nbsp;1003, all money
and Government Obligations (or other property as may be provided pursuant to Section&nbsp;301) (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this Section&nbsp;1405, the &#8220;Trustee&#8221;) pursuant
to Section&nbsp;1404 in respect of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto 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 Holders of such Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect
of principal (and premium or Make-Whole Amount, if any) and interest, but such money need not be segregated from other funds except to
the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified with respect to any Security pursuant to
Section&nbsp;301, if, after a deposit referred to in Section&nbsp;1404(a)&nbsp;has been made, (a)&nbsp;the Holder of a Security in respect
of which such deposit was made is entitled to, and does, elect pursuant to Section&nbsp;301 or the terms of such Security to receive payment
in a currency or currency unit other than that in which the deposit pursuant to Section&nbsp;1404(a)&nbsp;has been made in respect of
such Security, or (b)&nbsp;a Conversion Event occurs in respect of the currency or currency unit in which the deposit pursuant to Section&nbsp;1404(a)&nbsp;has
been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be,
fully discharged and satisfied through the payment of the principal of (and premium or Make-Whole Amount, if any), and interest, if any,
on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of
any such election) the amount or other property deposited in respect of such Security into the currency or currency unit in which such
Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such currency
or currency unit in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such
currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section&nbsp;1404 or the principal and
interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such
Outstanding Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anything in this Article&nbsp;to the contrary notwithstanding, subject
to Section&nbsp;606, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations
(or other property and any proceeds therefrom) held by it as provided in Section&nbsp;1404 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable, in accordance with
this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1501. <U>Purposes for Which Meetings May&nbsp;Be Called</U>.
A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to this Article&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1502. <U>Call, Notice and Place of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The Trustee may at any time call a meeting of Holders of Securities
of any series for any purpose specified in Section&nbsp;1501, to be held at such time and at such place 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&nbsp;106, not less than 20 nor more
than 180 days prior to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 61; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;In case at any time the Company, pursuant to a Board Resolution,
or the Holders of at least 25% 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&nbsp;1501, 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 20 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)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1503. <U>Persons Entitled to Vote at Meetings</U>. To
be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1)&nbsp;a Holder of one or more Outstanding
Securities of such series, or (2)&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1504. <U>Quorum; Action</U>. 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; <U>provided</U>, <U>however</U>, that if any action is to be taken at such meeting with respect to a consent or waiver
which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the
Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities
of such series shall constitute a quorum. 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 the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the Persons entitled
to vote 25% in aggregate principal amount of the then Outstanding Securities shall constitute a quorum for the taking of any action set
forth in the notice of the original meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section&nbsp;1502(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as limited by the proviso to Section&nbsp;902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative
vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities represented at such meeting;
<U>provided</U>, <U>however</U>, that, except as limited by the proviso to Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any resolution passed or decision taken at any meeting of Holders
of Securities of any series duly held in accordance with this Section&nbsp;shall be binding on all the Holders of Securities of such
series and the related coupons, whether or not present or represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing provisions of this Section&nbsp;1504,
if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified
percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of such series and one or more additional
series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;there shall be no minimum quorum requirement for such meeting;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 62; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;the principal amount of the Outstanding Securities of such
series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into
account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made,
given or taken under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1505. <U>Determination of Voting Rights; Conduct and Adjournment
of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Notwithstanding any provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of a 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&nbsp;104 and the appointment of any proxy shall be proved in the manner
specified in Section&nbsp;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&nbsp;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&nbsp;104
or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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&nbsp;1502(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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&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 the Outstanding Securities of such series held or represented
by him; <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;Any meeting of Holders of Securities of any series duly called
pursuant to Section&nbsp;1502 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1506. <U>Counting Votes and Recording Action of
Meetings</U>. 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 duplicate of all votes
cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any
Series&nbsp;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 fact, setting
forth a copy of the notice of the meeting and showing that said notice was given as provided in Section&nbsp;1502 and, if
applicable, Section&nbsp;1504. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 63; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;SIXTEEN - CONVERSION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1601. <U>Applicability of Article; Conversion Privilege
and Conversion Price</U>. Securities of any series which are convertible shall be convertible in accordance with their terms and (except
as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series) in accordance with this Article&nbsp;Sixteen.
Subject to and upon compliance with the provisions of this Article&nbsp;Sixteen, at any time during the period specified in the Securities,
at the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple
of $1,000 may be converted at the principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated
as to each conversion to the nearest 1/100 of a share) of Common Stock of the Company, at the Conversion Price, determined as hereinafter
provided, in effect at the time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in
respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption
Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the
date such default is cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The price at which shares of Common Stock shall be delivered upon conversion
(herein called the &#8220;Conversion Price&#8221;) of Securities of any series shall be specified in such Securities. The Conversion Price
shall be adjusted in certain instances as provided in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case the Company shall, by dividend or otherwise, declare or make
a distribution on its Common Stock referred to in paragraph (4)&nbsp;of Section&nbsp;1604, the Holder of each Security, upon the conversion
thereof pursuant to this Article&nbsp;Sixteen subsequent to the close of business on the date fixed for the determination of stockholders
entitled to receive such distribution and prior to the effectiveness of the Conversion Price adjustment in respect of such distribution
pursuant to paragraph (4)&nbsp;of Section&nbsp;1604, shall be entitled to receive for each share of Common Stock into which such Security
is converted, the portion of the evidence of indebtedness, shares of Capital Stock or assets so distributed applicable to one share of
Common Stock; <U>provided</U>, <U>however</U>, that, at the election of the Company (whose election shall be evidenced by a Board Resolution
filed with the Trustee) with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion
of such distribution not consisting of cash or securities of the Company, pay such Holder an amount in cash equal to the fair market value
thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution
filed with the Trustee). If any conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs
prior to the payment date for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive
in accordance with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed
with the Trustee) to distribute to such Holder a due bill for the evidences of indebtedness, shares of Capital Stock or assets to which
such Holder is so entitled, provided that such due bill (i)&nbsp;meets any applicable requirements of the principal over-the-counter market
or national securities exchange or other market on which the Common Stock is then traded, and (ii)&nbsp;requires payment or delivery of
such evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common Stock receiving such
distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1602. <U>Exercise of Conversion Privilege</U>. In
order to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security, duly endorsed
or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section&nbsp;1002, accompanied
by written notice to the Company at such office or agency that the Holder elects to convert such Security or, if less than the
entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional
requirements set forth in such Security. Securities surrendered for conversion during the period from the close of business on any
Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall (except
for Securities the Maturity of which is prior to such Interest Payment Date) be accompanied by payment in funds acceptable to the
Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of Securities being
surrendered for conversion and such interest shall be paid on such Interest Payment Date as provided in Section&nbsp;307. Except as
provided in the preceding sentence, no payment or adjustment shall be made upon any conversion on account of any interest accrued on
the Securities surrendered for conversion or on account of any dividends on the Common Stock issued upon conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&#8217;s delivery to the Holder of the fixed number of
shares of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock) into which the Security is
convertible shall be deemed to satisfy the Company&#8217;s obligation to pay the principal amount of the Security and all accrued
interest and original issue discount that has not previously been paid. The shares of Common Stock of the Company so delivered shall
be treated as issued first in payment of accrued interest and original issue discount and then in payment of principal. Thus,
accrued interest and original issue discount shall be treated as paid, rather than canceled, extinguished or forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities shall be deemed to have been converted immediately prior
to the close of business on the day of surrender of such Securities for conversion in accordance with the foregoing provisions, and at
such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Common
Stock issuable upon conversion shall be treated for all purposes as the record holder or holders of such Common Stock at such time. As
promptly as practicable on or after the conversion date, the Company shall issue and shall deliver at such office or agency a certificate
or certificates for the number of full shares of Common Stock issuable upon conversion, together with payment in lieu of any fraction
of a share, as provided in Section&nbsp;1603.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of any Security which is converted in part only, as promptly
as practicable on or after the conversion date the Company shall execute and the Trustee shall authenticate and make available for delivery
to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the Company, a new Security or Securities,
of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1603. <U>Fractions of Shares</U>. No fractional shares
of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one time
by the same Holder, the number of full shares of Common Stock which shall be issuable upon conversion thereof shall be computed on the
basis of the aggregate principal amount of the&nbsp;Securities (or specified portions thereof) so surrendered. Instead of any fractional
share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof),
the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction in an amount equal to the same fraction
of the Closing Price per share of the Common Stock on the day of conversion (or, if such day is not a Trading Day, on the Trading Day
immediately preceding such day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1604. <U>Adjustment of Conversion Price</U>. The Conversion
Price shall be subject to adjustment from time to time as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;If the Company pays or makes a dividend or other distribution
(a)&nbsp;on its Common Stock exclusively in Common Stock or (b)&nbsp;on any other class of Capital Stock of the Company, which dividend
or distribution includes Common Stock of the Company, the Conversion Price in effect at the opening of business on the day following the
date fixed for the determination of stockholders entitled to receive such dividend or other distribution (the &#8220;Dividend Record Date&#8221;)
shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of shares of Common Stock
of the Company outstanding at the close of business on the Dividend Record Date and the denominator shall be the sum of such number of
shares and the total number of shares constituting such dividend or other distribution. Such reduction shall become effective immediately
after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (1), the
number of shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company,
but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company
shall not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Subject to paragraph (6)&nbsp;of this Section, if the Company
pays or makes a dividend or other distribution on its Common Stock consisting exclusively of Short Term Rights (as defined below), or
otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price in effect at the opening of business on the
day following the record date for the determination of holders of Common Stock entitled to receive such Short Term Rights (the &#8220;Rights
Record Date&#8221;) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of
shares of Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of Common
Stock of the Company which the aggregate of the offering price of the total number of shares of Common Stock so offered for subscription
or purchase would purchase at such current market price and the denominator shall be the number of shares of Common Stock of the Company
outstanding at the close of business on the Rights Record Date plus the number of shares of Common Stock so offered for subscription
or purchase. Such reduction shall become effective immediately after the opening of business on the day following the Rights Record
Date. For the purposes of this paragraph (2), the number of shares of Common Stock of the Company at any time outstanding shall not include
shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions
of shares of Common Stock of the Company. The Company shall not issue any rights, options or warrants in respect of shares of its Common
Stock held in the treasury of the Company. When used in this Section&nbsp;1604, the term &#8220;Short Term Rights&#8221; shall mean rights,
warrants or options entitling the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more
than 45 days after the Rights Record Date) to subscribe for or purchase shares of Common Stock of the Company at a price per share less
than the current market price per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1604) of the Common Stock
of the Company on the Rights Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 65; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;In case outstanding shares of Common Stock of the Company
shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business on the
day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding
shares of Common Stock of the Company shall be combined into a smaller number of shares of Common Stock, the Conversion Price in effect
at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased,
such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the
day upon which such subdivision or combination becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;Subject to the last sentence of this paragraph (4)&nbsp;of
this Section, if the Company, by dividend or otherwise, (a)&nbsp;distributes to all holders of its Common Stock evidences of its indebtedness,
shares of any class of Capital Stock of the Company or other assets (other than cash dividends out of current or retained earnings), or
(b)&nbsp;distributes to substantially all holders of Common Stock rights or warrants to subscribe for securities (other than Short Term
Rights to which paragraph (2)&nbsp;of this Section&nbsp;1604 applies), the Conversion Price shall be reduced by multiplying such Conversion
Price by a fraction of which the numerator shall be the current market price per share (determined as provided in paragraph (7)&nbsp;of
this Section&nbsp;1604) of the Common Stock of the Company on the Reference Date (as defined below) less the fair market value (as determined
in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee),
on the Reference Date, of the portion of the evidences of indebtedness and other assets so distributed or of such subscription rights
or warrants applicable to one share of Common Stock (collectively, the &#8220;Market Value of the Distribution&#8221;) and the denominator
shall be such current market price per share of the Common Stock of the Company. Such reduction shall become effective immediately prior
to the opening of business on the day (the &#8220;Reference Date&#8221;) following the later of (a)&nbsp;the date fixed for the payment
of such distribution and (b)&nbsp;the date 20 days after notice relating to such distribution is required to be given pursuant to Section&nbsp;1606(a).
If the Board of Directors determines the fair market value of any distribution for purposes of this paragraph (4)&nbsp;by reference to
the actual or when issued trading market for any securities comprising such distribution, it must in doing so consider the prices in such
market over the same period used in computing the current market price per share pursuant to paragraph (7)&nbsp;of this Section&nbsp;1604.
In the event that, with respect to any distribution to which this paragraph (4)&nbsp;of Section&nbsp;1604 would otherwise apply, the Market
Value of the Distribution is greater than the current market price per share of the Common Stock (such distribution being referred to
herein as an &#8220;Unadjusted Distribution&#8221;), then the adjustment provided by this paragraph (4)&nbsp;shall not be made and in
lieu thereof the provisions of Section&nbsp;1611 shall apply with respect to such Unadjusted Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;The Company may, but shall not be required to, make such
reductions in the Conversion Price, in addition to those required by paragraphs (1), (2), (3), and (4)&nbsp;of this
Section&nbsp;1604, 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. In addition, the Company, from time to time, may decrease the
Conversion Price by any amount and for any reason, temporarily or otherwise, including situations where the Board of Directors
determines such decrease to be fair and appropriate with respect to transactions in which holders of Common Stock have the right to
participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 66; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;Rights or warrants issued or distributed by the Company
to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of Common Stock or Preferred
Stock, which rights or warrants (i)&nbsp;are deemed to be transferred with such shares of Common Stock, (ii)&nbsp;are not
exercisable and (iii) are also issued or distributed in respect of future issuances of Common Stock, in each case in clauses
(i)&nbsp;through (iii)&nbsp;until the occurrence of a specified event or events (&#8220;Trigger Events&#8221;), shall for purposes
of this Section&nbsp;1604 not be deemed issued or distributed until the occurrence of the earliest Trigger Event. Each share of
Common Stock issued upon conversion of Securities pursuant to this Article&nbsp;Sixteen shall be entitled to receive the appropriate
number of Common Stock purchase rights (the &#8220;Rights&#8221;), if any, and the certificates representing the Common Stock issued
upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this Article&nbsp;Sixteen, there shall
not be any adjustment to the Conversion Price as a result of (i)&nbsp;the distribution of separate certificates representing the
Rights; (ii)&nbsp;the occurrence of certain events entitling holders of Rights to receive, upon exercise thereof, Common Stock or
other securities of the Company or other securities of another corporation; or (iii)&nbsp;the exercise of such Rights. No adjustment
in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant to a Company plan providing for
reinvestment of dividends or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;For the purpose of any computation under paragraph (2), (4)&nbsp;or
(5)&nbsp;of this Section&nbsp;1604, the &#8220;current market price&#8221; per share of Common Stock of the Company on any date shall
be deemed to be the average of the daily Closing Prices for the 15 consecutive Trading Days selected by the Company commencing not more
than 30 Trading Days before, and ending not later than, the date in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;No adjustment in the Conversion Price shall be required unless
such adjustment would require an increase or decrease of at least 1% in the Conversion Price; <U>provided</U>, <U>however</U>, that any
adjustments which by reason of this paragraph (8)&nbsp;are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Article&nbsp;Sixteen shall be made to the nearest cent or to the nearest one-hundredth
of a share of Common Stock, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;Anything herein to the contrary notwithstanding, in the event
the Company shall declare any dividend or distribution requiring an adjustment in the Conversion Price hereunder and shall, thereafter
and before the payment of such dividend or distribution to stockholders, legally abandon its plan to pay such dividend or distribution,
the Conversion Price then in effect hereunder, if changed to reflect such dividend or distribution, shall upon the legal abandonment of
such plan be changed to the Conversion Price which would have been in effect at the time of such abandonment (after giving effect to all
other adjustments not so legally abandoned pursuant to the provisions of this Article&nbsp;Sixteen) had such dividend or distribution
never been declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;Notwithstanding any other provision of this Section&nbsp;1604,
no adjustment to the Conversion Price shall reduce the Conversion Price below the then par value per share of the Common Stock of the
Company, and any such purported adjustment shall instead reduce the Conversion Price to such par value. Notwithstanding the foregoing
sentence, the Company hereby covenants that it will from time to time take all such action as may be required to assure that the par value
per share of the Common Stock is at all times equal to or less than the Conversion Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) In the event that this Article&nbsp;Sixteen requires
adjustments to the Conversion Price under more than one of paragraphs (1), (2), (3)&nbsp;or (4)&nbsp;of this Section&nbsp;1604, and
the record or effective dates for the transaction giving rise to such adjustments shall occur on the same date, then such
adjustments shall be made by applying (to the extent they are applicable), first, the provisions of paragraph (3)&nbsp;of this
Section&nbsp;1604, second, the provisions of paragraph (1)&nbsp;of this Section&nbsp;1604, third, the provisions of paragraph
(4)&nbsp;of this Section&nbsp;1604 and, fourth, the provisions of paragraph (2)&nbsp;of this Section&nbsp;1604. Anything herein to
the contrary notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to
this Section&nbsp;1604. After an adjustment to the Conversion Price under this Article&nbsp;Sixteen, any subsequent event requiring
an adjustment under this Article&nbsp;Sixteen shall cause an adjustment to the Conversion Price as so adjusted. If, after an
adjustment, a Holder of a Security upon conversion of such Security receives shares of two or more classes of Capital Stock of the
Company, the Conversion Price shall thereafter be subject to adjustment upon the occurrence of an action taken with respect to any
such class of Capital Stock as is contemplated by this Article&nbsp;Sixteen with respect to the Common Stock in this
Article&nbsp;Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 67; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 06 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1605. <U>Notice of Adjustments of Conversion Price</U>.
Whenever the Conversion Price is adjusted as herein provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Company shall compute the adjusted Conversion Price in
accordance with Section&nbsp;1604 or Section&nbsp;1611 and shall prepare an Officer&#8217;s Certificate setting forth the adjusted Conversion
Price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed (with
a copy to the Trustee) at each office or agency maintained for the purpose of conversion of any Securities pursuant to Section&nbsp;1002;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;a notice stating that the Conversion Price has been adjusted
and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable after it is required, such notice
shall be mailed by the Company to all Holders at their last addresses as they shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1606. <U>Notice of Certain Corporate Action</U>. In case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Company shall take any action that would require a Conversion
Price adjustment pursuant to Section&nbsp;1604 or Section&nbsp;1611; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;there shall occur any reclassification of the Common Stock
of the Company (other than a subdivision or combination of its outstanding shares of Common Stock), or any consolidation or merger to
which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets of the Company and for which approval
of any stockholders of the Company is required; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;there shall occur the voluntary or involuntary dissolution,
liquidation or winding up of the Company, then the Company shall cause to be filed at each office or agency maintained for the purpose
of conversion of Securities pursuant to Section&nbsp;1002, and shall cause to be mailed to all Holders at their last addresses as they
shall appear in the Security Register, at least 10 days prior to the applicable record, effective or expiration date hereinafter specified,
a notice stating (x)&nbsp;the date on which a record is to be taken for the purpose of any dividend, distribution or granting of rights,
warrants or options, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to
such dividend, distribution, rights, options or warrants are to be determined, or (y)&nbsp;the date on which such reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and, if applicable, the date as of which
it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash
or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1607. <U>Company to Reserve Common Stock</U>. The Company
shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose
of effecting the conversion of Securities, a number of shares of Common Stock for the conversion of all outstanding Securities of any
series which is convertible into Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1608. <U>Taxes on Conversion</U>. The Company will pay
any and all taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Securities pursuant
hereto. 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 of Common Stock in a name other than that of the Holder of the Security or Securities to be converted, and no such
issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax,
or has established to the satisfaction of the Company that such tax has been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1609. <U>Covenants as to Common Stock</U>. The Company
covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue be duly and validly issued,
fully paid and nonassessable, free of preemptive or any similar rights, and, except as provided in Section&nbsp;1608, the Company will
pay all taxes, liens and charges with respect to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will endeavor promptly to comply with all Federal and
state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of Securities, if any, and will
list or cause to have quoted such shares of Common Stock on each national securities exchange or in the over-the-counter market or
such other market on which the Common Stock is then listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 68; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1610. <U>Cancellation of Converted Securities</U>. All
Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall
dispose of the same as provided in Section&nbsp;309.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1611. <U>Provisions in Case of Consolidation, Merger or
Sale of Assets; Special Distributions</U>. If any of the following shall occur, namely: (i)&nbsp;any reclassification or change of outstanding
shares of Common Stock issuable upon conversion of 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), (ii)&nbsp;any consolidation or merger to which the Company
is a party other than a merger in which the Company is the continuing corporation and which does not result in any reclassification of,
or change (other than a change in name, or 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) in, outstanding shares of Common Stock or (iii)&nbsp;any sale or conveyance of all or substantially all
of the property or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger
or which acquires such properties or assets, as the case may be, shall as a condition precedent to such transaction execute and deliver
to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter, during
the period such Security shall be convertible as specified in Section&nbsp;1601, to convert such Security only into the kind and amount
of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer or lease by a holder of the
number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to such consolidation,
merger, sale, transfer or lease; provided that the kind and amount of securities, cash and other property so receivable shall be determined
on the basis of the following assumptions. The holder of Common Stock referred to in the foregoing sentence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;is not (a)&nbsp;a Person with which the Company consolidated,
(b)&nbsp;a Person into which the Company merged or which merged into the Company, or (c)&nbsp;a Person to which such sale, transfer or
lease was made (any Person described in the foregoing clauses (a), (b), or (c), hereinafter referred to as a &#8220;Constituent Person&#8221;),
or (d)&nbsp;an Affiliate of a Constituent Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;failed to exercise his rights of election, if any, as to the
kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease (provided that
if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale transfer or lease is not
the same for each share of Common Stock of the Company in respect of which such rights of election shall not have been exercised, then
for the purpose of this Section&nbsp;1611 the kind and amount of securities, cash and other property receivable upon such consolidation,
merger, sale, transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Common
Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such supplemental indenture shall provide for adjustments which,
for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Article&nbsp;Sixteen. If, in the case of any such consolidation, merger, sale transfer or lease
the stock or other securities and property (including cash) receivable thereupon by a holder of Common Stock includes shares of
stock or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in
such consolidation, merger, sale, transfer or lease then such supplemental indenture shall also be executed by such other
corporation and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of
Directors of the Company shall reasonably consider necessary by reason of the foregoing. The above provisions of this
Section&nbsp;1611 shall similarly apply to successive consolidations, mergers, sales, transfers or leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event the Company shall execute a supplemental indenture pursuant
to this Section&nbsp;1611, the Company shall promptly file with the Trustee an Officers&#8217; Certificate briefly stating the reasons
therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of the Securities upon
the conversion of their Securities after any such reclassification, change, consolidation, merger, sale, transfer or lease and any adjustment
to be made with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company makes a distribution to all holders of its Common Stock
that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4)&nbsp;of Section&nbsp;1604, then, from and after
the record date for determining the holders of Common Stock entitled to receive such distribution (the &#8220;Distribution Record Date&#8221;),
a Holder of a Security who converts such Security in accordance with the provisions of this Indenture shall, upon conversion, be entitled
to receive, in addition to the shares of Common Stock into which the Security is convertible, the kind and amount of evidences of indebtedness,
shares of Capital Stock, or other assets or subscription rights or warrants, as the case may be, comprising the distribution that such
Holder would have received if such Holder had converted the Security immediately prior to the Distribution Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1612. <U>Trustee Adjustment Disclaimer; Company Determination
Final</U>. The Trustee has no duty to determine when an adjustment under this Article&nbsp;Sixteen should be made, how it should be made
or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section&nbsp;1611 need be entered into
or whether any provisions of any supplemental indenture are correct. The Trustee shall not be accountable for and makes no representation
as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be responsible for
the Company&#8217;s failure to comply with this Article&nbsp;Sixteen. Any determination that the Company or the Board of Directors must
make pursuant to this Article&nbsp;Sixteen is conclusive, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1613. <U>When No Adjustment Required</U>. Except as expressly
set forth in Section&nbsp;1604, no adjustment in the Conversion Price shall be made because the Company issues, in exchange for cash,
property or services, shares of its Common Stock, or any securities convertible into or exchangeable for shares of its Common Stock, or
securities (including warrants, rights and options) carrying the right to subscribe for or purchase shares of its Common Stock or such
convertible or exchangeable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Notwithstanding anything herein to the contrary, no adjustment
in the Conversion Price shall be made pursuant to Section&nbsp;1604 in respect of any dividend or distribution if the Holders may participate
therein (on a basis to be determined in good faith by the Board of Directors) and receive the same consideration they would have received
if they had converted the Securities immediately prior to the record date with respect to such dividend or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1614. <U>Equivalent Adjustments</U>. In the event that,
as a result of an adjustment made pursuant to Section&nbsp;1604 above, the holder of any Security thereafter surrendered for conversion
shall become entitled to receive any shares of Capital Stock of the Company other than shares of its Common Stock, thereafter the Conversion
Price of such other shares so receivable upon conversion of any Securities shall be subject to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article&nbsp;Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 70; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VERICEL CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">,</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 71; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF REDEEMABLE OR NON-REDEEMABLE SENIOR
SECURITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Face of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[If the Holder of this Security (as indicated below) is The Depository
Trust Company (&#8220;DTC&#8221;) or a nominee of DTC, this Security is a Global Security and the following two legends apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unless this Security is presented by an authorized representative
of The Depository Trust Company, a New York corporation, (&#8220;DTC&#8221;) to the Company or its agent for registration of transfer,
conversion, exchange or payment, and such Security issued is registered in the name of Cede&nbsp;&amp; Co., or in such other name as requested
by an authorized representative of DTC (and any payment is made to Cede&nbsp;&amp; Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the
registered owner hereof, Cede&nbsp;&amp; Co., has an interest herein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unless and until this Security is exchanged in whole or in part
for Securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee thereof or by a nominee
thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.</B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If this Security is an Original Issue Discount Security, insert</U>
 &#8212; FOR PURPOSES OF SECTION&nbsp;1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON
THIS SECURITY IS &nbsp;&nbsp;&nbsp;&nbsp;% OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp; , AND THE YIELD TO MATURITY IS &nbsp;&nbsp;&nbsp;&nbsp;%. THE METHOD USED TO DETERMINE THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;
 &nbsp;TO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp; ,&nbsp;IS &nbsp;&nbsp;&nbsp;&nbsp;%
OF THE PRINCIPAL AMOUNT OF THIS SECURITY.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VERICEL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Series]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT></TD>
    <TD STYLE="width: 41%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CUSIP No.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">VERICEL CORPORATION, a Michigan corporation (herein referred to as
the &#8220;Company,&#8221; which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
registered assigns the principal sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
 &#8220;Stated Maturity Date&#8221;) [or <U>insert date fixed for earlier redemption</U> (the &#8220;Redemption Date,&#8221; and together
with the Stated Maturity Date with respect to principal repayable on such date, the &#8220;Maturity Date.&#8221;)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If the Security is to bear interest prior to Maturity, insert </U>&#8212;
and to pay interest thereon from
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
each year (each, an &#8220;Interest Payment Date&#8221;), commencing
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at the
rate of &nbsp;&nbsp;&nbsp;&nbsp;% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the Company
maintained for such purpose; <U>provided</U>, <U>however</U>, that such interest may be paid, at the Company&#8217;s option, by
mailing a check to such Holder at its registered address or by transfer of funds to an account maintained by such Holder within the
United States]. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
may be paid at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or
securities exchange on which the Securities of this series may be quoted or listed, and upon such notice as may be required by such
market or exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve
30-day months.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 72; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If the Security is not to bear interest prior to Maturity, insert</U>
 &#8212; The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration,
upon redemption or at the [Stated] Maturity Date and in such case the overdue principal of this Security shall bear interest at the rate
of &nbsp;&nbsp;&nbsp;&nbsp;% per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue
from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue
principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at
the rate of &nbsp;&nbsp;&nbsp;&nbsp;% per annum (to the extent that the payment of such interest shall be legally enforceable), which
shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such
interest shall also be payable on demand.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal of this Security payable on the Stated Maturity Date
[or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this
Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency of the Company maintained
for that purpose in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private
debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest payable on this Security on any Interest Payment Date and
on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including the next preceding
Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
if no interest has been paid on this Security) to but excluding such Interest Payment Date or the [Stated] Maturity Date [or Redemption
Date, as the case may be.] If any Interest Payment Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not
a Business Day, as defined below, principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest
Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day with
the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be.] &#8220;Business
Day&#8221; means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in
The City of New York are required or authorized by law, regulation or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If this Security is a Global Security, insert</U> &#8212; All payments
of principal, premium or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company in immediately
available funds.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Certificate of Authentication hereon has been executed by
the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture,
or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its facsimile corporate seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VERICEL CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Reverse of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 73; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VERICEL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one of a duly authorized issue of securities of the
Company (herein called the &#8220;Securities&#8221;), issued and to be issued in one or more series under an</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp; &nbsp;(herein called the &#8220;Indenture&#8221;) between the Company and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee (herein called the &#8220;Trustee,&#8221; which term includes any successor trustee under the Indenture with respect to the
series of which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities,
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the duly authorized
series of Securities designated on the face hereof (collectively, the &#8220;Securities&#8221;), [<U>if applicable, insert</U> &#8212;
and the aggregate principal amount of the Securities to be issued under such series is limited to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &nbsp;(except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities).] All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Event of Default, as defined in the Indenture, shall occur and
be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &#8212; The Securities may not be redeemed
prior to the Stated Maturity Date.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &#8212; The Securities are subject to
redemption [ (l)&nbsp;(<U>If applicable, insert</U> &#8212; on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any year commencing with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through
operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)&nbsp;] [<U>If applicable,
insert</U> &#8212; at any time [on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as a whole or in
part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If redeemed on or before &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
 &nbsp;&nbsp;&nbsp;&nbsp;% and if redeemed during the 12-month period beginning &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the years indicated at the Redemption Prices indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 23%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount, together in the case of any such redemption [<U>If applicable, insert</U> &#8212; (whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date; <U>provided, however</U>, that installments of interest
on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or
more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided
in the Indenture.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 74; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &#8212; The Securities are subject to
redemption (1)&nbsp;on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any year commencing with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the year
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through
operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2)&nbsp;at any time [on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the
sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the years indicated,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price&nbsp;for<BR>
Redemption&nbsp;Through<BR>
Operation&nbsp;of&nbsp;the&nbsp;Sinking&nbsp;Fund</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price&nbsp;for<BR>
Redemption&nbsp;Otherwise&nbsp;Than<BR>
Through&nbsp;Operation&nbsp;of&nbsp;the<BR>
Sinking&nbsp;Fund</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with
accrued interest to the Redemption Date; <U>provided</U>, <U>however</U>, that installments of interest on this Security whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &#8212; Notwithstanding the foregoing,
the Company may not, prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
redeem any Securities as contemplated by [Clause (2)&nbsp;of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance
with generally accepted financial practice) of less than &nbsp;&nbsp;&nbsp;&nbsp;% per annum.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &#8212; The sinking fund for the Securities
provides for the redemption on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
each year, beginning with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
of [not less than] $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] [(&#8220;mandatory sinking fund&#8221;) and not more than $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
] aggregate principal amount of the Securities. [The Securities acquired or redeemed by the Company otherwise than through [mandatory]
sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [<U>describe
order</U>] order in which they become due.]]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of redemption will be given by mail to Holders of Securities,
not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of redemption of this Security in part only, a new Security
or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[If applicable, insert conversion provisions set forth in any Board
Resolution or indenture supplemental to the Indenture.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate
principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains
provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf
of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions
in the Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding
Securities of any series to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and other Securities issued upon the registration of transfer hereof or conversion or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
(and premium or Make-Whole Amount, if any) and interest on this Security at the times, places and rate, and in the coin or currency, herein
prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
[and herein] set forth, the transfer of this Security is registrable in the Security Register of the Company upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount,
if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon
one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
[and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities of different authorized denominations
but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
[without coupons] in denominations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;and any integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or conversion or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this 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 this Security is registered as
the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No recourse shall be had for the payment of the principal of or premium
or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer
or director, as such, of the Company or of any successor, either directly or through the Company or any successor, whether by virtue of
any constitution, statute or rule&nbsp;of law or by the enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 129 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORMS OF CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Insert title or sufficient description of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is to certify that, as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i)&nbsp;are owned by person(s)&nbsp;that are not citizens or residents
of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States
Federal income taxation regardless of its source (&#8220;United States person(s)&#8221;), (ii)&nbsp;are owned by United States person(s)&nbsp;that
are (a)&nbsp;foreign branches of United States financial institutions (financial institutions, as defined in United States Treasury Regulations
Section&nbsp;2.165-12(c)(1)(v)&nbsp;are herein referred to as &#8220;financial institutions&#8221;) purchasing for their own account or
for resale, or (b)&nbsp;United States person(s)&nbsp;who acquired the Securities through foreign branches of United States financial institutions
and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a)&nbsp;or (b),
each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise Vericel Corporation
or its agent that such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the
United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;are owned by United States or
foreign financial institution(s)&nbsp;for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in
clause (iii)&nbsp;above (whether or not also described in clause (i)&nbsp;or (ii)), this is to further certify that such financial institution
has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United
States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein, &#8220;United States&#8221; means the United States
of America (including the States and the District of Columbia); and its &#8220;possessions&#8221; include Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We undertake to advise you promptly by tested telex or by
telecopy on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held by
you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and
in the absence of any such notification it may be assumed that this certification applies as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This certificate excepts and does not relate to [U.S.$] of such interest
in the above-captioned Securities in respect of which we are not able to certify and as to which we understand an exchange for an interest
in a permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest)
cannot be made until we do so certify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We understand that this certificate may be required in connection with
certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which
this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested
party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 77; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be dated no earlier than the 15th day prior to (i)&nbsp;the Exchange
Date or (ii)&nbsp;the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Name of Person Making Certification]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Authorized Signature)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND CLEARSTREAM S.A. IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO
THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Insert title or sufficient description of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is to certify that, based solely on written certifications that
we have received in writing, by tested telex or by electronic transmission from each of the persons appearing in our records as persons
entitled to a portion of the principal amount set forth below (our &#8220;Member Organizations&#8221;) substantially in the form attached
hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i)&nbsp;is owned by person(s)&nbsp;that are
not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which
is subject to United States Federal income taxation regardless of its source (&#8220;United States person(s)&#8221;), (ii)&nbsp;is owned
by United States person(s)&nbsp;that are (a)&nbsp;foreign branches of United States financial institutions (financial institutions, as
defined in U.S. Treasury Regulations Section&nbsp;1.165-12(c)(1)(v)&nbsp;are herein referred to as &#8220;financial institutions&#8221;)
purchasing for their own account or for resale, or (b)&nbsp;United States person(s)&nbsp;who acquired the Securities through foreign branches
of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof
(and in either case (a)&nbsp;or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise
Vericel Corporation or its agent that such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or
(C)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;is owned by United States or
foreign financial institution(s)&nbsp;for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii)&nbsp;above (whether
or not also described in clause (i)&nbsp;or (ii)) have certified that they have not acquired the Securities for purposes of resale directly
or indirectly to a United States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein, &#8220;United States&#8221; means the United States
of America (including the States and the District of Columbia); and its &#8220;Possessions&#8221; include Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We further certify that (i)&nbsp;we are not making available herewith
for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security representing the above-captioned
Securities excepted in the above-referenced certificates of Member Organizations and (ii)&nbsp;as of the date hereof we have not received
any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect
to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot
be relied upon as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We understand that this certification is required in connection with
certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which
this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested
party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 79; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be dated no earlier than the Exchange Date or the relevant Interest
Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&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;, as Operator of the Euroclear
System] [Clearstream Banking Luxembourg]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>tm2125905d2_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VERICEL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: gray">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of &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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subordinated Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 72%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;101.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;102.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificates and Opinions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;103.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;104.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;105.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,&nbsp;etc., to Trustee and Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;106.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice to Holders; Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;107.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts; Effect of Headings and Table of Contents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;108.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;109.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability Clause</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;110.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;111.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;112.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;113.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;114.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TWO - SECURITIES FORMS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;201.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;202.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;203.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Issuable in Global Form</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;THREE - THE SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;301.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;302.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;303.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution, Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;304.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;305.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration, Registration of Transfer, Conversion and Exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;306.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;307.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;308.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons Deemed Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;309.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;310.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;311.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP Numbers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FOUR - SATISFACTION AND DISCHARGE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;401.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;402.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Trust Funds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FIVE - REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;501.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;502.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;503.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;504.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee May&nbsp;File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;505.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee May&nbsp;Enforce Claims Without Possession of Securities or Coupons</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;506.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;507.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;508.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;509.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;510.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;511.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;512.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control by Holders of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;513.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;514.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Usury, Stay or Extension Laws</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;515.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking for Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SIX - THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;601.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;602.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Rights of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;603.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Responsible for Recitals or Issuance of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;604.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;Hold Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;605.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;606.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Reimbursement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;607.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Trustee Required; Eligibility; Conflicting Interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;608.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;609.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance of Appointment by Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;610.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;611.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;612.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Duties and Responsibilities of the Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SEVEN - HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;701.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure of Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;702.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;703.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;704.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 18%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 73%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;801.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;802.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights and Duties of Successor Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;803.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers&rsquo; Certificate and Opinion of Counsel</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;NINE - SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;901.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;902.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;903.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;904.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;905.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;906.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference in Securities to Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TEN - COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>

<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1001.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal, Premium or Make-Whole Amount, if any; and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1002.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Office or Agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1003.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money for Securities Payments to Be Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1004.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1005.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Properties</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1006.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1007.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Taxes and Other Claims</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1008.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement as to Compliance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1009.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Certain Covenants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;ELEVEN - REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1101.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1102.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election to Redeem; Notice to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1103.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection by Trustee of Securities to Be Redeemed</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1104.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1105.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1106.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Payable on Redemption Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1107.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Redeemed in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TWELVE - SINKING FUNDS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1201.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1202.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1203.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1301.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1302.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1303.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Option</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1304.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When Securities Presented for Repayment Become Due and Payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1305.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Repaid in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>

<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1401.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article; Company&rsquo;s Option to Effect Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1402.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1403.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1404.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1405.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1501.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purposes for Which Meetings May&nbsp;Be Called</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1502.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call, Notice and Place of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1503.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons Entitled to Vote at Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1504.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum; Action</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1505.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of Voting Rights; Conduct and Adjournment of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1506.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counting Votes and Recording Action of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SIXTEEN - SUBORDINATION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1601.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement to Subordinate</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1602.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment Over of Proceeds upon Dissolution, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1603.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Payment When Senior Indebtedness in Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1604.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance by Senior Indebtedness on Subordination Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1605.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subrogation to Rights of Holders of Senior Indebtedness</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1606.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions Solely to Define Relative Rights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1607.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee to Effectuate Subordination</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1608.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Waiver of Subordination Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1609.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1610.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance on Judicial Order or Certificate of Liquidating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1611.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee Not Fiduciary for Holders of Senior Indebtedness</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1612.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee&rsquo;s Rights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1613.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;Applicable to Paying Agents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SEVENTEEN - CONVERSION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>

<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1701.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability of Article; Conversion Privilege and Conversion Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1702.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Conversion Privilege</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1703.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractions of Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1704.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment of Conversion Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1705.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Adjustments of Conversion Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1706.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Certain Corporate Action</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1707.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company to Reserve Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1708.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes on Conversion</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1709.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants as to Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1710.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of Converted Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1711.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1712.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee Adjustment Disclaimer; Company Determination Final</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1713.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When No Adjustment Required</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1714.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equivalent Adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VERICEL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reconciliation and tie between the Trust Indenture Act of 1939, as
amended (the &ldquo;Trust Indenture Act&rdquo; or &ldquo;TIA&rdquo;) and the Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="background-color: White; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trust&nbsp;Indenture&nbsp;Act&nbsp;Section</B></FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indenture&nbsp;Section</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 310(a)(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">607,&nbsp;608</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 312(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">701</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 313(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">702</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 314(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">703</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1008</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 315(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">601</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 316(a)&nbsp;(last
    sentence)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101(&ldquo;Outstanding&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">502, 512</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">508</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 317(a)(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">503</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">504</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&sect; 318(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE: This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention should also be directed to Section&nbsp;318(c)&nbsp;of the
Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of
and govern every qualified indenture, whether or not physically contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INDENTURE, dated as of
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;,
between VERICEL CORPORATION, a corporation organized under the laws of the State of Michigan (hereinafter called the
 &ldquo;Company&rdquo;), having its principal office at 64 Sidney St., Cambridge, MA 02139, and
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Trustee
hereunder (hereinafter called the &ldquo;Trustee&rdquo;), having a Corporate Trust Office at
 &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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Options: NewSection; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS OF THE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company deems it necessary to issue from time to time for
its lawful purposes subordinated debt securities (hereinafter called the &ldquo;Securities&rdquo;) evidencing its unsecured and subordinated
indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the
Securities, to be issued in one or more Series&nbsp;as provided in this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Indenture is subject to the provisions of the Trust Indenture
Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo; or &ldquo;TIA&rdquo;), that are deemed to be incorporated into this Indenture
and shall, to the extent applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All things necessary to make this Indenture a valid and legally binding
agreement of the Company, in accordance with its terms, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;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 a Series&nbsp;thereof, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;ONE - DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;101. <U>Definitions</U>. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the terms defined in this Article&nbsp;have the meanings assigned
to them in this Article, and include the plural as well as the singular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;all other terms used herein which are defined in the TIA,
either directly or by reference therein, have the meanings assigned to them therein, and the terms &ldquo;cash transactions&rdquo; and
 &ldquo;self-liquidating paper,&rdquo; as used in TIA Section&nbsp;311, shall have the meanings assigned to them in the rules&nbsp;of the
Commission adopted under the TIA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;any reference to an &ldquo;Article&rdquo; or a &ldquo;Section&rdquo;
refers to an Article&nbsp;or Section, as the case may be, of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;the words &ldquo;herein,&rdquo; &ldquo;hereof &ldquo;and &ldquo;hereunder&rdquo;
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section&nbsp;or other subdivision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Act</U>,&rdquo; when used with respect to any Holder, has
the meaning specified in Section&nbsp;104.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Affiliate</U>&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 meanings correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Authenticating Agent</U>&rdquo; means any Person authorized
by the Trustee pursuant to Section&nbsp;611 hereof 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: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 9; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&ldquo;<U>Authorized Newspaper</U>&rdquo; means a newspaper,
printed in the English language or in an official language of the country of publication, customarily published on each Business Day,
whether or not published on Saturdays, Sundays or 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. Whenever successive publications are required to be made in Authorized Newspapers,
the successive publications may be made in the same or in different Authorized 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&ldquo;<U>Bankruptcy Law</U>&rdquo; has the meaning specified
in Section&nbsp;501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&ldquo;<U>Bearer Security</U>&rdquo; means any Security established
pursuant to Section&nbsp;201 which is payable to the bearer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Board of Directors</U>&rdquo; when used with reference to
the Company, means the board of directors of the Company, or any committee of that board duly authorized to act hereunder, or any director
or directors and/or officer or officers of the Company, to whom the board or committee shall have duly delegated its authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Board Resolution</U>&rdquo; means a copy of (1)&nbsp;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 of the Board of Directors and to be in full force and effect on the date of such certification, or (2)&nbsp;a certificate signed
by the director or directors and/or officer or officers to whom the Board of Directors shall have duly delegated its authority, together
with a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification authorizing such delegation, and, in each case, delivered to the
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Business Day</U>,&rdquo; when used with respect to any Place
of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with
respect to any Securities issued pursuant to Section&nbsp;301, any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions in that Place of Payment or particular location are authorized or required by law, regulation
or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Capital Stock</U>&rdquo; means, with respect to any Person,
any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of
such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase
any thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Clearstream</U>&rdquo; means Clearstream Banking Luxembourg,
soci&eacute;t&eacute; anonyme, or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Closing Price</U>&rdquo; means the closing price of a share
of Common Stock of the Company as reported on the NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Code</U>&rdquo; means the Internal Revenue Code of 1986,
as amended, and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Commission</U>&rdquo; means the Securities and Exchange Commission,
as from time to time constituted, created under the Exchange Act, or, if at any time after execution of this instrument such Commission
is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Common Depository</U>&rdquo; has the meaning specified in
Section&nbsp;304.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Common Stock</U>&rdquo; means, with respect to any Person,
all shares of capital stock issued by such Person other than Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Company</U>&rdquo; means the Person named as the &ldquo;Company&rdquo;
in the first paragraph of this Indenture until a successor corporation shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 10; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Company Request</U>&rdquo; and &ldquo;<U>Company Order</U>&rdquo;
mean, respectively, a written request or order signed in the name of the Company by its Chief Executive Officer, the President, or a Vice
President, and by its 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Constituent Person</U>&rdquo; has the meaning specified in
Section&nbsp;1711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Conversion Event</U>&rdquo; means the cessation of use of
(i)&nbsp;a Foreign Currency both by the government of the country which issued such currency and for the settlement of transactions by
a central bank or other public institutions of or within the international banking community, (ii)&nbsp;the ECU both within the European
Monetary System and for the settlement of transactions by public institutions of or within the European Communities or (iii)&nbsp;any
currency unit (or composite currency) other than the ECU for the purposes for which it was established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Conversion Price</U>&rdquo; has the meaning specified in
Section&nbsp;1701.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Corporate Trust Office</U>&rdquo; means the office of the
Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof
is located at [&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>corporation</U>&rdquo; includes corporations, associations,
companies and business trusts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>coupon</U>&rdquo; means any interest coupon appertaining
to a Bearer Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Covenant Defeasance</U>&rdquo; has the meaning specified
in Section&nbsp;1403.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Custodian</U>&rdquo; has the meaning specified in Section&nbsp;501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Defaulted Interest</U>&rdquo; has the meaning specified in
Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Defeasance</U>&rdquo; has the meaning specified in Section&nbsp;1402.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Distribution Record Date</U>&rdquo; has the meaning specified
in Section&nbsp;1711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Dividend Record Date</U>&rdquo; has the meaning specified
in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Dollar</U>&rdquo; or the sign &ldquo;<U>$</U>&rdquo; means
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>DTC</U>&rdquo; means The Depository Trust Company and any
successor to DTC in its capacity as depository for any Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>ECU</U>&rdquo; means the European Currency Unit as defined
and revised from time to time by the Council of the European Communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Euroclear</U>&rdquo; means the operator of the Euroclear
System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>European Communities</U>&rdquo; means the European Economic
Community, the European Coal and Steel Community and the European Atomic Energy Community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>European Monetary System</U>&rdquo; means the European Monetary
System established by the Resolution of December&nbsp;5, 1978 of the Council of the European Communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Event of Default</U>&rdquo; has the meaning specified in
Article&nbsp;Five.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Exchange Act</U>&rdquo; means the Securities Exchange Act
of 1934, as amended, as in force at the date as of which this Indenture was executed; <U>provided</U>, <U>however</U>, that in the event
the Exchange Act is amended after such date, &ldquo;Exchange Act&rdquo; means to the extent required by any such amendment, the Exchange
Act as so amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Exchange Date</U>&rdquo; has the meaning specified in Section&nbsp;304.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>FINRA</U>&rdquo; means the Financial Industry Regulatory
Authority,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Foreign Currency</U>&rdquo; means any currency, currency
unit or composite currency, including, without limitation, the ECU issued by the government of one or more countries other than the United
States of America or by any recognized confederation or association of such governments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&ldquo;<U>GAAP</U>&rdquo; means, except as otherwise provided
herein, generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a consistent
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Global Security</U>&rdquo; means a Security evidencing all
or a part of a series of Securities issued to and registered in the name of the depository for such series, or its nominee, in accordance
with Section&nbsp;305, and bearing the legend prescribed in Section&nbsp;203.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Government Obligations</U>&rdquo; means (i)&nbsp;securities
which are (A)&nbsp;direct obligations of the United States of America or the government which issued the Foreign Currency in which the
Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (B)&nbsp;obligations of
a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which
issued the Foreign Currency in which the Securities of such series 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, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and (iii)&nbsp;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, <U>provided</U> 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Guaranty</U>&rdquo; by any Person means any Obligation, contingent
or otherwise, of such Person guaranteeing any Indebtedness of any other Person (the &ldquo;primary obligor&rdquo;) in any manner, whether
directly or indirectly, and including, without limitation, every Obligation of such Person (i)&nbsp;to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any
security for the payment of such Indebtedness, (ii)&nbsp;to purchase property, securities or services for the purpose of assuring the
holder of such Indebtedness of the payment of such Indebtedness or (iii)&nbsp;to maintain working capital, equity capital or other financial
statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness; <U>provided</U>,
<U>however</U>, that a Guaranty by any Person shall not include endorsements by such Person for collection or deposit, in either case
in the ordinary course of business. The terms &ldquo;<U>Guaranteed</U>,&rdquo; &ldquo;<U>Guaranteeing</U>&rdquo; and &ldquo;<U>Guarantor</U>&rdquo;
shall have meanings correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Holder</U>&rdquo; means, in the case of a Registered Security,
the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and,
when used with respect to any coupon, shall mean the bearer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Indebtedness</U>&rdquo; means, with respect to any
Person, without duplication, (i)&nbsp;any Obligation of such Person relating to any indebtedness of such Person (A)&nbsp;for
borrowed money (whether or not the recourse of the lender is to the whole of the assets, of such person or only to a portion
thereof), (B)&nbsp;evidenced by notes, debentures or similar instruments (including purchase money obligations) given in connection
with the acquisition of any property or assets (other than trade accounts payable for inventory or similar property acquired in the
ordinary course of business), including securities, for the payment of which such Person is liable, directly or indirectly, or the
payment of which is secured by a lien, charge or encumbrance on property or assets of such Person, (C)&nbsp;for goods, materials or
services purchased in the ordinary course of business (other than trade accounts payable arising in the ordinary course of
business), (D)&nbsp;with respect to letters of credit or bankers acceptances issued for the account of such Person or performance,
surety or similar bonds, (E)&nbsp;for the payment of money relating to a capitalized lease Obligation or (F)&nbsp;under interest
rate swaps, caps or similar agreements and foreign exchange contracts, currency swaps or similar agreements; (ii)&nbsp;any liability
of others of the kind described in the preceding clause (i), which such Person has Guaranteed or which is otherwise its legal
liability; and (iii)&nbsp;any and all deferrals, renewals, extensions and refunding of, or amendments, modifications or supplements
to, any liability of the kind described in any of the preceding clauses (i)&nbsp;or (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 12; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Indenture</U>&rdquo; means this instrument as originally
executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section&nbsp;301;
<U>provided</U>, <U>however</U>, 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 be supplemented or amended from time to time 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&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Indexed Security</U>&rdquo; means a Security the terms
of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof
at original issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Interest</U>,&rdquo; when used with respect to an Original
Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable after Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Interest Payment Date</U>,&rdquo; when used 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Make-Whole Amount</U>,&rdquo; when used with respect to any
Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any) which is required by a Security, under
the terms and conditions specified therein or as otherwise specified as contemplated by Section&nbsp;301, to be paid by the Company to
the Holder thereof in connection with any optional redemption or accelerated payment of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>mandatory sinking fund payment</U>&rdquo; has the meaning
specified in Section&nbsp;1201.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Market Value of the Distribution</U>&rdquo; has the meaning
specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Maturity</U>,&rdquo; when used with respect to any
Security, means the date on which the principal (or, if the context so requires, in the case of an Original Issue Discount Security,
or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified terms of that
Security) 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Obligation</U>&rdquo; of any Person with respect to any specified
Indebtedness means any obligation of such Person to pay principal, premium, interest (including interest accruing on or after the filing
of any petition in bankruptcy or for reorganization relating to such Person, whether or not a claim for such post-petition interest is
allowed in such proceeding), penalties, reimbursement or indemnification amounts, fees, expenses or other amounts relating to such Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Officers&rsquo; Certificate</U>&rdquo; means a certificate
signed by the chairman of the Board of Directors, the Chief Executive Officer, the President, or a Vice President (whether or not designated
by a number or word or words added before or after the title &ldquo;Vice President&rdquo;), 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Opinion of Counsel</U>&rdquo; means a written opinion of
counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>optional sinking fund payment</U>&rdquo; has the meaning
specified in Section&nbsp;1201.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Original Issue Discount Security</U>&rdquo; means any Security
which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less than the principal amount
thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Outstanding</U>,&rdquo; when used with respect to Securities,
means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, <U>except</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;Securities, or portions thereof, for whose payment or redemption
(including 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; <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;Securities, except to the extent provided in Sections 1402
and 1403, with respect to which the Company has effected Defeasance and/or Covenant Defeasance as provided in Article&nbsp;Fourteen; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iv)&nbsp;Securities which have been paid pursuant to Section&nbsp;306
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>however</U>, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section&nbsp;313, (i)&nbsp;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 purpose shall be equal to
the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the maturity thereof pursuant to Section&nbsp;502, (ii)&nbsp;the principal
amount of any Security denominated in a Foreign Currency 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 pursuant to Section&nbsp;301 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)&nbsp;above)
of such Security, (iii)&nbsp;the principal amount of any Indexed Security that may be counted in making such determination or
calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed
Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section&nbsp;301, and
(iv)&nbsp;Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in
making such calculation or in 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 owned as
provided in clause (iv)&nbsp;above 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 of such other obligor. In case of a dispute
as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with
such advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Paying Agent</U>&rdquo; means any Person authorized by the
Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities or coupons on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Payment Blockage Notice</U>&rdquo; and &ldquo;<U>Payment
Blockage Period</U>&rdquo; have the respective meanings specified in Section&nbsp;1603.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Person</U>&rdquo; means any individual, corporation, limited
liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof, or any other entity or organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Place of Payment</U>,&rdquo; when used with respect to the
Securities of or within any series, means the place or places where the principal of (and premium or Make-Whole Amount, if any) and interest
on such Securities are payable as specified as contemplated by Sections 301 and 1002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Predecessor Security</U>&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&nbsp;306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or
stolen coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Preferred Stock</U>&rdquo; means, with respect to any Person,
all capital stock issued by such Person that is entitled to a preference or priority over any other capital stock issued by such Person
with respect to any distribution of such Person&rsquo;s assets, whether by dividend or upon any voluntary or involuntary liquidation,
dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Proceeding</U>&rdquo; has the meaning specified in Section&nbsp;1602.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Redemption Date</U>,&rdquo; when used with respect to any
Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Redemption Price</U>,&rdquo; when used with respect to any
Security to be redeemed, means the price specified in the related Officers&rsquo; Certificate or supplemental indenture contemplated by
and pursuant to Section&nbsp;301, at which it is to be redeemed pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Reference Date</U>&rdquo; has the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Registered Security</U>&rdquo; shall mean any Security which
is registered in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Regular Record Date</U>&rdquo; for the interest payable on
any Interest Payment Date on the Registered Securities of or within any series means the date specified for that purpose as contemplated
by Section&nbsp;301, whether or not a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Repayment Date</U>&rdquo; means, when used with respect to
any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Repayment Price</U>&rdquo; means, when used with respect
to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Responsible Officer</U>,&rdquo; when used with respect to
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;), Assistant Vice President, Trust Officer or Assistant Trust Officer working in its Corporate Trust Department, or any
other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and working
in its Corporate Trust Department, and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such officer&rsquo;s knowledge 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Rights</U>&rdquo; has the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Rights Record Date</U>&rdquo; has the meaning specified in
Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Securities Payment</U>&rdquo; has the meaning specified in
Section&nbsp;1602.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Security</U>&rdquo; and &ldquo;<U>Securities</U>&rdquo; has
the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered
under this Indenture; <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&ldquo;<U>Security Register</U>&rdquo; and &ldquo;<U>Security
Registrar</U>&rdquo; have the respective meanings specified in Section&nbsp;305.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Senior Indebtedness</U>&rdquo; means Indebtedness of the
Company, whether outstanding on the date of this Indenture or thereafter created, incurred, assumed or guaranteed by the Company, other
than the following: (1)&nbsp;any Indebtedness as to which, in the instrument evidencing such Indebtedness or pursuant to which such Indebtedness
was issued, it is expressly provided that such Indebtedness is subordinate in right of payment to all Indebtedness of the Company not
expressly subordinated to such Indebtedness; (2)&nbsp;any Indebtedness which by its terms refers explicitly to the Securities and states
that such Indebtedness shall not be senior, shall be <U>pari passu</U> or shall be subordinated in right of payment to the Securities;
and (3)&nbsp;with respect to any series of Securities, any Indebtedness of the Company evidenced by Securities of the same or of another
series. Notwithstanding anything to the contrary in the foregoing, Senior Indebtedness shall not include (a)&nbsp;&nbsp;Indebtedness of
or amounts owed by the Company for compensation to employees, or for goods, materials or services purchased in the ordinary course of
business, or (b)&nbsp;Indebtedness of the Company to a Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;<U>Series</U>&rdquo; of Securities means all securities denoted
as part of the same series authorized by or pursuant to a particular Board Resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Short Term Rights</U>&rdquo; has the meaning specified in
Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Significant Subsidiary</U>&rdquo; means any Subsidiary which
is a &ldquo;significant subsidiary&rdquo; (as defined in Article&nbsp;I, Rule&nbsp;1-02 of Regulation S-X, promulgated under the Securities
Act of 1933, as amended) of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Special Record Date</U>&rdquo; for the payment of any Defaulted
Interest on the Registered Securities of or within any series means a date fixed by the Company pursuant to Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Stated Maturity</U>,&rdquo; when used 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Subsidiary</U>&rdquo; means, with respect to any Person,
any corporation, limited liability company, partnership or other entity of which a majority of (i)&nbsp;the voting power of the voting
equity securities or (ii)&nbsp;the outstanding equity interests are owned, directly or indirectly, by such Person.&nbsp; For the purposes
of this definition, &ldquo;voting equity securities&rdquo; means equity securities having voting power for the election of directors,
whether at all times or only so long as no senior class of security has such voting power by reason of any contingency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Trading Day</U>&rdquo; means any day on which the NASDAQ
Capital Market is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&ldquo;<U>Trigger Events</U>&rdquo; has the meaning specified
in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Trust Indenture Act</U>&rdquo; or &ldquo;<U>TIA</U>&rdquo;
means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture was executed, except as provided
in Section&nbsp;905.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Trustee</U>&rdquo; means the Person named as the
 &ldquo;Trustee&rdquo; in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include each Person who is then a
Trustee hereunder; <U>provided</U>, <U>however</U>, that if at any time there is more than one such Person, &ldquo;Trustee&rdquo; as
used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Unadjusted Distribution</U>&rdquo; has the meaning specified
in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>United States</U>&rdquo; means, unless otherwise specified
with respect to any Securities pursuant to Section&nbsp;301, the United States of America (including the states and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>United States Person</U>&rdquo; means, unless otherwise
specified with respect to any Securities pursuant to Section&nbsp;301, an individual who is a citizen or resident of the United States,
a corporation, partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income
of which is subject to United States Federal income taxation regardless of its source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Yield to Maturity</U>&rdquo; means the yield to maturity,
computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United States bond yield computation principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;102. <U>Compliance Certificates and Opinions</U>. 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 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (including certificates delivered pursuant to Section&nbsp;1008) shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;a statement that each individual signing such certificate
or opinion has read such condition or covenant and the definitions herein relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such certificate or opinion are based;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;103. <U>Form&nbsp;of Documents Delivered to Trustee</U>.
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or
representations 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 as 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, they may, but need not, be consolidated
and form one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;104. <U>Acts of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding Securities of all series or one or
more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by agents duly appointed in writing. 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&nbsp;Fifteen, 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 or 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 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&nbsp;1506.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to
him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate
or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;The ownership of Registered Securities shall be proved
by the Security Register. As to any matter relating to beneficial ownership interests in any Global Security, the appropriate depository&rsquo;s
records shall be dispositive for purposes of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;The ownership of Bearer Securities may be proved by the
production of such Bearer Securities or by a certificate executed, as depository, by any trust company, bank, banker or other
depository, 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 depository, 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)&nbsp;another certificate or affidavit bearing a later date issued in respect of the same Bearer
Security is produced, or (2)&nbsp;such Bearer Security is produced to the Trustee by some other Person, or (3)&nbsp;such Bearer
Security is surrendered in exchange for a Registered Security, or (4)&nbsp;such Bearer Security is no longer Outstanding. The
ownership of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;If the Company shall solicit from the Holders of
Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its
option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so.
Notwithstanding TIA Section&nbsp;316(c), such record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in
connection therewith and not later than the date such solicitation is completed. 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 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; <U>provided</U> that no such authorization, agreement or consent by the Holders on such record date shall be
deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after
the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;Any request, demand, authorization, direction, notice, consent,
waiver or other Act of 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 upon the conversion thereof or in exchange therefor or in lieu thereof in respect
of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;105. <U>Notices,&nbsp;etc., to Trustee and Company</U>.
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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
or at any other address previously furnished in writing to the Company by the Trustee, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&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 it 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 the Trustee by the Company, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;either the Trustee or the Company, by the other party or by
any Holder, shall be sufficient for every purpose hereunder if given by facsimile transmission, receipt confirmed by telephone followed
by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
and if to the Company at facsimile number [&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;106. <U>Notice to Holders; Waiver</U>. Where this
Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such
Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, if any, and
not earlier than the earliest date, if any, prescribed for the giving of such notice. 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 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 mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives
such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;If by reason of the suspension of or irregularities in
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to
Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such
Holders for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise expressly provided herein or otherwise
specified with respect to any Securities pursuant to Section&nbsp;301, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York and
in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not later than the
latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. Any such notice shall
be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such
publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If 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 the failure to give notice by publication to any particular Holder
of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of such notice with respect
to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any request, demand, authorization, direction, notice, consent or waiver
required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language
of the country of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;107. <U>Counterparts; Effect of Headings and Table of
Contents</U>. This Indenture 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 Indenture. The Article&nbsp;and Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;108. <U>Successors and Assigns</U>. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;109. <U>Severability Clause</U>. In case any provision
in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;110. <U>Benefits of Indenture</U>. Nothing in this Indenture
or in the Securities or coupons, if any, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;111. <U>Governing Law</U>. This Indenture and the Securities
and coupons shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to the
provisions of the TIA 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;112. <U>Legal Holidays</U>. In any case where any Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security or the last date
on which a Holder has the right to convert or exchange a Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or any Security or coupon other than a provision in the Securities of any series which specifically
states that such provision shall apply in lieu hereof), payment of interest or principal (and premium or Make-Whole Amount, if any) or
conversion or exchange of such Security need not be made at such Place of Payment on such date, but (except as otherwise provided in the
supplemental indenture with respect to such Security) 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, Redemption Date, Repayment Date or sinking fund payment date, or at the
Stated Maturity or Maturity, or on such last day for conversion or exchange, provided that no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity
or Maturity, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;113. <U>Limited Liability; Immunity of Stockholders,
Directors, Officers and Agents of the Company</U>. Notwithstanding any other provision of this Indenture or of the Securities of any
series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any
Security, or for the payment of any sums due on account of any indebtedness evidenced thereby, including without limitation
principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect of this
Indenture or any Security, shall be had, whether by levy or execution or otherwise, against (i)&nbsp;the Company, the
Company&rsquo;s assets or against any past, present or future stockholder, employee, officer, director or agent, as such, of the
Company or any successor, either directly or through the Company or any successor, under any rule&nbsp;of law, statute,
constitutional provision or by the enforcement of any assessment or penalty, or by any legal or equitable proceeding or otherwise,
nor shall any such parties be personally liable for any such amounts, obligations or claims, or liable for any deficiency judgment
based thereon or with respect thereto, it being expressly understood that the sole remedies hereunder or under any other document
with respect to the Securities against such parties with respect to such amounts, obligations or claims shall be against the Company
and that all such liability of and recourse against such parties is expressly waived and released by the acceptance of the
Securities by the Holders and as part of the consideration for the issue of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;114. <U>Conflict with Trust Indenture Act</U>. If any
provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Indenture
by any of the provisions of the Trust Indenture Act, such required provision shall control. If any provision of this Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply
to this Indenture as so modified or to be excluded, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 20; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;TWO - SECURITIES FORMS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;201. <U>Forms of Securities</U>. The Registered Securities,
if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be substantially in the form of <U>Exhibit&nbsp;A</U>
hereto or in such other form as shall be established in one or more indentures supplemental hereto or approved from time to time by or
pursuant to a Board Resolution in accordance with Section&nbsp;301, shall have such 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 or designation and such legends or endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule&nbsp;or regulation
made pursuant thereto or with any rule&nbsp;or regulation of any over-the-counter market or securities exchange, on which the Securities
may be quoted or listed, or to conform to usage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified as contemplated by Section&nbsp;301, Bearer
Securities shall have interest coupons attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The definitive Securities and 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 mechanically reproduced
on safety paper or may be produced in any other manner, all as determined by the officers 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;202. <U>Form&nbsp;of Trustee&rsquo;s Certificate of Authentication</U>.
Subject to Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one of the Securities of the series designated therein referred
to in the within- mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">as Trustee</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Dated: &nbsp; &nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</TD></TR>
  </TABLE>


<P STYLE="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: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 21; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 03 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;203. <U>Securities Issuable in Global Form</U>. If Securities
of or within a series are issuable in the form of one or more Global Securities, then, notwithstanding clause (8)&nbsp;of Section&nbsp;301
and the provisions of Section&nbsp;302, any such Global Security or Securities may provide that it or they shall represent the aggregate
amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed
thereon and may also provide that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time
be increased or decreased to reflect exchanges. Any endorsement of any Global Security to reflect the amount, or any increase or decrease
in the amount, or changes in the rights of Holders thereof, of Outstanding Securities represented thereby shall be made (or caused to
be made) by the Trustee in such manner or by such Person or Persons as shall be specified therein or in the Company Order to be delivered
to the Trustee pursuant to Section&nbsp;303 or 304. Subject to the provisions of Section&nbsp;303 and, if applicable, Section&nbsp;304,
the Trustee shall deliver and redeliver any Global 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&nbsp;303 or 304 has been,
or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security
shall be in writing but need not comply with Section&nbsp;102 and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of the last sentence of Section&nbsp;303 shall apply
to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to
the Trustee the Global Security together with written instructions (which need not comply with Section&nbsp;102 and need not be accompanied
by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written
statement contemplated by the last sentence of Section&nbsp;303.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of Section&nbsp;307, unless otherwise
specified as contemplated by Section&nbsp;301, payment of principal of and any premium or Make-Whole Amount, if any, and interest on any
Global Security in permanent global form shall be made to the registered Holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of Section&nbsp;308 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)&nbsp;in the case of a permanent Global Security in registered
form, the Holder of such permanent Global Security in registered form, or (ii)&nbsp;in the case of a permanent Global Security in bearer
form, Euroclear or Clearstream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;This Security is a Global Security within the meaning set forth
in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. This Security is
exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances
described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or another nominee of the Depository or by the Depository or its nominee to a successor Depository
or its nominee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;THREE - THE SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;301. <U>Amount Unlimited; Issuable in Series</U>. 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities may be issued in one or more series, each of which shall
be authorized pursuant to Board Resolutions of the Company. There shall be established in one or more Board Resolutions or pursuant to
authority granted by one or more Board Resolutions and, subject to Section&nbsp;303, set forth in an Officers&rsquo; Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;The title of the Securities of the series, including &ldquo;CUSIP&rdquo;
numbers (which shall distinguish the Securities of such series from all other series of Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Options: NewSection; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Any limit upon the aggregate principal amount of the Securities
of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section&nbsp;304,
305, 306, 906, 1107 or 1305) and the minimum authorized denominations with respect to the Securities of such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;The price (expressed as a percentage of the principal amount
thereof) at which such Securities will be issued and, if other than the principal amount thereof, the portion of the principal amount
thereof payable upon declaration of acceleration of the maturity thereof or (if applicable) the portion of the principal amount of such
Securities that is convertible into Common Stock or Preferred Stock or the method by which any such portion shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;If convertible, the terms on which such Securities are convertible,
including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability
of Common Stock or Preferred Stock receivable on conversion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;The date or dates, or the method for determining such date
or dates, on which the principal of such Securities will be payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;The rate or rates (which may be fixed or variable), or the
method by which such rate or rates shall be determined, at which such Securities will bear interest, if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;The date or dates, or the method for determining such date
or dates, from which any such interest will accrue, the Interest Payment Dates on which any such interest will be payable, the Regular
Record Dates for such Interest Payment Dates, or the method by which such dates shall be determined, the Persons to whom such interest
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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;The Make-Whole Amount, if any, or method for determining the
Make-Whole Amount, if any, payable with respect to such Securities, and the terms upon which such amount, if any, will be payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;The place or places where the principal of (and premium or
Make-Whole Amount, if any) and interest, if any, on such Securities will be payable, where such Securities may be surrendered for registration
of transfer or conversion or exchange and where notices or demands to or upon the Company in respect of such Securities and this Indenture
may be served;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;The period or periods, if any, within which, the price or
prices at which and the other terms and conditions upon which such Securities may, pursuant to any optional or mandatory redemption provisions,
be redeemed, as a whole or in part, at the option of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) The obligation, if any, of the Company to redeem, repay or purchase
such Securities pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within
which, the price or prices at which and the other terms and conditions upon which such Securities will be redeemed, repaid or purchased,
as a whole or in part, pursuant to such obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(12) If other than Dollars, the currency or currencies in which such
Securities are denominated and payable, which may be a foreign currency or units of two or more foreign currencies or a composite currency
or currencies, the manner of determining the equivalent thereof in Dollars for purposes of the definition of &ldquo;Outstanding&rdquo;
in Section&nbsp;101, and the terms and conditions relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(13) Whether the amount of payments of principal of (and premium or
Make-Whole Amount, if any, including any amount due upon redemption, if any) or interest on such Securities may be determined with reference
to an index, formula or other method (which index, formula or method may, but need not be, based on the yield on or trading price of other
securities, including United States Treasury securities or on a currency, currencies, currency unit or units, or composite currency or
currencies) and the manner in which such amounts shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(14) Whether the principal of (and premium or Make-Whole Amount, if
any) or interest on the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency
or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are denominated or
stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made, and the
time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate between the currency
or currencies, currency unit or units or composite currency or currencies in which such Securities 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 are to be so payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(15) Provisions, if any, granting special rights to the Holders of
Securities of the series upon the occurrence of such events as may be specified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(16) Any deletions from, modifications of or additions to the Events
of Default or covenants of the Company with respect to Securities of the series, 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(17) Whether and under what circumstances the Company will pay any
additional amounts on such Securities in respect of any tax, assessment or governmental charge and, if so, whether the Company will have
the option to redeem such Securities in lieu of making such payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(18) Whether Securities of the series are to be issuable as Registered
Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer
Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series and vice
versa (if permitted by applicable laws and regulations), whether any Securities of the series are to be issuable initially in temporary
global form and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may, or shall be required to, exchange such interests for Securities
of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may, or
shall be required to, occur, if other than in the manner provided in the Indenture, and, if Registered Securities of the series are to
be issuable as a Global Security, the identity of the depository for such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(19) The date as of which any Bearer Securities of the series and any
temporary 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(20) The Person to whom any interest on any Registered Security
of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest the manner in which, or the Person to whom, any
interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons
appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary
Global Security on an Interest Payment Date will be paid if other than in the manner provided herein; <U>provided</U>, <U>however</U>,
in each case, that the manner of determining such Person or making such payment shall be acceptable to the Trustee (as not imposing
on it any undue administrative burden or risk of liability);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(21) The applicability, if any, of the Defeasance and Covenant Defeasance
provisions of Article&nbsp;Fourteen hereof to the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(22) The obligation, if any, of the Company to permit the conversion
of the Securities of such series into Common Stock or Preferred Stock, as the case may be, and the terms and conditions upon which such
conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment
of the applicable conversion price and any requirements relative to the reservation of such shares for purposes of conversion);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(23) If the Securities of such 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/or terms of such certificates, documents or conditions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(24) Designation of the Trustee, if different from the Trustee under
the Indenture, with respect to such series and the terms applicable to such Trustee (which shall be accepted by such Trustee by its execution
and delivery of a supplemental indenture as provided therein); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(25) Any other terms of the series (which terms shall not be inconsistent
with the provisions of this Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and
except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section&nbsp;303) and set forth in such Officers&rsquo;
Certificate or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the terms of the Securities of any series are established
by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s)&nbsp;shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers&rsquo;
Certificate setting forth the terms of the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;302. <U>Denominations</U>. The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by Section&nbsp;301. With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Securities of such series,
other than Global Securities (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple
thereof or the equivalent amounts thereof in the case of Securities denominated in the Foreign Currency or currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;303. <U>Execution, Authentication, Delivery and Dating</U>.
The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its Chief Executive Officer, 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 coupons may be manual or facsimile signatures of the present or any future
such authorized officer and may be imprinted or otherwise reproduced on the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 coupon appertaining thereto,
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such
Securities (accompanied by a copy of the Board Resolution and the Officers&rsquo; Certificate or supplemental indenture contemplated
by Section&nbsp;301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; <U>provided</U>, <U>however</U>,
that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the
United States; and <U>provided further</U> that, unless otherwise specified with respect to any series of Securities pursuant to
Section&nbsp;301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as the case may be, in the form set forth in <U>Exhibit&nbsp;B-1</U>
to this Indenture or such other certificate as may be specified by the Company with respect to any series of Securities pursuant to
Section&nbsp;301, dated no earlier than 15 days prior to the earlier of the date on which such Bearer Security is delivered and the
date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with the terms of such
temporary Security and this Indenture. If any Security shall be represented by a permanent Global Security, then, for purposes of
this Section&nbsp;and Section&nbsp;304, the notation of a beneficial owner&rsquo;s interest therein upon original issuance of such
Security or upon exchange of a portion of a temporary Global Security shall be deemed to be delivery in connection with its original
issuance of such beneficial owner&rsquo;s interest in such permanent Global Security. Except as permitted by Section&nbsp;306, the
Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been
detached and canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 25; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all the Securities of any series are not to be issued at one time
and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures
acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such
as interest rate or formula, maturity date, date of issuance and date from which interest shall accrue. In authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive,
and (subject to TIA Section&nbsp;315(a)&nbsp;through 315(d)) shall be fully protected in relying upon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;an Opinion of Counsel stating that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;the form or forms of such Securities and any coupons have
been established in conformity with the provisions of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;the terms of such Securities and any coupons have been established
in conformity with the provisions of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;such Securities, together with any coupons appertaining thereto,
when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication in accordance with
this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and legally binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization and other
similar laws of general applicability relating to or affecting the enforcement of creditors&rsquo; rights generally and to general equitable
principles; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;an Officers&rsquo; Certificate stating that all conditions
precedent provided for in this Indenture relating to the issuance of the Securities have been complied with and that, to the best of the
knowledge of the signers of such certificate, that 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If such form or terms have been so established, the Trustee shall not
be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable) if the issue of such
Securities pursuant to this Indenture will affect the Trustee&rsquo;s own rights, duties, obligations or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of Section&nbsp;301 and of the preceding
paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers&rsquo;
Certificate otherwise required pursuant to Section&nbsp;301 or a Company Order, or an Opinion of Counsel or an Officers&rsquo; Certificate
otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order, opinion
and certificates, with appropriate modifications to cover such 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Registered Security shall be dated the date of its authentication
and each Bearer Security shall be dated as of the date specified as contemplated by Section&nbsp;301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security to which such coupon
appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee (subject to
Section&nbsp;611) by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture. Notwithstanding the foregoing, if any Security (including a Global Security) shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section&nbsp;309 together with a written statement (which need not comply with
Section&nbsp;102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by
the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;304. <U>Temporary Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Pending the preparation of definitive Securities of any series,
the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities 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 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in the case of temporary Global Securities (which shall be exchanged
as otherwise provided herein or as otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section&nbsp;301),
if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities
of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall execute (in accordance with a Company Order
delivered at or prior to the authentication of the first definitive security to such series) and the Trustee shall authenticate and deliver
in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations; <U>provided</U>,
<U>however</U>, that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and <U>provided
further</U> that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the
conditions set forth in Section&nbsp;303. 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;Unless otherwise provided in or pursuant to a Board Resolution
or supplemental indenture pursuant to Section&nbsp;301, the following provisions of this Section&nbsp;304(b)&nbsp;shall govern the exchange
of temporary Securities other than through the facilities of the DTC. If any such temporary Security is issued in global form, then such
temporary Global Security shall, unless otherwise provided therein, be delivered to the London office of a depository or common depository
upon and pursuant to written direction of the Company (the &ldquo;Common Depository&rdquo;), for the benefit of Euroclear and Clearstream,
for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without unnecessary delay but in any event not later than the
date specified in, or determined pursuant to the terms of, any such temporary Global Security (the &ldquo;Exchange Date&rdquo;), the
Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such
temporary Global Security, executed by the Company. On or after the Exchange Date, such temporary Global Security shall be
surrendered by the Common Depository to the Trustee, as the Company&rsquo;s agent for such purpose, to be exchanged, in whole or
from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive
Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by
Section&nbsp;301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed by or
pursuant to information provided by the Common Depository); <U>provided</U>, <U>however</U>, that, unless otherwise specified in
such temporary Global Security, upon such presentation by the Common Depository, such temporary Global Security shall be accompanied
by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global
Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by
Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, each in the form set
forth in <U>Exhibit&nbsp;B-2 </U>to this Indenture or in such other form as may be established pursuant to Section&nbsp;301; and <U>provided
further</U> that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in
compliance with the requirements of Section&nbsp;303.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified in such temporary Global Security, the interest
of a beneficial owner of Securities of a series in a temporary Global Security shall be exchanged for definitive Securities of the same
series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to
request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth
in <U>Exhibit&nbsp;B-1</U> to this Indenture (or in such other form as may be established pursuant to Section&nbsp;301), dated no earlier
than 15 days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream,
the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such
temporary Global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security,
except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like unless such
Person takes delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer
form to be delivered in exchange for any portion of a temporary Global Security shall be delivered only to an address located outside
the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series
and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section&nbsp;301,
interest payable on a temporary Global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable
Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by Euroclear and Clearstream to
the Trustee of a certificate or certificates in the form set forth in <U>Exhibit&nbsp;B-2</U> to this Indenture (or in such other forms
as may be established pursuant to Section&nbsp;301), for credit without further interest on or after such Interest Payment Date to the
respective accounts of Persons who are the beneficial owners of such temporary Global Security on such Interest Payment Date and who have
each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment
Date occurring prior to such Exchange Date in the form set forth as <U>Exhibit&nbsp;B-1</U> to this Indenture (or in such other forms
as may be established pursuant to Section&nbsp;301). Notwithstanding anything to the contrary herein contained, the certifications made
pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section&nbsp;304(b)&nbsp;and
of the third paragraph of Section&nbsp;303 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary
Global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series and of
like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed
by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal or interest owing with respect to
a beneficial interest in a temporary Global Security will be made unless and until such interest in such temporary Global Security shall
have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein
provided shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to <U>Exhibit&nbsp;B-1</U> or <U>B-2</U> to this Indenture,
the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other forms of such exhibits
for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time that any certificate may be required,
<U>provided that</U> such substitute form or forms or notice of elimination or change of such certification requirement have theretofore
been delivered to the Trustee with a Company Request and such form or forms, elimination or change is reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;305. <U>Registration, Registration of Transfer,
Conversion and Exchange</U>. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or
agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such office or in
any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively 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 Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form
or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office,
is hereby initially appointed &ldquo;Security Registrar&rdquo; for the purpose of registering Registered Securities and transfers of
Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of this Section&nbsp;305, upon surrender
for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for
that series, 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 and 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of this Section&nbsp;305, at the option of
the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized
denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the
Registered Securities to be exchanged at any such office or agency. Whenever any such 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. Unless otherwise specified with respect to any series of Securities as contemplated by Section&nbsp;301, Bearer
Securities may not be issued in exchange for Registered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If (but only if) permitted by the applicable Board Resolution and
(subject to Section&nbsp;303) set forth in the applicable Officers&rsquo; Certificate, or in any indenture supplemental hereto,
delivered as contemplated by Section&nbsp;301, at the option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor, upon
surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons 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, any such permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company (or to the Trustee for the Security in case of matured coupons in default) 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; <U>provided</U>, <U>however</U>,
that, except as otherwise provided in Section&nbsp;1002, interest represented by coupons shall be payable only upon presentation and
surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same
series and like tenor after the close of business at such office or agency on (i)&nbsp;any Regular Record Date and before the
opening of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;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 Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. Whenever any Securities are
so surrendered for exchange, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 29; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section&nbsp;301, any permanent Global Security shall be exchangeable only as provided in this paragraph. If the
depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly permit such Global
Security to be exchanged in whole or in part for definitive Securities, a Global Security may be transferred, in whole but not in
part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security selected or
approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the Company that it is unwilling or
unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to be a clearing
agency registered under the Exchange Act if so required by applicable law or regulation, the Company shall appoint a successor
depository with respect to such Global Security or Securities. If (w)&nbsp;a successor depository for such Global Security or
Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
unwillingness, inability or ineligibility, (x)&nbsp;the Company delivers to the Trustee for Securities of such series in registered
form a Company Order stating that the Securities of such series shall be exchangeable, (y)&nbsp;an Event of Default has occurred and
is continuing and the beneficial owners representing a majority in principal amount of the applicable series of Securities
represented by such Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or
(z)&nbsp;the Company, in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any
series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or
Securities, then the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like series,
rank, tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or
Securities. If any beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest
for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as
contemplated by Section&nbsp;301 and provided that any applicable notice provided in the permanent Global Security shall have been
given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged,
the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner&rsquo;s interest in such permanent Global Security. On or after the earliest date
on which such interests may be so exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other
depository as shall be specified in the Company Order with respect thereto to the Trustee, as the Company&rsquo;s agent for such
purpose; <U>provided</U>, <U>however</U>, that no such exchanges may occur during a period beginning at the opening of business 15
days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange
is requested may be among those selected for redemption; and <U>provided further</U> that no Bearer Security delivered in exchange
for a portion of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. If a
Registered Security is issued in exchange for any portion of a permanent Global Security after the close of business at the office
or agency where such exchange occurs on (i)&nbsp;any Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii)&nbsp;any Special Record Date and the opening of business at such office or agency on
the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable
on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in
respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Securities issued upon any registration of transfer or conversion
or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or conversion or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every Registered Security presented or surrendered for registration
of transfer or for conversion, exchange or redemption shall (if so required by the Company or the Security Registrar) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made to the Holder for any registration
of transfer or conversion or exchange 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 conversion or exchange of Securities, other
than exchanges pursuant to Section&nbsp;304, 906, 1107 or 1305 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 30; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company or the Trustee, as applicable, shall not be required
(i)&nbsp;to issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption
during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed under
Section&nbsp;1103 and ending at the close of business on (A)&nbsp;if such Securities are issuable only as Registered Securities, the
day of the mailing of the relevant notice of redemption and (B)&nbsp;if such Securities are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and
there is no publication, the mailing of the relevant notice of redemption, or (ii)&nbsp;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 Registered Security to be redeemed in
part, the portion thereof not to be redeemed, or (iii)&nbsp;to exchange any Bearer Security so selected for redemption except that
such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, <U>provided</U> that such
Registered Security shall be simultaneously surrendered for redemption, or (iv)&nbsp;to issue, register the transfer of or exchange
any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not
to be so repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, notwithstanding any other provision of this Section&nbsp;305,
the Company will not be required to exchange any Securities if, as a result of the exchange, the Company would suffer adverse consequences
under any United States law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;306. <U>Mutilated, Destroyed, Lost and Stolen Securities</U>.
If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together
with, in proper cases, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of
either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding,
with coupons corresponding to the coupons, if any, appertaining to the surrendered Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If there shall be delivered to the Company and to the Trustee (i)&nbsp;evidence
to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii)&nbsp;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 lieu of any such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed,
lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal
amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to
the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen
coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions of the previous two paragraphs, 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, 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, pay such Security
or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such Security such security or
indemnity as may be required by them to save each of them harmless, and in the case of destruction, loss or theft, evidence
satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such Security and the
ownership thereof; <U>provided</U>, <U>however</U>, that payment of principal of (and premium or Make-Whole Amount, if any), and
interest, if any, on, Bearer Securities shall, except as otherwise provided in Section&nbsp;1002, be payable only at an office or
agency located outside the United States and, unless otherwise specified as contemplated by Section&nbsp;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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Every new Security of any series with its coupons, if any, issued
pursuant to this Section&nbsp;in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed,
lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the
destroyed, lost or stolen Security and 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, duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 31; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of this Section&nbsp;are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;307. <U>Payment of Interest; Interest Rights Preserved</U>.
Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section&nbsp;301, interest on
any Registered Security that 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 at the close of business on the Regular Record
Date for such interest payment at the office or agency of the Company maintained for such purpose pursuant to Section&nbsp;1002; <U>provided</U>,
<U>however</U>, that each installment of interest on any Registered Security may at the Company&rsquo;s option be paid by (i)&nbsp;mailing
a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section&nbsp;308, to the address
of such Person as it appears on the Security Register or (ii)&nbsp;transfer to an account maintained by the payee located inside the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise provided as contemplated by Section&nbsp;301 with
respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security, by transfer to an account
maintained by the payee with a bank located outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise provided as contemplated by Section&nbsp;301, every
permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear and/or
Clearstream, as the case may be, with respect to that portion of such permanent Global Security held for its account by Cede&nbsp;&amp;
Co. or the Common Depository, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect
of such permanent Global Security to the accounts of the beneficial owners thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 for such Bearer Security, but will be payable only to the
Holder of such coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise specified with respect to a series of Securities
in accordance with the provisions of Section&nbsp;301, any interest on any Registered Security of any series that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith cease
to be payable to the registered Holder thereof 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)&nbsp;or (2)&nbsp;below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Registered Securities of such series (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
Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is
received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the currency or
currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) 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, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall 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
Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such
Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be
published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition
precedent to the establishment of 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
the Registered Securities of such series (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: 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 32; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;The Company may make payment of any Defaulted Interest on
the Registered Securities of any series in any other lawful manner not inconsistent with the requirements of any over-the-counter market
or securities exchange on which such Securities may be quoted or listed, and upon such notice as may be required by such market or exchange,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be
deemed practicable by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the foregoing provisions of this Section&nbsp;and Section&nbsp;305,
each Security delivered under this Indenture upon registration of transfer of or upon conversion 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;308. <U>Persons Deemed Owners</U>. 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 Security for the purpose of receiving payment of
principal of (and premium or Make-Whole Amount, if any), and (subject to Sections 305 and 307) interest on, such Registered Security and
for all other purposes whatsoever, whether or not 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. All such payments so made to any such Person, or upon such
Person&rsquo;s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability
for money payable upon any such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer Security and
the Holder 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 such Security or coupon be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No holder of any beneficial interest in any Global Security held on
its behalf by a depository shall have any rights under this Indenture with respect to such Global Security and such depository (which
is the Holder of such security) shall be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner
of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests
of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, with respect to any Global
Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to
any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect to such Global
Security or impair, as between such depository and owners of beneficial interests in such Global Security, the operation of
customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 33; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;309. <U>Cancellation</U>. All Securities and coupons surrendered
for payment, redemption, repayment at the option of the Holder, registration of transfer or conversion or exchange or for credit against
any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities
and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose, upon direction by the Company, shall
be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other
Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued
and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities,however,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are surrendered to the Trustee for cancellation. 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. Cancelled Securities and coupons held by the Trustee
shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements of the Exchange
Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;310. <U>Computation of Interest</U>. Except as otherwise
specified as contemplated by Section&nbsp;301 with respect to Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;311. <U>CUSIP Numbers</U>. The Company in issuing the
Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo; numbers
in notices of redemption as a convenience to Holders; <U>provided</U>, <U>however</U>, that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;FOUR - SATISFACTION AND DISCHARGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;401. <U>Satisfaction and Discharge of Indenture</U>. This
Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company
Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities of such series herein expressly
provided for), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute instruments in form
and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of this Indenture as to such series
when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;either</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;all Securities of such series theretofore authenticated and
delivered and all coupons, if any, appertaining thereto (other than (i)&nbsp;coupons appertaining to Bearer Securities surrendered for
exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in
Section&nbsp;305, (ii)&nbsp;Securities and coupons of such series which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section&nbsp;306, (iii)&nbsp;coupons appertaining to Securities called for redemption and maturing after the relevant
Redemption Date, whose surrender has been waived as provided in Section&nbsp;1106, and (iv)&nbsp;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&nbsp;1003) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;all Securities of such series and, in the case of (i)&nbsp;or
(ii)&nbsp;below, any coupons appertaining thereto not theretofore delivered to the Trustee for cancellation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 34; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;have become due and payable, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;will become due and payable at their Stated Maturity within
one year, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;if redeemable at the option of the Company, 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; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, has
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable,
sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee
for cancellation, for principal (and premium or Make-Whole Amount, if any) and interest 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Company has paid or caused to be paid all other sums payable
hereunder by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under Section&nbsp;606, the obligations of the Company to any Authenticating
Agent under Section&nbsp;611 and, if money shall have been deposited with and held by the Trustee pursuant to subclause (B)&nbsp;of clause
(1)&nbsp;of this Section, the obligations of the Trustee under Section&nbsp;402 and the last paragraph of Section&nbsp;1003 shall survive
such satisfaction and discharge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;402. <U>Application of Trust Funds</U>. Subject to the
provisions of the last paragraph of Section&nbsp;1003, all money deposited with the Trustee pursuant to Section&nbsp;401 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 or Make-Whole Amount, if any), and any interest for whose payment such money has been
deposited with or received by 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;FIVE - REMEDIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;501. <U>Events of Default</U>. &ldquo;Event of Default,&rdquo;
wherever used herein with respect to any particular series of Securities, means any one of the following events (whatever the reason for
such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule&nbsp;or regulation of any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;default in the payment of any interest on any Security of
that series or of any coupon appertaining thereto, when such interest or coupon becomes 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;default in the payment of the principal of (or premium or
Make-Whole Amount, if any, on) any Security of that series when it becomes due and payable at its Maturity; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;default in the deposit of any sinking fund payment, to the
extent applicable to such series of Securities, when and as due by the terms of any Security of that series; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;default in the performance, or breach, of any covenant
or warranty of the Company in this Indenture with respect to any Security of that series (other than a covenant or warranty a
default in whose performance or whose breach is elsewhere in this Section&nbsp;specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default
or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &ldquo;Notice of
Default&rdquo; hereunder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 35; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;default under any bond, debenture, note, mortgage, indenture
or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the
Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable
as obligor or guarantor), having an aggregate principal amount outstanding of at least $75,000,000, whether such indebtedness now exists
or shall hereafter be created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration
having been rescinded or annulled, 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 10% in principal amount of the Outstanding Securities
of that series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause
such acceleration to be rescinded or annulled and stating that such notice is a &ldquo;Notice of Default&rdquo; hereunder; <U>provided</U>,
<U>however</U>, that, subject to the provisions of Sections&nbsp;601 and 602, the Trustee shall not be deemed to have knowledge of such
default unless either (A)&nbsp;a Responsible Officer of the Trustee shall have knowledge of such default or (B)&nbsp;the Trustee shall
have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee under
any such mortgage, indenture or other instrument; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;the Company or any Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;commences a voluntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;consents to the entry of an order for relief against it in
an involuntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C)&nbsp;consents to the appointment of a Custodian of it or for all
or substantially all of its property, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(D)&nbsp;makes a general assignment for the benefit of its creditors;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;is for relief against the Company or any Significant Subsidiary
in an involuntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;appoints a Custodian of the Company or any Significant Subsidiary
or for all or substantially all of either of its property, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C)&nbsp;orders the liquidation of the Company or any Significant Subsidiary,
and the order or decree remains unstayed and in effect for 90 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;any other Event of Default provided with respect to Securities
of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in this Section&nbsp;501, the term &ldquo;Bankruptcy Law&rdquo;
means title 11, U.S. Code or any similar Federal or state law for the relief of debtors and the term &ldquo;Custodian&rdquo; means any
receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;502. <U>Acceleration of Maturity; Rescission and
Annulment</U>. If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing,
then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of
that series may declare the principal amount (or, if Securities of that Series&nbsp;are Original Issue Discount Securities or
Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all 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 specified portion thereof shall become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;provided, the Holders of a majority in principal amount of the Outstanding Securities of that series,
by written notice to the Company and the Trustee, may rescind and annul such declaration of acceleration and its consequences if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Company has paid or deposited with the Trustee a sum sufficient
to pay in the currency, currency unit or composite currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section&nbsp;301 for the Securities of such series):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A)&nbsp;all overdue installments of interest on all Outstanding Securities
of that series and any related coupons,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B)&nbsp;the principal of (and premium or Make-Whole Amount, if any,
on) any Outstanding Securities of that 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C)&nbsp;to the extent that payment of such interest is lawful, interest
upon overdue installments of interest 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(D)&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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;all Events of Default with respect to Securities of that series,
other than the nonpayment of the principal of (or premium or Make-Whole Amount, if any) or interest on Securities of that series which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section&nbsp;513.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such rescission shall affect any subsequent default or impair any
right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;503. <U>Collection of Indebtedness and Suits for Enforcement
by Trustee</U>. The Company covenants that if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;default is made in the payment of any installment of interest
on any Security of any series and any related coupon when such interest becomes due and payable and such default continues for a period
of 30 days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;default is made in the payment of the principal of (or
premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity, then the Company will, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due
and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with interest upon
any overdue principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest 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: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 of such series and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever
situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 37; Value: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 04 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an 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 necessary to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;504. <U>Trustee May&nbsp;File Proofs of Claim</U>. 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 of any series shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal, premium or Make-Whole Amount, if any, or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i) 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 or Make-Whole Amount, if any) and
interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and any custodian, receiver, assignee, trustee, liquidator, sequestrator
(or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such series and coupons
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any
predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent
all the Holders of the Securities, and it shall not be necessary to make any Holders of the Securities parties to any such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 505. <U>Trustee May&nbsp;Enforce Claims Without
Possession of Securities or Coupons</U>. 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 of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities and
coupons in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 38; Options: NewSection; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 506. <U>Application of Money Collected</U>. Any
money collected by the Trustee pursuant to this Article&nbsp;shall be applied in the following order, at the date or dates fixed by
the Trustee and, in case of the distribution of such money on account of principal (or premium or Make-Whole Amount, if any) or
interest, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIRST: To the payment of all amounts due the Trustee and any predecessor
Trustee under Section&nbsp;606;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECOND: To the payment of the amounts then due and unpaid upon the
Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable
on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIRD: To the payment of the remainder, if any, to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 507. <U>Limitation on Suits</U>. No Holder of any
Security of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture or the Securities or any related coupon, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Securities of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event
of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) such Holder or Holders have offered to the Trustee 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that
series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">it being understood 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 to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture or the Securities or any related coupon, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;508. <U>Unconditional Right of Holders to Receive Principal,
Premium or Make-Whole Amount, if any, and Interest</U>. 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 or Make-Whole Amount,
if any) and (subject to Sections 305 and 307) interest on such Security or payment of such coupon on the respective due dates expressed
in such Security or coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;509. <U>Restoration of Rights and Remedies</U>. If the
Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then
and in every such case, the Company, the Trustee and the Holders of Securities and coupons shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee
and the Holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 39; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;510. <U>Rights and Remedies Cumulative</U>. 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&nbsp;306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or
coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of
any other appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">SECTION&nbsp;511. <U>Delay or Omission Not Waiver</U>. 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&nbsp;or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;512. <U>Control by Holders of Securities</U>. The Holders
of not less than 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, <U>provided</U> that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;such direction shall not be in conflict with any rule&nbsp;of
law or with this Indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;the Trustee need not take any action which might involve it
in personal liability or be unduly prejudicial to the Holders of Securities of such series not joining therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nothing in this Indenture shall impair the right of the Trustee in
its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction by Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;513. <U>Waiver of Past Defaults</U>. 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 related coupons 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;in the payment of the principal of (or premium or Make-Whole
Amount, if any) or interest on any Security of such series or any related coupons, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;in respect of a covenant or provision hereof which under Article&nbsp;Nine
cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;in respect of a covenant or provision hereof for the benefit
or protection of the Trustee, without its express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;514. <U>Waiver of Usury, Stay or Extension Laws</U>. 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 usury, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 40; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;515. <U>Undertaking for Costs</U>. All parties to this
Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo; fees and expenses, against any party
litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section&nbsp;shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any
Holder for the enforcement of the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security on
or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE SIX - THE TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;601. <U>Notice of Defaults</U>. Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the
extent provided in TIA Section&nbsp;313(c), notice of such default hereunder known to the Trustee, unless such default shall have been
cured or waived; <U>provided</U>, <U>however</U>, that, except in the case of a default in the payment of the principal of (or premium
or Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of any sinking or purchase fund installment
with respect to the 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 the Securities and coupons of such series; and <U>provided further</U>
that in the case of any default or breach of the character specified in Section&nbsp;501(4)&nbsp;with respect to the Securities and coupons
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 the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;602. <U>Certain Rights of Trustee</U>. Subject to the
provisions of TIA Section&nbsp;315(a)&nbsp;through 315(d):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Trustee may conclusively rely and shall be fully protected
in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;any request or direction of the Company mentioned herein shall
be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, together with any coupons appertaining
thereto, to the Trustee for authentication and delivery pursuant to Section&nbsp;303 which shall be sufficiently evidenced as provided
therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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, rely upon an Officers&rsquo; Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;the Trustee may consult with counsel of its own selection
and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&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
related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 41; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon or other paper or document, unless requested in writing so to do by the Holders of not less than
a majority in aggregate principal amount of the Outstanding Securities of any series; <U>provided</U> that, if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion
of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination
shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand. 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, relevant to the facts
or matters that are the subject of its inquiry, personally or by agent or attorney at the expense of 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;the Trustee shall not be liable for any action taken, suffered
or omitted 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;any permissive right or power available to the Trustee under
this Indenture or any supplement hereto shall not be construed to be a mandatory duty or obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;the Trustee shall not be charged with knowledge of any matter
(including any default, other than as described in Section&nbsp;501(1), (2)&nbsp;or (3))&nbsp;unless and except to the extent actually
known to a Responsible Officer of the Trustee or to the extent written notice thereof is received by the Trustee at the Corporate Trust
Office;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) the Trustee shall have no liability for any inaccuracy in the
books and records of, or for any actions or omissions of, DTC, Euroclear or Clearstream or any depository acting on behalf of any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(12) 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 each agent, custodian and other Person employed by the Trustee to act hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(13) the Trustee may request that the Company deliver an Officers&rsquo;
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant
to this Indenture, which Officers&rsquo; Certificate may be signed by any person authorized to sign an Officers&rsquo; Certificate, including
any person specified as so authorized in any such certificate previously delivered and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except during the continuance of an Event of Default, the Trustee undertakes
to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into
this Indenture against the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 42; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;603. <U>Not Responsible for Recitals or Issuance of Securities</U>.
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 any responsibility for their correctness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 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. Neither the Trustee nor any Authenticating Agent shall
be accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility
with respect to any information, statement or recital in any offering prospectus or other disclosure materials prepared or distributed
with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;604.&nbsp;<U>May&nbsp;Hold Securities</U>. The Trustee,
any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity,
may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b)&nbsp;and 311, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other
agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;605. <U>Money Held in Trust</U>. Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;606. <U>Compensation and Reimbursement</U>. The Company
agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;to pay to the Trustee as agreed upon in writing from time
to time reasonable compensation for all services rendered by it hereunder (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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;except as otherwise expressly provided herein, to reimburse
each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, and disbursements incurred 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 or disbursement as shall be determined to have been caused by its own negligence,
willful misconduct or bad faith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;to indemnify each of the Trustee and any predecessor Trustee
for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence, willful misconduct or
bad faith on its 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 itself against any claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section&nbsp;501(7)&nbsp;or Section&nbsp;501(8), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable
Federal or state bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As security for the performance of the obligations of the Company under
this Section, the Trustee shall have a lien for payment of the Trustee&rsquo;s fees and expenses prior to the Securities 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 or Make-Whole
Amount, if any) or interest on particular Securities or any coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of this Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;607. <U>Corporate Trustee Required; Eligibility;
Conflicting Interests</U>. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA
Section&nbsp;310(a)(1)&nbsp;and shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall have
a combined capital and surplus of at least $10,000,000 and whose ultimate parent holding company shall have a combined capital and
surplus of at least $50,000,000. If the Trustee publishes reports of condition at least annually, pursuant to law or the
requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of the Trustee shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time 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.
Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall
serve as Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 43; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;608. <U>Resignation and Removal; Appointment of Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article&nbsp;shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section&nbsp;609.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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 an instrument of acceptance by a successor Trustee shall not
have been delivered to the Trustee within 60 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&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 to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 60 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;If at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Trustee shall fail to comply with the provisions of TIA
Section&nbsp;310(b)&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Trustee shall cease to be eligible under Section&nbsp;607
and shall fail to resign 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then, in any such case, (i)&nbsp;the Company by or pursuant to a
Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii)&nbsp;subject to TIA
Section&nbsp;315(e), any Holder of a Security who has been a bona fide Holder of a Security 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 and the appointment of a successor Trustee or Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&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 a Board Resolution, 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). 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, 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 hereinafter provided, 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 Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&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 in the manner provided for notices to the Holders of Securities in Section&nbsp;106. 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 44; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;609. <U>Acceptance of Appointment by Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&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 to
the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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, pursuant to Article&nbsp;Nine
hereof, wherein each successor Trustee shall accept such appointment and which (1)&nbsp;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)&nbsp;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)&nbsp;shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees
of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; 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 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 all 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&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)&nbsp;or (b)&nbsp;of this Section&nbsp;609, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;610. <U>Merger, Conversion, Consolidation or
Succession to Business</U>. 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, <U>provided</U> 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 or coupons 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 or coupons so authenticated with the same effect as
if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in
either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 45; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;611. <U>Appointment of Authenticating Agent</U>. At any
time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon conversion
or exchange, registration of transfer or partial redemption or repayment thereof, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such
appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument
shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities
by the Trustee or the Trustee&rsquo;s certificate of authentication, such reference shall be deemed to include authentication and delivery
on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a bank or trust company or corporation organized
and doing business and in good standing under the laws of the United States of America or of any state or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by Federal or state authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 further act on the part of the Trustee or the Authenticating Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any series of Securities
may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth in Section&nbsp;106. 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 herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section, subject to Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an 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 substantially in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is one of the Securities of the series designated therein referred
to in the within- mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 46; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 43%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Authenticating Agent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Authenticating Agent</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;612. <U>Certain Duties and Responsibilities of the Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;With respect to the Securities of any series, except during
the continuance of an Event of Default with respect to the Securities of such series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against
the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture, but shall not be under any duty to verify the contents or accuracy
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;In case an Event of Default with respect to the Securities
of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series, exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;this Subsection shall not be construed to limit the effect
of Subsection (a)&nbsp;of this Section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of
the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such
series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it; and, the Trustee shall be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holder, unless such Holder shall have offered to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;Whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section&nbsp;612.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;The Trustee shall not be liable for interest on any money
or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held in trust by the Trustee need
not be segregated from other assets except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 47; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;SEVEN - HOLDERS&rsquo; LISTS AND REPORTS
BY TRUSTEE AND COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;701. <U>Disclosure of Names and Addresses of Holders</U>.
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 Authenticating Agent nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the
disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section&nbsp;312, 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 TIA Section&nbsp;312(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;702. <U>Reports by Trustee</U>. The Trustee shall transmit
to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by TIA Section&nbsp;313 at the
times and in the manner provided by the TIA, which shall initially be not less than every twelve months commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;. A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with
each over-the-counter market or securities exchange, if any, upon which any Securities are quoted or listed, with the Commission and with
the Company. The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market or securities
exchange or delisted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;703. <U>Reports by Company</U>. The Company will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;file with the Trustee, within 15 days after the Company is
required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies
of such portions of any of the foregoing as the Commission may from time to time by rules&nbsp;and regulations prescribe) which the Company
may be required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act; or, if the Company
is not required to file information, documents or reports pursuant to either of such Sections, then it will file with the Trustee and
the Commission, in accordance with rules&nbsp;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&nbsp;13 of the Exchange Act in respect of a
security quoted or listed and registered on an over-the-counter market or national securities exchange as may be prescribed from time
to time in such rules&nbsp;and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;file with the Trustee and the Commission, in accordance with
rules&nbsp;and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect
to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules&nbsp;and
regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;transmit by mail to the Holders of Securities, within 30
days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section&nbsp;313(c), such summaries
of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1)&nbsp;and (2)&nbsp;of this
Section&nbsp;as may be required by rules&nbsp;and regulations prescribed from time to time by the Commission; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;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 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;704. <U>Company to Furnish Trustee Names and Addresses
of Holders</U>. The Company will furnish or cause to be furnished to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;semiannually, 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, semiannually, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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, <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 48; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;EIGHT - CONSOLIDATION, MERGER, SALE,
LEASE OR CONVEYANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;801. <U>Consolidations and Mergers of Company and Sales,
Leases and Conveyances Permitted Subject to Certain Conditions</U>. The Company may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into any other corporation, provided that in any such case, (1)&nbsp;either the Company
shall be the continuing corporation, or the successor corporation shall be a corporation organized and existing under the laws of the
United States or a State thereof and such successor corporation shall expressly assume the due and punctual payment of the principal of
(and premium or Make-Whole Amount, if any) and any interest on all of the Securities, according to their tenor, and the due and punctual
performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture,
complying with Article&nbsp;Nine hereof, satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, (2)&nbsp;immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as
a result thereof 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 the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing and (3)&nbsp;the
Company shall have delivered to the Trustee the Officer&rsquo;s Certificate and Opinion of Counsel required pursuant to Section&nbsp;803
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;802. <U>Rights and Duties of Successor Corporation</U>.
In case of any such consolidation, merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor
corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the
first part, and the predecessor corporation, except in the event of a lease, shall be relieved of any further obligation under this Indenture
and the Securities. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of
the Company, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered
to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have
been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor corporation
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms
of this Indenture as though all of such Securities had been issued at the date of the execution hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case of any such consolidation, merger, sale, lease or conveyance,
such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;803. <U>Officers&rsquo; Certificate and Opinion of Counsel</U>.
Any consolidation, merger, sale, lease or conveyance permitted under Section&nbsp;801 is also subject to the condition that the Trustee
receive an Officers&rsquo; Certificate and an Opinion of Counsel to the effect that any such consolidation, merger, sale, lease or conveyance,
and the assumption by any successor corporation, complies with the provisions of this Article&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 49; Value: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 05 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;NINE - SUPPLEMENTAL INDENTURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;901. <U>Supplemental Indentures Without Consent of Holders</U>.
Without the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company contained herein and in the Securities; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&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; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;to add any additional Events of Default for the benefit of
the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities,
stating that such Events of Default are expressly being included solely for the benefit of such series); <U>provided</U>, <U>however</U>,
that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority
in aggregate principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default;
or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;to add to or change any of the provisions of this Indenture
to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal
of or premium or Make-Whole Amount, if any, or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for
Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or
to permit or facilitate the issuance of Securities in uncertificated form, <U>provided</U> that any such action shall not adversely affect
the interests of the Holders of Securities of any series or any related coupons in any material respect; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;to change or eliminate any of the provisions of this Indenture,
<U>provided</U> that any such change or elimination shall become effective only when there is no Security Outstanding of any series created
prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;to secure the Securities; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;to establish the form or terms of Securities of any series
and any related coupons as permitted or contemplated by Sections 201 and 301; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&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;
or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&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, <U>provided</U> such
provisions shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material
respect; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;to supplement any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the Defeasance and discharge of any series of Securities pursuant to Sections
401, 1402 and 1403; <U>provided</U> that any such action shall not adversely affect the interests of the Holders of Securities of such
series and any related coupons or any other series of Securities in any material respect; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) to make provisions with respect to Holders&rsquo; rights of conversion
with respect to any series of Securities pursuant to Article&nbsp;Seventeen.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 50; Options: NewSection; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;902. <U>Supplemental Indentures
with Consent of Holders</U>. With the consent of the Holders of not less than a majority in principal amount of all Outstanding
Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by or pursuant to a Board Resolution, 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 and any related coupons under this Indenture; <U>provided</U>, <U>however</U>,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;change the Stated Maturity of the principal of (or premium
or Make-Whole Amount, if any, on) or any installment of principal of or interest on, any Security; or reduce the principal amount thereof
or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon the redemption thereof, 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&nbsp;502 or the amount thereof provable in bankruptcy pursuant to Section&nbsp;504, or adversely affect any
right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency
unit or units or composite currency or currencies in which, any Security or any premium or Make-Whole Amount 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 or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may
be), or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided in
Article&nbsp;Seventeen, or modify the provisions of this Indenture with respect to the subordination of the Securities in a manner materially
adverse to the Holders; or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&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 with respect to such series (or 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&nbsp;1504 for quorum or voting, or</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;modify any of the provisions of this Section, Section&nbsp;513
or Section&nbsp;1009, except to increase the required percentage to effect such action 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, <U>provided</U>,
<U>however</U>, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to
 &ldquo;the Trustee&rdquo; and concomitant changes in this Section&nbsp;902 and Section&nbsp;1009, or the deletion of this proviso, in
accordance with the requirements of Sections 609(b)&nbsp;and 901(11).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It shall not be necessary for any Act of Holders under this Section&nbsp;902
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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;903. <U>Execution of Supplemental Indentures</U>. In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article&nbsp;or the modification thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section&nbsp;612) 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.
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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;904. <U>Effect of Supplemental Indentures</U>. 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 Securities theretofore or thereafter authenticated
and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 51; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;905. <U>Conformity with Trust Indenture Act</U>. Every
supplemental indenture executed pursuant to this Article&nbsp;shall conform to the requirements of the Trust Indenture Act as then in
effect.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;906. <U>Reference in Securities to Supplemental Indentures</U>.
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article&nbsp;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;TEN - COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1001. <U>Payment of Principal, Premium or Make-Whole Amount,
if any; and Interest</U>. 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 or Make-Whole Amount, if any) and interest on the Securities of that series in accordance
with the terms of such series of Securities, any coupons appertaining thereto and this Indenture. Unless otherwise specified as contemplated
by Section&nbsp;301 with respect to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable
only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally
mature. Unless otherwise specified with respect to Securities of any series pursuant to Section&nbsp;301, at the option of the Company
(upon written notice to the Trustee), all payments of principal may be paid by check to the registered Holder of the Registered Security
or other Person entitled thereto against surrender of such Security.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1002. <U>Maintenance of Office or
Agency</U>. If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment
or conversion, where Securities of that series may be surrendered for registration of transfer or conversion or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the Company will maintain: (A)&nbsp;in the Borough of Manhattan, The City
of New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or
conversion, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that
series may be surrendered for conversion or exchange, where notices and demands to or upon the Company in respect of the Securities
of that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or
surrendered for payment or conversion in the circumstances described in the following paragraph (and not otherwise);
(B)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is located outside the
United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment; <U>provided</U>, <U>however</U>,
that if the Securities of that series are listed on any stock exchange located outside the United States and such stock exchange
shall so require, the Company will maintain a Paying Agent for the Securities of that series in any required city located outside
the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and (C)&nbsp;subject to
any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States an office or
agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that
series may be surrendered for conversion 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. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of each 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 or conversion at the offices specified in the Security, in London,
England, and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and
demands, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and
demands.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified with respect to any
Securities pursuant to Section&nbsp;301, no payment of principal, premium or Make-Whole Amount 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; <U>provided</U>, <U>however</U>, that, if the
Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any
Bearer Security shall be made at the office of the Company&rsquo;s Paying Agent in the Borough of Manhattan, The City of New York,
if (but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case may
be, at all offices or agencies 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 52; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may from time to time designate one or more other offices
or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented or surrendered for any or
all of such purposes, and may from time to time rescind such designations; <U>provided</U>, <U>however</U>, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect
to any Securities pursuant to Section&nbsp;301 with respect to a series of Securities, the Company hereby designates as a Place of Payment
for each series of Securities, each of (i)&nbsp;the office or agency of the Company in the Borough of Manhattan, The City of New York,
and (ii)&nbsp;the Corporate Trust Office of the Trustee (as Paying Agent); and the Company hereby initially appoints the Trustee at its
Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints as its agent to receive all such presentations,
surrenders, notices and demands each of the Trustee, at its Corporate Trust Office.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified with respect to any Securities pursuant
to Section&nbsp;301, if and so long as the Securities of any series (i)&nbsp;are denominated in a Foreign Currency or (ii)&nbsp;may be
payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then the Company will maintain
with respect to each such series of Securities, or as so required, at least one exchange rate agent (of which it shall give written notice
to the Trustee).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1003. <U>Money for Securities Payments to Be Held in Trust</U>.
If the Company shall at any time act as its own Paying Agent with respect to any series of any Securities and any related coupons, it
will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any), or interest on any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency
unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) sufficient to pay the principal (and premium or Make-Whole Amount, 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whenever the Company shall have one or more Paying Agents for any series
of Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any),
or interest on any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies, currency unit or units
or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal (and premium or Make-Whole Amount,
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
Make-Whole Amount, if any, 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;hold all sums held by it for the payment of principal of (and
premium or Make-Whole Amount, if any) or interest on Securities 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;give the Trustee notice of any default by the Company (or
any other obligor upon the Securities) in the making of any such payment of principal (and premium or Make-Whole Amount, if any) or interest
on the Securities of that series; and</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 53; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 trusts 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 sums.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the Securities of any series, and subject
to applicable laws, 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 or Make-Whole Amount, if any) or interest on any Security of any series and remaining unclaimed for two
years after such principal (and premium or Make-Whole Amount, if any) or interest has become due and payable shall be paid to the Company
upon Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment of such principal of (and premium or Make-Whole Amount, if any)
or interest on any Security, without interest thereon, 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; <U>provided</U>, <U>however</U>, 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, 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, any unclaimed balance of such money then remaining will be repaid to the Company.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1004. <U>Existence</U>. Subject to Article&nbsp;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, all
material rights (by certificate of incorporation, by-laws and statute) and material franchises; <U>provided</U>, <U>however</U>, that
the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1005. <U>Maintenance of Properties</U>. The Company will
cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained
and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all
necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof (and
the Company may take out of service for a period of time, any of its properties that have been condemned or suffered any loss due to casualty
in order to make such repairs, betterments and improvements), all as in the judgment of the Company may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted at all times; <U>provided</U>, <U>however</U>, that the
Company and its Subsidiaries shall not be prevented from (i)&nbsp;removing permanently any property that has been condemned or suffered
a loss due to casualty based on the Company&rsquo;s reasonable judgment that such removal is in the best interest of the Company, or (ii)&nbsp;selling
or otherwise disposing of their properties for value in the ordinary course of business.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1006. <U>Insurance</U>. The Company
will cause each of its and its Subsidiaries&rsquo; insurable properties to be insured against loss or damage in an amount deemed reasonable
by the Board of Directors with insurers of recognized responsibility.&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1007. <U>Payment of Taxes and Other Claims</U>. The Company
will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1)&nbsp;all taxes, assessments and
governmental charges levied or imposed upon it or any Subsidiary or or upon the income, profits or property of the Company or any Subsidiary,
and (2)&nbsp;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; <U>provided</U>, <U>however</U>, 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 54; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1008. <U>Statement as to
Compliance</U>. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from
the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the
Company&rsquo;s compliance with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying
such noncompliance and the nature and status thereof. For purposes of this Section&nbsp;1008, such compliance shall be determined
without regard to any period of grace or requirement of notice under this Indenture.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1009. <U>Waiver of Certain Covenants</U>. The Company
may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008, inclusive, if
before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such
series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition,
but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;ELEVEN - REDEMPTION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1101. <U>Applicability of Article</U>. Securities of any
series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section&nbsp;301 for Securities of any series) in accordance with this Article.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1102. <U>Election to Redeem; Notice to Trustee</U>. The
election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at
the election of the Company of less than all of the Securities of any series, the Company shall, at least 45 days prior to the giving
of the notice of redemption in Section&nbsp;1104 (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. In the case of any redemption of Securities
prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officers&rsquo; Certificate evidencing compliance with such restriction.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1103. <U>Selection by Trustee of Securities to Be Redeemed</U>.
If less than all the Securities of any series issued on the same day with the same 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 issued on such date with the same terms 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 (equal to the minimum authorized denomination for Securities
of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the
minimum authorized denomination for Securities of that series.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 Security redeemed or to be redeemed only in part,
to the portion of the principal amount of such Security which has been or is to be redeemed.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1104. <U>Notice of Redemption</U>. Notice of redemption
shall be given in the manner provided in Section&nbsp;106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless
a shorter period is specified by the terms of such series established pursuant to Section&nbsp;301, to each Holder of Securities to be
redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security 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 such Security or portion thereof.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any notice that is mailed to the Holders of Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 55; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All notices of redemption shall state:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Redemption Date,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;the Redemption Price, accrued interest to the Redemption Date
payable as provided in Section&nbsp;1106, if any,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&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 Security or Securities
to be redeemed,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;in case any 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 will receive,
without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;that on the Redemption Date the Redemption Price and accrued
interest to the Redemption Date payable as provided in Section&nbsp;1106, if any, will become due and payable upon each such Security,
or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;the Place or Places of Payment 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 and accrued interest, if any, or for conversion,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;that the redemption is for a sinking fund, if such is the
case,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;that, unless otherwise specified in such notice, Bearer Securities
of any series, if any, surrendered for redemption must be accompanied by all coupons maturing subsequent to the date fixed for redemption
or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory
to the Company, the Trustee for such series and any Paying Agent is furnished,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;if Bearer Securities of any series are to be redeemed and
any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities
not subject to redemption on this Redemption Date pursuant to Section&nbsp;305 or otherwise, the last date, as determined by the Company,
on which such exchanges may be made,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;the CUSIP number of such Security, if any, and</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) if applicable, that a Holder of Securities
who desires to convert Securities for redemption must satisfy the requirements for conversion contained in such Securities, the then
existing conversion price or rate, the place or places where such Securities may be surrendered for conversion, and the date and
time when the option to convert shall expire.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1105. <U>Deposit of Redemption Price</U>. 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, which it may not do in the case of a sinking fund payment under Article&nbsp;Twelve, segregate and hold in trust as provided in
Section&nbsp;1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series)
sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof which are to be redeemed on that date.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 56; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Securities called for redemption are converted, any money deposited
with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall be paid to the
Company upon Company Request or, if then held by the Company, shall be discharged from such trust.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1106. <U>Securities Payable on Redemption Date</U>. 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 in the currency or currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series)
(together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the
payment of the Redemption Price and accrued interest) such Securities shall, if the same were interest-bearing, 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, if any, to the Redemption Date; <U>provided</U>, <U>however</U>, that installments of interest on Bearer Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located outside the United States (except
as otherwise provided in Section&nbsp;1002) and, unless otherwise specified as contemplated by Section&nbsp;301, only upon presentation
and surrender of coupons for such interest; and <U>provided further</U> that except as otherwise provided with respect to Securities convertible
into the Company&rsquo;s Common Stock or Preferred Stock, 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 relevant Record Dates according to their terms and the provisions of Section&nbsp;307.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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;
<U>provided</U>, <U>however</U>, that interest represented by coupons shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise specified as contemplated by Section&nbsp;301,
only upon presentation and surrender of those coupons.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium or Make-Whole Amount, if any) shall, until paid, bear interest from the Redemption
Date at the rate borne by the Security.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1107. <U>Securities Redeemed in
Part</U>. Any Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article&nbsp;or of
Article&nbsp;Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or 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 Security or Securities of the same series, 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 Global Security is so surrendered, the Company shall execute and the Trustee shall authenticate
and deliver to the depository, without service charge, a new Global Security in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Global Security so surrendered.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;TWELVE - SINKING FUNDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1201. <U>Applicability of Article</U>. The provisions
of this Article&nbsp;shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified
as contemplated by Section&nbsp;301 for Securities of such series.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 57; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 such Securities of any series is herein referred to as an &ldquo;optional sinking fund
payment.&rdquo; If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may
be subject to reduction as provided in Section&nbsp;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1202. <U>Satisfaction of Sinking Fund Payments with Securities</U>.
The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series,
(1)&nbsp;deliver Outstanding Securities of such series (other than any previously called for redemption) together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto and (2)&nbsp;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 Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities, or which have
otherwise been acquired by the Company; <U>provided</U> that such Securities so delivered or applied as a credit have not been previously
so credited. Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified
in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be
reduced accordingly.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1203. <U>Redemption of Securities for Sinking Fund</U>.
Not less than 60 days prior to each sinking fund payment date for Securities of any series, 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 in the currency or currencies, currency unit
or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section&nbsp;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 delivered and credited. 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 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section&nbsp;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&nbsp;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;THIRTEEN -
REPAYMENT AT THE OPTION OF HOLDERS</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1301. <U>Applicability of Article</U>. Repayment of Securities
of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities,
if any, and (except as otherwise specified by the terms of such series established pursuant to Section&nbsp;301) in accordance with this
Article.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1302. <U>Repayment of
Securities</U>. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless
otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with
interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company
covenants that on or prior to the Repayment Date it will 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&nbsp;1003) an amount of money in the currency or
currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) sufficient to pay the principal (or, if so
provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be
an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such
date.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 58; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1303. <U>Exercise of Option</U>.
Securities of any series subject to repayment at the option of the Holders thereof will contain an &ldquo;Option to Elect
Repayment&rdquo; form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the
Trustee must receive at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of
which the Company shall from time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days
prior to the Repayment Date (1)&nbsp;the Security so providing for such repayment together with the &ldquo;Option to Elect
Repayment&rdquo; form on the reverse thereof duly completed by the Holder (or by the Holder&rsquo;s attorney duly authorized in
writing) or (2)&nbsp;a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the
FINRA, or a commercial bank or trust company in the United States setting forth the name of the Holder of the Security, the
principal amount of the Security, the principal amount of the Security to be repaid, the CUSIP number, if any, or a description of
the tenor and terms of the Security, a statement that the option to elect repayment is being exercised thereby and a guarantee that
the Security to be repaid, together with the duly completed form entitled &ldquo;Option to Elect Repayment&rdquo; on the reverse of
the Security, will be received by the Trustee not later than the fifth Business Day after the date of such telegram, telex,
facsimile transmission or letter; <U>provided</U>, <U>however</U>, that such telegram, telex, facsimile transmission or letter shall
only be effective if such Security and form duly completed are received by the Trustee by such fifth Business Day. If less than the
entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option
of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be
less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as
otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the
repayment option by the Holder shall be irrevocable unless waived by the Company.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1304. <U>When Securities Presented for Repayment Become
Due and Payable</U>. If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered
as provided in this Article&nbsp;and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof,
as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified,
and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer
Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment in accordance
with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount
of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; <U>provided</U>,
<U>however</U>, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise specified pursuant to Section&nbsp;301,
only upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments of
interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the
Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the provisions of Section&nbsp;307.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Bearer Security surrendered for
repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after
deducting from the amount payable therefor as provided in Section&nbsp;1302 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 as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; <U>provided</U>, <U>however</U>,
that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as
otherwise provided in Section&nbsp;1002) and, unless otherwise specified as contemplated by Section&nbsp;301, only upon presentation
and surrender of those coupons.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued to
such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case
of Original Issue Discount Securities) set forth in such Security.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1305. <U>Securities Repaid in Part</U>. Upon surrender
of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver
to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the
same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the
portion of the principal of such Security so surrendered which is not to be repaid.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 59; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;FOURTEEN - DEFEASANCE AND COVENANT
DEFEASANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1401. <U>Applicability of Article; Company&rsquo;s Option
to Effect Defeasance or Covenant Defeasance</U>. If, pursuant to Section&nbsp;301, provision is made for either or both of (a)&nbsp;Defeasance
of the Securities of or within a series under Section&nbsp;1402 or (b)&nbsp;Covenant Defeasance of the Securities of or within a series
under Section&nbsp;1403, then the provisions of such Section&nbsp;or Sections, as the case may be, together with the other provisions
of this Article&nbsp;(with such modifications thereto as may be specified pursuant to Section&nbsp;301 with respect to any Securities),
shall be applicable to such Securities and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at
any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section&nbsp;1402 (if applicable) or Section&nbsp;1403
(if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set
forth below in this Article.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1402. <U>Defeasance and Discharge</U>. Upon the Company&rsquo;s
exercise of the above option applicable to this Section&nbsp;with respect to any Securities of or within a series, the Company shall be
deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on
the date the conditions set forth in Section&nbsp;1404 are satisfied (hereinafter, &ldquo;Defeasance&rdquo;). For this purpose, such Defeasance
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities
and any coupons appertaining thereto, which shall thereafter be deemed to be &ldquo;Outstanding&rdquo; only for the purposes of Section&nbsp;1405
and the other Sections of this Indenture referred to in clauses (A)&nbsp;and (B)&nbsp;below, and to have satisfied all of its other obligations
under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining
thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged hereunder: (A)&nbsp;the rights of Holders of such Outstanding
Securities and any coupons appertaining thereto to receive, solely from the trust fund described in Section&nbsp;1404 and as more fully
set forth in such Section, payments in respect of the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on
such Securities and any coupons appertaining thereto when such payments are due, (B)&nbsp;the Company&rsquo;s obligations with respect
to such Securities under Sections 305, 306, 1002 and 1003, and the Company&rsquo;s obligations under Section&nbsp;606 hereof (C)&nbsp;the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D)&nbsp;this Article. Subject to compliance with this Article&nbsp;Fourteen,
the Company may exercise its option under this Section&nbsp;notwithstanding the prior exercise of its option under Section&nbsp;1403 with
respect to such Securities and any coupons appertaining thereto.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1403. <U>Covenant Defeasance</U>.
Upon the Company&rsquo;s exercise of the above option applicable to this Section&nbsp;with respect to any Securities of or within a
series, the Company shall be released from its obligations under Sections 1004 to 1009, inclusive, and, if specified pursuant to
Section&nbsp;301, its obligations under any other covenant contained herein or in any indenture supplemental hereto, with respect to
such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section&nbsp;1404
are satisfied (hereinafter, &ldquo;Covenant Defeasance&rdquo;), and such Securities and any coupons appertaining thereto shall
thereafter be deemed to be not &ldquo;Outstanding&rdquo; for the purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with Sections 1004 to 1009, inclusive, or such other covenant, but shall
continue to be deemed &ldquo;Outstanding&rdquo; for all other purposes hereunder. For this purpose, such Covenant Defeasance means
that, with respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such Section&nbsp;or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section&nbsp;or such other covenant or by
reason of reference in any such Section&nbsp;or such other covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a default or an Event of Default under Section&nbsp;501(4)&nbsp;or 501(8)&nbsp;or otherwise,
as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining
thereto shall be unaffected thereby.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1404. <U>Conditions to Defeasance or Covenant Defeasance</U>.
The following shall be the conditions to application of Section&nbsp;1402 or Section&nbsp;1403 to any Outstanding Securities of or within
a series and any coupons appertaining thereto:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The Company shall irrevocably have deposited or caused to
be deposited with the Trustee (or another trustee satisfying the requirements of Section&nbsp;607 who shall agree to comply with the provisions
of this Article&nbsp;Fourteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any coupons appertaining thereto,
(1)&nbsp;an amount in such currency, currencies or currency unit in which such Securities and any coupons appertaining thereto are then
specified as payable at Stated Maturity, or (2)&nbsp;Government Obligations applicable to such Securities and coupons appertaining thereto
(determined on the basis of the currency, currencies or currency unit in which such Securities and coupons appertaining thereto are then
specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than the due date of any payment of principal of (and premium or Make-Whole Amount, if any) and
interest, if any, on such Securities and any coupons appertaining thereto, money in an amount, or (3)&nbsp;a combination thereof, in any
case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i)&nbsp;the principal of (and premium or
Make-Whole Amount, if any) and interest, if any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity
of such principal or installment of principal or interest and (ii)&nbsp;any mandatory sinking fund payments or analogous payments applicable
to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance
with the terms of this Indenture and of such Securities and any coupons appertaining thereto.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;Such Defeasance or Covenant Defeasance shall not result in
a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company
is a party or by which it is bound.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;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 and any coupons appertaining thereto shall have occurred
and be continuing on the date of such deposit or, insofar as Sections 501(6)&nbsp;and 501(7)&nbsp;are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until
the expiration of such period).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;In the case of an election under Section&nbsp;1402, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has received from, or there has been published
by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of
such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes
as a result of such Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Defeasance had not occurred.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;In the case of an election under Section&nbsp;1403, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any coupons
appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and
will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;The Company shall have delivered to
the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Defeasance
under Section&nbsp;1402 or the Covenant Defeasance under Section&nbsp;1403 (as the case may be) have been complied with and an
Opinion of Counsel to the effect that either (i)&nbsp;as a result of a deposit pursuant to subsection (a)&nbsp;above and the related
exercise of the Company&rsquo;s option under Section&nbsp;1402 or Section&nbsp;1403 (as the case may be), registration is not
required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such
deposit or by the Trustee for such trust funds or (ii)&nbsp;all necessary registrations under said Act have been effected.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 61; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(g)&nbsp;Notwithstanding any other provisions of this Section, such
Defeasance or Covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which
may be imposed on the Company in connection therewith pursuant to Section&nbsp;301.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&nbsp;The payment of amounts payable to the Trustee pursuant to
this Indenture shall be paid or provided for to the reasonable satisfaction of the Trustee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1405. <U>Deposited Money and Government Obligations to
Be Held in Trust; Other Miscellaneous Provisions</U>. Subject to the provisions of the last paragraph of Section&nbsp;1003, all money
and Government Obligations (or other property as may be provided pursuant to Section&nbsp;301) (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this Section&nbsp;1405, the &ldquo;Trustee&rdquo;) pursuant
to Section&nbsp;1404 in respect of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto 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 Holders of such Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect
of principal (and premium or Make-Whole Amount, if any) and interest, but such money need not be segregated from other funds except to
the extent required by law.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified with respect to any Security pursuant to
Section&nbsp;301, if, after a deposit referred to in Section&nbsp;1404(a)&nbsp;has been made, (a)&nbsp;the Holder of a Security in respect
of which such deposit was made is entitled to, and does, elect pursuant to Section&nbsp;301 or the terms of such Security to receive payment
in a currency or currency unit other than that in which the deposit pursuant to Section&nbsp;1404(a)&nbsp;has been made in respect of
such Security, or (b)&nbsp;a Conversion Event occurs in respect of the currency or currency unit in which the deposit pursuant to Section&nbsp;1404(a)&nbsp;has
been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be,
fully discharged and satisfied through the payment of the principal of (and premium or Make-Whole Amount, if any), and interest, if any,
on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of
any such election) the amount or other property deposited in respect of such Security into the currency or currency unit in which such
Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such currency
or currency unit in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such
currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section&nbsp;1404 or the principal and
interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such
Outstanding Securities and any coupons appertaining thereto.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anything in this Article&nbsp;to the contrary notwithstanding, subject
to Section&nbsp;606, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations
(or other property and any proceeds therefrom) held by it as provided in Section&nbsp;1404 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable, in accordance with
this Article.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE&nbsp;FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1501. <U>Purposes for Which Meetings May&nbsp;Be Called</U>.
A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to this Article&nbsp;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 62; Value: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 06 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1502. <U>Call, Notice and Place of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The Trustee may at any time call a meeting of Holders of Securities
of any series for any purpose specified in Section&nbsp;1501, to be held at such time and at such place 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&nbsp;106, not less than 20 nor more
than 180 days prior to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;In case at any time the Company, pursuant to a Board Resolution,
or the Holders of at least 25% 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&nbsp;1501, 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 20 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)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1503. <U>Persons Entitled to Vote at Meetings</U>. To
be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1)&nbsp;a Holder of one or more Outstanding
Securities of such series, or (2)&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1504. <U>Quorum; Action</U>. 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; <U>provided</U>, <U>however</U>, that if any action is to be taken at such meeting with respect to a consent or waiver
which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the
Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities
of such series shall constitute a quorum. 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 the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the Persons entitled
to vote 25% in aggregate principal amount of the then Outstanding Securities shall constitute a quorum for the taking of any action set
forth in the notice of the original meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section&nbsp;1502(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as limited by the proviso to Section&nbsp;902, any
resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by
the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities
represented at such meeting; <U>provided</U>, <U>however</U>, that, except as limited by the proviso to Section&nbsp;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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section&nbsp;shall be binding on all the Holders of Securities of such series
and the related coupons, whether or not present or represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 63; Options: NewSection; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing provisions of this
Section&nbsp;1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the
Holders of such series and one or more additional series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;there shall be no minimum quorum requirement for such meeting;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;the principal amount of the Outstanding Securities of such
series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into
account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made,
given or taken under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1505. <U>Determination of Voting Rights; Conduct and Adjournment
of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Notwithstanding any provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of a 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&nbsp;104 and the appointment of any proxy shall be proved in the manner
specified in Section&nbsp;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&nbsp;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&nbsp;104
or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&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&nbsp;1502(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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&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 the Outstanding Securities of such series held or represented
by him; <U>provided</U>, <U>however</U>, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;Any meeting of Holders of Securities of any series duly
called pursuant to Section&nbsp;1502 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1506. <U>Counting Votes and Recording Action of
Meetings</U>. 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 duplicate of all votes
cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any
Series&nbsp;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 fact, setting
forth a copy of the notice of the meeting and showing that said notice was given as provided in Section&nbsp;1502 and, if
applicable, Section&nbsp;1504. 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: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 64; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;SIXTEEN - SUBORDINATION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1601. <U>Agreement to Subordinate</U>. Notwithstanding
anything in this Indenture to the contrary (other than Article&nbsp;Four of this Indenture), the Company covenants and agrees, and each
Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set
forth in this Article, the Indebtedness represented by the Securities and the payment of any Obligations with respect to each and all
of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1602. <U>Payment Over of Proceeds upon Dissolution, Etc</U>.
In the event of (a)&nbsp;any insolvency or bankruptcy case or Proceeding, or any receivership, liquidation, reorganization or other similar
case or Proceeding in connection therewith, relative to the Company or to its creditors, as such, or to its assets, or (b)&nbsp;any liquidation,
dissolution or other winding up of the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy,
or (c)&nbsp;any assignment for the benefit of creditors or any other marshaling of assets and liabilities of the Company, then and in
any such event specified in (a), (b)&nbsp;or (c)&nbsp;above (each such event, if any, herein sometimes referred to as a &ldquo;Proceeding&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the holders of Senior Indebtedness shall first be entitled
to receive payment in full of all Obligations due or to become due on or in respect of all Senior Indebtedness, or provision shall be
made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, before
the Holders of the Securities are entitled to receive any payment or distribution on account of principal of or premium, if any, or interest
on or other Obligations in respect of the Securities or on account of any purchase, redemption or other acquisition of Securities by the
Company (individually and collectively, a &ldquo;Securities Payment&rdquo;), and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;any payment or distribution of assets of the Company of any
kind or character, whether in cash, property or securities (other than Capital Stock or securities of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is
subordinate, at least to the extent provided in this Article&nbsp;Sixteen with respect to the Securities, to the payment in full, without
diminution or modification by such plan, of all Senior Indebtedness), to which the Holders would be entitled except for the provisions
of this Article&nbsp;Sixteen, shall be paid by the liquidating trustee or agent or other person making such a payment or distribution,
directly to the holders of Senior Indebtedness) (or their representative(s)&nbsp;or trustee(s)&nbsp;acting on their behalf), ratably according
to the aggregate amounts remaining unpaid on account of the principal of or interest on and other amounts due on the Senior Indebtedness
held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that, notwithstanding the foregoing provisions of
this Section&nbsp;1602, the Trustee or the Holder of any Security shall have received any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities (other than Capital Stock or securities of the Company as
reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or
readjustment, the payment of which is subordinate, at least to the extent provided in this Article&nbsp;with respect to the
Securities, to the payment in full, without diminution or modification by such plan, of Senior Indebtedness), before all Senior
Indebtedness is paid in full or payment thereof provided for in cash or cash equivalents or otherwise in a manner satisfactory to
the holders of Senior Indebtedness, such payment or distribution shall be held in trust for the benefit of, and be paid over to, the
holders of the Senior Indebtedness remaining unpaid (or their representative(s)&nbsp;or trustee(s)&nbsp;acting on their behalf),
ratably as aforesaid, for application to the payment of such Senior Indebtedness until such Senior Indebtedness shall have been paid
in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 65; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidation of the Company with, or the merger of the Company
into, another Person or the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all
of its properties and assets as an entirety to another Person upon the terms and conditions set forth in Article&nbsp;Eight shall not
be deemed a Proceeding for the purposes of this Section&nbsp;1602 if the Person formed by such consolidation or into which the Company
is merged or the Person which acquires by conveyance or transfer such properties and assets as an entirety, as the case may be, shall,
as a part of such consolidation, merger, conveyance or transfer, comply with the conditions set forth in Article&nbsp;Eight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1603. <U>No Payment When Senior Indebtedness in Default</U>.
Anything in this Indenture to the contrary notwithstanding, no payment on account of principal of or redemption of, interest on or other
amounts due on the Securities, and no redemption, purchase, or other acquisition of the Securities, shall be made by or on behalf of the
Company (i)&nbsp;unless full payment of amounts then due for principal and interest and of all other obligations then due on all Senior
Indebtedness has been made or duly provided for pursuant to the terms of the instrument governing such Senior Indebtedness, (ii)&nbsp;if,
at the time of such payment, redemption, purchase or other acquisition, or immediately after giving effect thereto, there shall exist
under any Senior Indebtedness, or any agreement pursuant to which any Senior Indebtedness is issued, any default, which default shall
not have been cured or waived and which default shall have resulted in the full amount of such Senior Indebtedness being declared due
and payable or (iii)&nbsp;if, at the time of such payment, redemption, purchase or other acquisition, the Trustee shall have received
written notice from the holder or holders of any Senior Indebtedness or their representative or representatives (a &ldquo;Payment Blockage
Notice&rdquo;) that there exists under such Senior Indebtedness, or any agreement pursuant to which such Senior Indebtedness is issued,
any default, which default shall not have been cured or waived, permitting the holders thereof to declare the full amount of such Senior
Indebtedness due and payable, but only for the period (the &ldquo;Payment Blockage Period&rdquo;) commencing on the date of receipt of
the Payment Blockage Notice and ending (unless earlier terminated by notice given to the Trustee by the Holders of such Senior Indebtedness)
on the earlier of (A)&nbsp;the date on which such event of default shall have been cured or waived or (B)&nbsp;180 days from the receipt
of the Payment Blockage Notice. Upon termination of a Payment Blockage Period, payments on account of principal of or interest on the
Securities and redemptions, purchases or other acquisitions may be made by or on behalf of the Company. Notwithstanding anything herein
to the contrary, (A)&nbsp;only one Payment Blockage Notice may be given during any period of 360 consecutive days with respect to the
same event of default and any other events of default on the same issue of Senior Indebtedness existing and known to the person giving
such notice at the time of such notice and (B)&nbsp;no new Payment Blockage Period may be commenced by the holder or holders of the same
issue of Senior Indebtedness or their representative or representatives during any period of 360 consecutive days unless all events of
default which were the object of the immediately preceding Payment Blockage Notice, and any other event of default on the same issue of
Senior Indebtedness existing and known to the person giving such notice at the time of such notice, have been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that, notwithstanding the provisions of this Section&nbsp;1603,
payments are made by or on behalf of the Company in contravention of the provisions of this Section&nbsp;1603, such payments shall be
held by the Trustee, any Paying Agent or the Holders, as applicable, in trust for the benefit of, and shall be paid over to and delivered
to, the holders of Senior Indebtedness or their representative or the trustee under the indenture or other agreement (if any), pursuant
to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, for application
to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance
with the terms of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior
Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of this Section&nbsp;shall not apply to any payment
with respect to which Section&nbsp;1602 would be applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1604. <U>Reliance by Senior Indebtedness on Subordination
Provisions</U>. Each Holder of any Security by his acceptance thereof acknowledges and agrees that the foregoing subordination provisions
are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness
was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such
Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions
in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 66; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1605. <U>Subrogation to Rights of Holders of Senior Indebtedness</U>.
Subject to the payment in full of all Obligations due or to become due on or in respect of Senior Indebtedness, or the provision for such
payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities
shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions
of this Article&nbsp;Sixteen to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property
and securities applicable to the Senior Indebtedness until the principal of and premium, if any, and interest on the Securities shall
be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash,
property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article&nbsp;Sixteen,
and no payments over pursuant to the provisions of this Article&nbsp;Sixteen to the holders of Senior Indebtedness by Holders of the Securities
or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities,
be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1606. <U>Provisions Solely to Define Relative Rights</U>.
The provisions of this Article&nbsp;Sixteen 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 Senior Indebtedness on the other hand. Nothing contained in this Article&nbsp;or
elsewhere in this Indenture or in the Securities is intended to or shall (a)&nbsp;impair, as among the Company, its creditors other than
holders of Senior Indebtedness and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional (and
which, subject to the rights under this Article&nbsp;Sixteen of the holders of Senior Indebtedness, is intended to rank equally with all
other general obligations of the Company), to pay to the Holders of the Securities the principal of and premium, if any, and interest
on the Securities as and when the same shall become due and payable in accordance with their terms; or (b)&nbsp;affect the relative rights
against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness; or (c)&nbsp;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&nbsp;of the holders of Senior Indebtedness to receive cash, property and securities
otherwise payable or deliverable to the Trustee or such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1607. <U>Trustee to Effectuate Subordination</U>. Each
Holder of a Security by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary
or appropriate to effectuate, as between the Holders of the Securities and the holders of Senior Indebtedness, the subordination provided
in this Article&nbsp;Sixteen and appoints the Trustee his attorney-in-fact for any and all such purposes, including, in the event of any
dissolution, winding up or liquidation or reorganization under any applicable bankruptcy law of the Company (whether in bankruptcy, insolvency
or receivership Proceedings or otherwise), the timely filing of a claim for the unpaid balance of such Holder&rsquo;s Securities in the
form required in such Proceedings and the causing of such claim to be approved. If the Trustee does not file a claim or proof of debt
in the form required in such Proceedings prior to 30 days before the expiration of the time to file such claims or proofs, then the holders
of Senior Indebtedness, jointly, or their representatives shall have the right to file an appropriate claim for and on behalf of the Holders
and to demand, sue for, collect, receive and receipt for the payments and distributions in respect of the Securities which are required
to be paid or delivered to the holders of Senior Indebtedness as provided in this Article&nbsp;Sixteen and to take all such other action
in the name of the Holders or otherwise, as such holder of Senior Indebtedness or representative thereof may determine to be necessary
or appropriate for the enforcement of the provisions of this Article&nbsp;Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1608. <U>No Waiver of Subordination Provisions</U>.
No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good
faith, by any such holder or any representative or trustee therefor, or by any non-compliance by the Company with the terms,
provisions and 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: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 67; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Indebtedness may, at any time from time to time, without the consent of or notice to the Trustee or
the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing
the subordination provided in this Article&nbsp;Sixteen or the obligations hereunder of the Holders of the Securities to the holders
of Senior Indebtedness, do any one or more of the following: (i)&nbsp;change the manner, place or terms of payment or extend the
time of payment of, or renew or alter, Senior Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or
any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii)&nbsp;sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii)&nbsp;release any
Person liable in any manner for the collection of Senior Indebtedness and settle or compromise Senior Indebtedness (which, to the
extent so settled and compromised, shall be deemed to have been paid in full for all purposes hereof); (iv)&nbsp;apply any amounts
received to any liability of the Company owing to holders of Senior Indebtedness; and (v)&nbsp;exercise or refrain from exercising
any rights against the Company and any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1609. <U>Notice to Trustee</U>. The Company shall give
prompt written notice to the Trustee of any default or event of default with respect to any Senior Indebtedness or of any fact known to
the Company which would prohibit the making of any payment to or by the Trustee in respect of the Securities pursuant to the provisions
of this Article&nbsp;Sixteen. Notwithstanding the provisions of this Article&nbsp;Sixteen or any other provision 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 to or by the
Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Company or a holder
of Senior Indebtedness or from any representative or trustee acting on their behalf; and, prior to the receipt of any such written notice,
the Trustee, subject to the provisions of Section&nbsp;612, shall be entitled in all respects to assume that no such facts exist; <U>provided</U>,
<U>however</U>, that if the Trustee shall not have received the notice provided for in this Section&nbsp;at least three Business Days
prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment
of the principal of and premium, if any, or interest on any Security), then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was received
and shall not be affected by any notice to the contrary which may be received by it within three Business Days prior to such date. Nothing
contained in this Article&nbsp;Sixteen or any other Article&nbsp;of this Indenture or in any of the Securities shall prevent (a)&nbsp;the
Company, at any time except during the pendency of any Proceeding, or under the conditions described in Section&nbsp;1603, from making
payments at any time in respect of the Securities, or (b)&nbsp;the application by the Trustee of any money deposited with it hereunder
to the payment of or on account of the Securities, or the retention thereof by any Holder, if the Trustee did not have notice, as provided
in this Section&nbsp;1609, that such payment would have been prohibited by the provisions of this Article&nbsp;Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of Section&nbsp;612, the Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or
a representative or trustee therefor) to establish that such notice has been given by a holder of Senior Indebtedness (or a trustee therefor).
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 Article&nbsp;Sixteen, 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,
the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights
of such Person under this Article&nbsp;Sixteen, 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1610. <U>Reliance on Judicial Order or Certificate
of Liquidating Agent</U>. Upon any payment or distribution of assets of the Company referred to in this Article&nbsp;Sixteen, the
Trustee, subject to the provisions of Section&nbsp;612, and the Holders of the Securities shall be entitled to rely upon any order
or decree entered by any court of competent jurisdiction in which any Proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person 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 payment or 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1611. <U>Trustee Not Fiduciary for Holders of Senior
Indebtedness</U>. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness. Nothing contained
in this Article&nbsp;Sixteen or elsewhere in this Indenture, or in any of the Securities, shall prevent the application by the
Trustee of any moneys which were deposited with it hereunder, prior to its receipt of written notice of facts which would prohibit
such application, for the purpose of the payment of or on account of the principal of or interest on, the Securities unless, prior
to the date on which such application is made by the Trustee, the Trustee shall be charged with notice under Section&nbsp;1609
hereof of the facts which would prohibit the making of such application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 68; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1612. <U>Rights of Trustee as Holder of Senior Indebtedness;
Preservation of Trustee&rsquo;s Rights</U>. The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article&nbsp;Sixteen with respect to any Senior Indebtedness which may at any time be 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. Nothing in this Article&nbsp;shall
apply to claims of, or payments to, the Trustee under or pursuant to Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1613. <U>Article&nbsp;Applicable to Paying Agents</U>.
In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the
term &ldquo;Trustee&rdquo; as used in this Article&nbsp;Sixteen shall in such case (unless the context otherwise requires) be construed
as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article&nbsp;in addition to or in place of the Trustee; <U>provided</U>, <U>however</U>, that Section&nbsp;1612 shall not
apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;SEVENTEEN - CONVERSION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1701. <U>Applicability of Article; Conversion Privilege
and Conversion Price</U>. Securities of any series which are convertible shall be convertible in accordance with their terms and (except
as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series) in accordance with this Article&nbsp;Seventeen.
Subject to and upon compliance with the provisions of this Article&nbsp;Seventeen, at any time during the period specified in the Securities,
at the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple
of $1,000 may be converted at the principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated
as to each conversion to the nearest 1/100 of a share) of Common Stock of the Company, at the Conversion Price, determined as hereinafter
provided, in effect at the time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in
respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption
Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the
date such default is cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The price at which shares of Common Stock shall be delivered upon conversion
(herein called the &ldquo;Conversion Price&rdquo;) of Securities of any series shall be specified in such Securities. The Conversion Price
shall be adjusted in certain instances as provided in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case the Company shall, by dividend or otherwise, declare or
make a distribution on its Common Stock referred to in paragraph (4)&nbsp;of Section&nbsp;1704, the Holder of each Security, upon
the conversion thereof pursuant to this Article&nbsp;Seventeen subsequent to the close of business on the date fixed for the
determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion Price
adjustment in respect of such distribution pursuant to paragraph (4)&nbsp;of Section&nbsp;1704, shall be entitled to receive for
each share of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital
Stock or assets so distributed applicable to one share of Common Stock; <U>provided</U>, <U>however</U>, that, at the election of
the Company (whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so
converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or
securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith by
the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee). If any
conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment date
for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance
with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with the
Trustee) to distribute to such Holder a due bill for the evidences of indebtedness, shares of Capital Stock or assets to which such
Holder is so entitled, provided that such due bill (i)&nbsp;meets any applicable requirements of the principal over-the-counter
market or national securities exchange or other market on which the Common Stock is then traded, and (ii)&nbsp;requires payment or
delivery of such evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common
Stock receiving such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 69; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1702. <U>Exercise of Conversion Privilege</U>. In order
to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security, duly endorsed or assigned
to the Company or in blank, at any office or agency maintained by the Company pursuant to Section&nbsp;1002, accompanied by written notice
to the Company at such office or agency that the Holder elects to convert such Security or, if less than the entire principal amount thereof
is to be converted, the portion thereof to be converted and shall comply with any additional requirements set forth in such Security.
Securities surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any Interest
Payment Date to the opening of business on such Interest Payment Date shall (except for Securities the Maturity of which is prior to such
Interest Payment Date) be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such
Interest Payment Date on the principal amount of Securities being surrendered for conversion and such interest shall be paid on such Interest
Payment Date as provided in Section&nbsp;307. Except as provided in the preceding sentence, no payment or adjustment shall be made upon
any conversion on account of any interest accrued on the Securities surrendered for conversion or on account of any dividends on the Common
Stock issued upon conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s delivery to the Holder of the fixed number of shares
of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock) into which the Security is convertible
shall be deemed to satisfy the Company&rsquo;s obligation to pay the principal amount of the Security and all accrued interest and original
issue discount that has not previously been paid. The shares of Common Stock of the Company so delivered shall be treated as issued first
in payment of accrued interest and original issue discount and then in payment of principal. Thus, accrued interest and original issue
discount shall be treated as paid, rather than canceled, extinguished or forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities shall be deemed to have been converted immediately prior
to the close of business on the day of surrender of such Securities for conversion in accordance with the foregoing provisions, and at
such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Common
Stock issuable upon conversion shall be treated for all purposes as the record holder or holders of such Common Stock at such time. As
promptly as practicable on or after the conversion date, the Company shall issue and shall deliver at such office or agency a certificate
or certificates for the number of full shares of Common Stock issuable upon conversion, together with payment in lieu of any fraction
of a share, as provided in Section&nbsp;1703.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of any Security which is converted in part only, as promptly
as practicable on or after the conversion date the Company shall execute and the Trustee shall authenticate and make available for delivery
to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the Company, a new Security or Securities,
of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1703. <U>Fractions of Shares</U>. No fractional shares
of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one time
by the same Holder, the number of full shares of Common Stock which shall be issuable upon conversion thereof shall be computed on the
basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional share
of Common Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof), the Company
shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction in an amount equal to the same fraction of the Closing
Price per share of the Common Stock on the day of conversion (or, if such day is not a Trading Day, on the Trading Day immediately preceding
such day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 70; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1704. <U>Adjustment of Conversion Price</U>. The Conversion
Price shall be subject to adjustment from time to time as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;If the Company pays or makes a dividend or other
distribution (a)&nbsp;on its Common Stock exclusively in Common Stock or (b)&nbsp;on any other class of Capital Stock of the
Company, which dividend or distribution includes Common Stock of the Company, the Conversion Price in effect at the opening of
business on the day following the date fixed for the determination of stockholders entitled to receive such dividend or other
distribution (the &ldquo;Dividend Record Date&rdquo;) shall be reduced by multiplying such Conversion Price by a fraction of which
the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Dividend
Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend
or other distribution. Such reduction shall become effective immediately after the opening of business on the day following the date
fixed for such determination. For the purposes of this paragraph (1), the number of shares of Common Stock of the Company at any
time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip
certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend or make any distribution
on shares of Common Stock held in the treasury of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Subject to paragraph (6)&nbsp;of this Section, if the Company
pays or makes a dividend or other distribution on its Common Stock consisting exclusively of Short Term Rights (as defined below), or
otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price in effect at the opening of business on the
day following the record date for the determination of holders of Common Stock entitled to receive such Short Term Rights (the &ldquo;Rights
Record Date&rdquo;) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of
shares of Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of Common
Stock of the Company which the aggregate of the offering price of the total number of shares of Common Stock so offered for subscription
or purchase would purchase at such current market price and the denominator shall be the number of shares of Common Stock of the Company
outstanding at the close of business on the Rights Record Date plus the number of shares of Common Stock so offered for subscription or
purchase. Such reduction shall become effective immediately after the opening of business on the day following the Rights Record Date.
For the purposes of this paragraph (2), the number of shares of Common Stock of the Company at any time outstanding shall not include
shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions
of shares of Common Stock of the Company. The Company shall not issue any rights, options or warrants in respect of shares of its Common
Stock held in the treasury of the Company. When used in this Section&nbsp;1704, the term &ldquo;Short Term Rights&rdquo; shall mean rights,
warrants or options entitling the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more
than 45 days after the Rights Record Date) to subscribe for or purchase shares of Common Stock of the Company at a price per share less
than the current market price per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1704) of the Common Stock of
the Company on the Rights Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;In case outstanding shares of Common Stock of the Company
shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business on the
day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding
shares of Common Stock of the Company shall be combined into a smaller number of shares of Common Stock, the Conversion Price in effect
at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased,
such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the
day upon which such subdivision or combination becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;Subject to the last sentence of this paragraph
(4)&nbsp;of this Section, if the Company, by dividend or otherwise, (a)&nbsp;distributes to all holders of its Common Stock
evidences of its indebtedness, shares of any class of Capital Stock of the Company or other assets (other than cash dividends out of
current or retained earnings), or (b)&nbsp;distributes to substantially all holders of Common Stock rights or warrants to subscribe
for securities (other than Short Term Rights to which paragraph&nbsp;(2)&nbsp;of this Section&nbsp;1704 applies), the Conversion
Price shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the current market price
per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1704) of the Common Stock of the Company on the
Reference Date (as defined below) less the fair market value (as determined in good faith by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution filed with the Trustee), on the Reference Date, of the portion
of the evidences of indebtedness and other assets so distributed or of such subscription rights or warrants applicable to one share
of Common Stock (collectively, the &ldquo;Market Value of the Distribution&rdquo;) and the denominator shall be such current market
price per share of the Common Stock of the Company. Such reduction shall become effective immediately prior to the opening of
business on the day (the &ldquo;Reference Date&rdquo;) following the later of (a)&nbsp;the date fixed for the payment of such
distribution and (b)&nbsp;the date 20 days after notice relating to such distribution is required to be given pursuant to
Section&nbsp;1706(a). If the Board of Directors determines the fair market value of any distribution for purposes of this paragraph
(4)&nbsp;by reference to the actual or when issued trading market for any securities comprising such distribution, it must in doing
so consider the prices in such market over the same period used in computing the current market price per share pursuant to
paragraph (7)&nbsp;of this Section&nbsp;1704. In the event that, with respect to any distribution to which this paragraph
(4)&nbsp;of Section&nbsp;1704 would otherwise apply, the Market Value of the Distribution is greater than the current market price
per share of the Common Stock (such distribution being referred to herein as an &ldquo;Unadjusted Distribution&rdquo;), then the
adjustment provided by this paragraph (4)&nbsp;shall not be made and in lieu thereof the provisions of Section&nbsp;1711 shall apply
with respect to such Unadjusted Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 71; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;The Company may, but shall not be required to, make such reductions
in the Conversion Price, in addition to those required by paragraphs (1), (2), (3), and (4)&nbsp;of this Section&nbsp;1704, 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. In addition, the Company, from time to time, may decrease the Conversion Price by any amount and for any reason, temporarily
or otherwise, including situations where the Board of Directors determines such decrease to be fair and appropriate with respect to transactions
in which holders of Common Stock have the right to participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;Rights or warrants issued or distributed by the Company to
all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of Common Stock or Preferred Stock,
which rights or warrants (i)&nbsp;are deemed to be transferred with such shares of Common Stock, (ii)&nbsp;are not exercisable and (iii)&nbsp;are
also issued or distributed in respect of future issuances of Common Stock, in each case in clauses (i)&nbsp;through (iii)&nbsp;until the
occurrence of a specified event or events (&ldquo;Trigger Events&rdquo;), shall for purposes of this Section&nbsp;1704 not be deemed issued
or distributed until the occurrence of the earliest Trigger Event. Each share of Common Stock issued upon conversion of Securities pursuant
to this Article&nbsp;Seventeen shall be entitled to receive the appropriate number of Common Stock purchase rights (the &ldquo;Rights&rdquo;),
if any, and the certificates representing the Common Stock issued upon conversion shall bear such legends, if any. Notwithstanding anything
to the contrary in this Article&nbsp;Seventeen, there shall not be any adjustment to the Conversion Price as a result of (i)&nbsp;the
distribution of separate certificates representing the Rights; (ii)&nbsp;the occurrence of certain events entitling holders of Rights
to receive, upon exercise thereof, Common Stock or other securities of the Company or other securities of another corporation; or (iii)&nbsp;the
exercise of such Rights. No adjustment in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant
to a Company plan providing for reinvestment of dividends or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;For the purpose of any computation under paragraph (2), (4)&nbsp;or
(5)&nbsp;of this Section&nbsp;1704, the &ldquo;current market price&rdquo; per share of Common Stock of the Company on any date shall
be deemed to be the average of the daily Closing Prices for the 15 consecutive Trading Days selected by the Company commencing not more
than 30 Trading Days before, and ending not later than, the date in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;No adjustment in the Conversion Price shall be required unless
such adjustment would require an increase or decrease of at least 1% in the Conversion Price; <U>provided</U>, <U>however</U>, that any
adjustments which by reason of this paragraph (8)&nbsp;are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Article&nbsp;Seventeen shall be made to the nearest cent or to the nearest one-hundredth
of a share of Common Stock, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(9)&nbsp;Anything herein to the contrary notwithstanding, in the
event the Company shall declare any dividend or distribution requiring an adjustment in the Conversion Price hereunder and shall,
thereafter and before the payment of such dividend or distribution to stockholders, legally abandon its plan to pay such dividend or
distribution, the Conversion Price then in effect hereunder, if changed to reflect such dividend or distribution, shall upon the
legal abandonment of such plan be changed to the Conversion Price which would have been in effect at the time of such abandonment
(after giving effect to all other adjustments not so legally abandoned pursuant to the provisions of this Article&nbsp;Seventeen)
had such dividend or distribution never been declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(10)&nbsp;Notwithstanding any other provision of this Section&nbsp;1704,
no adjustment to the Conversion Price shall reduce the Conversion Price below the then par value per share of the Common Stock of the
Company, and any such purported adjustment shall instead reduce the Conversion Price to such par value. Notwithstanding the foregoing
sentence, the Company hereby covenants that it will from time to time take all such action as may be required to assure that the par value per share
of the Common Stock is at all times equal to or less than the Conversion Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 72; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(11) In the event that this Article&nbsp;Seventeen requires adjustments
to the Conversion Price under more than one of paragraphs&nbsp;(1), (2), (3)&nbsp;or (4)&nbsp;of this Section&nbsp;1704, and the record
or effective dates for the transaction giving rise to such adjustments shall occur on the same date, then such adjustments shall be made
by applying (to the extent they are applicable), first, the provisions of paragraph&nbsp;(3)&nbsp;of this Section&nbsp;1704, second, the
provisions of paragraph&nbsp;(1)&nbsp;of this Section&nbsp;1704, third, the provisions of paragraph&nbsp;(4)&nbsp;of this Section&nbsp;1704
and, fourth, the provisions of paragraph&nbsp;(2)&nbsp;of this Section&nbsp;1704. Anything herein to the contrary notwithstanding, no
single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section&nbsp;1704. After an adjustment
to the Conversion Price under this Article&nbsp;Seventeen, any subsequent event requiring an adjustment under this Article&nbsp;Seventeen
shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a Security upon conversion of such
Security receives shares of two or more classes of Capital Stock of the Company, the Conversion Price shall thereafter be subject to adjustment
upon the occurrence of an action taken with respect to any such class of Capital Stock as is contemplated by this Article&nbsp;Seventeen
with respect to the Common Stock in this Article&nbsp;Seventeen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1705. <U>Notice of Adjustments of Conversion Price</U>.
Whenever the Conversion Price is adjusted as herein provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Company shall compute the adjusted Conversion Price in
accordance with Section&nbsp;1704 or Section&nbsp;1711 and shall prepare an Officer&rsquo;s Certificate setting forth the adjusted Conversion
Price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed (with
a copy to the Trustee) at each office or agency maintained for the purpose of conversion of any Securities pursuant to Section&nbsp;1002;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;a notice stating that the Conversion Price has been adjusted
and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable after it is required, such notice
shall be mailed by the Company to all Holders at their last addresses as they shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1706. <U>Notice of Certain Corporate Action</U>. In case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;the Company shall take any action that would require a Conversion
Price adjustment pursuant to Section&nbsp;1704 or Section&nbsp;1711; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;there shall occur any reclassification of the Common
Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock), or any consolidation or
merger to which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets of the Company and
for which approval of any stockholders of the Company is required; or (3)&nbsp;there shall occur the voluntary or involuntary
dissolution, liquidation or winding up of the Company, then the Company shall cause to be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section&nbsp;1002, and shall cause to be mailed to all Holders at their last
addresses as they shall appear in the Security Register, at least 10 days prior to the applicable record, effective or expiration
date hereinafter specified, a notice stating (x)&nbsp;the date on which a record is to be taken for the purpose of any dividend,
distribution or granting of rights, warrants or options, or, if a record is not to be taken, the date as of which the holders of
Common Stock of record to be entitled to such dividend, distribution, rights, options or warrants are to be determined, or
(y)&nbsp;the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is
expected to become effective, and, if applicable, the date as of which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1707. <U>Company to Reserve Common Stock</U>. The
Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock,
for the purpose of effecting the conversion of Securities, a number of shares of Common Stock for the conversion of all outstanding
Securities of any series which is convertible into Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 73; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1708. <U>Taxes on Conversion</U>. The Company will pay
any and all taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Securities pursuant
hereto. 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 of Common Stock in a name other than that of the Holder of the Security or Securities to be converted, and no such
issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax,
or has established to the satisfaction of the Company that such tax has been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1709. <U>Covenants as to Common Stock</U>. The Company
covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue be duly and validly issued,
fully paid and nonassessable, free of preemptive or any similar rights, and, except as provided in Section&nbsp;1708, the Company will
pay all taxes, liens and charges with respect to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will endeavor promptly to comply with all Federal and state
securities laws regulating the offer and delivery of shares of Common Stock upon conversion of Securities, if any, and will list or cause
to have quoted such shares of Common Stock on each national securities exchange or in the over-the-counter market or such other market
on which the Common Stock is then listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1710. <U>Cancellation of Converted Securities</U>. All
Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall
dispose of the same as provided in Section&nbsp;309.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1711. <U>Provisions in Case of Consolidation, Merger or
Sale of Assets; Special Distributions</U>. If any of the following shall occur, namely: (i)&nbsp;any reclassification or change of outstanding
shares of Common Stock issuable upon conversion of 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), (ii)&nbsp;any consolidation or merger to which the Company
is a party other than a merger in which the Company is the continuing corporation and which does not result in any reclassification of,
or change (other than a change in name, or 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) in, outstanding shares of Common Stock or (iii)&nbsp;any sale or conveyance of all or substantially all
of the property or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger
or which acquires such properties or assets, as the case may be, shall as a condition precedent to such transaction execute and deliver
to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter, during
the period such Security shall be convertible as specified in Section&nbsp;1701, to convert such Security only into the kind and amount
of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer or lease by a holder of the
number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to such consolidation,
merger, sale, transfer or lease; provided that the kind and amount of securities, cash and other property so receivable shall be determined
on the basis of the following assumptions. The holder of Common Stock referred to in the foregoing sentence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;is not (a)&nbsp;a Person with which the Company consolidated,
(b)&nbsp;a Person into which the Company merged or which merged into the Company, or (c)&nbsp;a Person to which such sale, transfer or
lease was made (any Person described in the foregoing clauses (a), (b), or (c), hereinafter referred to as a &ldquo;Constituent Person&rdquo;),
or (d)&nbsp;an Affiliate of a Constituent Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;failed to exercise his rights of election, if any, as to the
kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease (provided that
if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale transfer or lease is not
the same for each share of Common Stock of the Company in respect of which such rights of election shall not have been exercised, then
for the purpose of this Section&nbsp;1711 the kind and amount of securities, cash and other property receivable upon such consolidation,
merger, sale, transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Common
Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 74; Value: 63 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such supplemental indenture shall provide for adjustments which, for
events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article&nbsp;Seventeen. If, in the case of any such consolidation, merger, sale transfer or lease the stock or other
securities and property (including cash) receivable thereupon by a holder of Common Stock includes shares of stock or other securities
and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale,
transfer or lease then such supplemental indenture shall also be executed by such other corporation and shall contain such additional
provisions to protect the interests of the Holders of the Securities as the Board of Directors of the Company shall reasonably consider
necessary by reason of the foregoing. The above provisions of this Section&nbsp;1711 shall similarly apply to successive consolidations,
mergers, sales, transfers or leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event the Company shall execute a supplemental indenture pursuant
to this Section&nbsp;1711, the Company shall promptly file with the Trustee an Officers&rsquo; Certificate briefly stating the reasons
therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of the Securities upon
the conversion of their Securities after any such reclassification, change, consolidation, merger, sale, transfer or lease and any adjustment
to be made with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company makes a distribution to all holders of its Common Stock
that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4)&nbsp;of Section&nbsp;1704, then, from and after
the record date for determining the holders of Common Stock entitled to receive such distribution (the &ldquo;Distribution Record Date&rdquo;),
a Holder of a Security who converts such Security in accordance with the provisions of this Indenture shall, upon conversion, be entitled
to receive, in addition to the shares of Common Stock into which the Security is convertible, the kind and amount of evidences of indebtedness,
shares of Capital Stock, or other assets or subscription rights or warrants, as the case may be, comprising the distribution that such
Holder would have received if such Holder had converted the Security immediately prior to the Distribution Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1712. <U>Trustee Adjustment Disclaimer; Company Determination
Final</U>. The Trustee has no duty to determine when an adjustment under this Article&nbsp;Seventeen should be made, how it should be
made or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section&nbsp;1711 need be entered
into or whether any provisions of any supplemental indenture are correct. The Trustee shall not be accountable for and makes no representation
as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be responsible for
the Company&rsquo;s failure to comply with this Article&nbsp;Seventeen. Any determination that the Company or the Board of Directors must
make pursuant to this Article&nbsp;Seventeen is conclusive, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1713. <U>When No Adjustment Required</U>. Except as expressly
set forth in Section&nbsp;1704, no adjustment in the Conversion Price shall be made because the Company issues, in exchange for cash,
property or services, shares of its Common Stock, or any securities convertible into or exchangeable for shares of its Common Stock, or
securities (including warrants, rights and options) carrying the right to subscribe for or purchase shares of its Common Stock or such
convertible or exchangeable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Notwithstanding anything herein to the contrary, no
adjustment in the Conversion Price shall be made pursuant to Section&nbsp;1704 in respect of any dividend or distribution if the
Holders may participate therein (on a basis to be determined in good faith by the Board of Directors) and receive the same
consideration they would have received if they had converted the Securities immediately prior to the record date with respect to
such dividend or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;1714. <U>Equivalent Adjustments</U>. In the event that,
as a result of an adjustment made pursuant to Section&nbsp;1704 above, the holder of any Security thereafter surrendered for conversion
shall become entitled to receive any shares of Capital Stock of the Company other than shares of its Common Stock, thereafter the&nbsp;Conversion
Price of such other shares so receivable upon conversion of any Securities shall be subject to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article&nbsp;Seventeen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed all as of the day and year first above written.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VERICEL CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-bottom: 0">,</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 0; text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left; width: 47%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 76; Options: NewSection; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM&nbsp;OF REDEEMABLE OR NON-REDEEMABLE SUBORDINATED
SECURITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Face of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[If the Holder of this Security (as indicated below) is The Depository
Trust Company (&ldquo;DTC&rdquo;) or a nominee of DTC, this Security is a Global Security and the following two legends apply:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unless this Security is presented by an authorized representative
of The Depository Trust Company a New York corporation (&ldquo;DTC&rdquo;) to the Company or its agent for registration of transfer, conversion,
exchange or payment, and such Security issued is registered in the name of Cede&nbsp;&amp; Co., or in such other name as requested by
an authorized representative of DTC (and any payment is made to Cede&nbsp;&amp; Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the
registered owner hereof, Cede&nbsp;&amp; Co., has an interest herein.</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unless and until this Security is exchanged in whole or in part
for Securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee thereof or by a nominee
thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.</B>]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If this Security is an Original Issue Discount Security, insert</U>
 &mdash; FOR PURPOSES OF SECTION&nbsp;1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON
THIS SECURITY IS &nbsp;&nbsp;&nbsp;&nbsp;% OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;, AND THE YIELD TO MATURITY IS &nbsp;&nbsp;&nbsp;&nbsp;%. THE METHOD USED TO DETERMINE THE AMOUNT OF ORIGINAL
ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;
TO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;IS &nbsp;&nbsp;&nbsp;&nbsp;%
OF THE PRINCIPAL AMOUNT OF THIS SECURITY.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">VERICEL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Designation of Series]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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: left; width: 52%; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT></TD>
    <TD STYLE="width: 48%; padding-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 52%; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.</FONT></TD>
    <TD STYLE="text-align: left; width: 48%; padding-bottom: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">VERICEL CORPORATION, a Michigan corporation (herein referred to as
the &ldquo;Company,&rdquo; which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
or registered assigns the principal sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollars on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(the &ldquo;Stated Maturity Date&rdquo;) [or <U>insert date fixed for earlier redemption</U> (the &ldquo;Redemption Date,&rdquo; and together
with the Stated Maturity Date with respect to principal repayable on such date, the &ldquo;Maturity Date.&rdquo;)]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If the Security is to bear interest prior
to Maturity, insert</U> &mdash; and to pay interest thereon from
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in each
year (each, an &ldquo;Interest Payment Date&rdquo;), commencing
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at the
rate of &nbsp;&nbsp;&nbsp;&nbsp;% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the Company
maintained for such purpose; <U>provided</U>, <U>however</U>, that such interest may be paid, at the Company&rsquo;s option, by
mailing a check to such Holder at its registered address or by transfer of funds to an account maintained by such Holder within the
United States]. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
may be paid at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or
securities exchange on which the Securities of this series may be quoted or listed, and upon such notice as may be required by such
market or exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve
30-day months.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 77; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If the Security is not to bear interest prior to Maturity, insert</U>
 &mdash; The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration,
upon redemption or at the [Stated] Maturity Date and in such case the overdue principal of this Security shall bear interest at the rate
of &nbsp;&nbsp;&nbsp;&nbsp;% per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue
from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue
principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at
the rate of &nbsp;&nbsp;&nbsp;&nbsp;% per annum (to the extent that the payment of such interest shall be legally enforceable), which
shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such
interest shall also be payable on demand.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal of this Security payable on the Stated
Maturity Date [or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date,
interest on this Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency
of the Company maintained for that purpose in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private
debts.&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest payable on this Security on any Interest Payment Date and
on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including the next preceding
Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
if no interest has been paid on this Security) to but excluding such Interest Payment Date or the [Stated] Maturity Date [or Redemption
Date, as the case may be.] If any Interest Payment Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not
a Business Day, as defined below, principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest
Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day with
the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be.] &ldquo;Business
Day&rdquo; means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in
The City of New York are required or authorized by law, regulation or executive order to close.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If this Security is a Global Security, insert</U> &mdash; All payments
of principal, premium or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company in immediately
available funds.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Certificate of Authentication hereon has been executed by
the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture,
or be valid or obligatory for any purpose.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 78; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its facsimile corporate seal.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">Dated:&nbsp;&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">VERICEL CORPORATION</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 47%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 3%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 47%">Attest:</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Secretary</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 79; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Reverse of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">VERICEL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is one of a duly authorized issue of securities of the
Company (herein called the &ldquo;Securities&rdquo;), issued and to be issued in one or more series under an</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp; (herein called the &ldquo;Indenture&rdquo;) between the Company and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee (herein called the &ldquo;Trustee,&rdquo; which term includes any successor trustee under the Indenture with respect to the
series of which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities,
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the duly authorized
series of Securities designated on the face hereof (collectively, the &ldquo;Securities&rdquo;), [<U>if applicable, insert</U> &mdash;
and the aggregate principal amount of the Securities to be issued under such series is limited to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities).] All terms used
in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an Event of Default, as defined in the Indenture, shall occur and
be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &mdash; The Securities may not be redeemed
prior to the Stated Maturity Date.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &mdash; The Securities are subject to
redemption [&nbsp;(l)&nbsp;<U>(If applicable, insert</U> &mdash; on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in any year commencing with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)&nbsp;] [<U>If
applicable, insert</U> &mdash; at any time [on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount):</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If redeemed on or before &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
 &nbsp;&nbsp;&nbsp;&nbsp;% and if redeemed during the 12-month period beginning &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of the years indicated at the Redemption Prices indicated below.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 54%; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount, together in the case of any such redemption [<U>If applicable, insert</U> &mdash; (whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date; <U>provided, however</U>, that installments of interest
on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or
more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided
in the Indenture.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &mdash; The Securities are subject to
redemption (1)&nbsp;on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in any year commencing with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2)&nbsp;at any time [on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the
sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the years
indicated,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 37%; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 29%; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price&nbsp;for<BR>
Redemption&nbsp;Through<BR>
Operation&nbsp;of&nbsp;the&nbsp;Sinking&nbsp;Fund</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 29%; padding-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&nbsp;Price&nbsp;for<BR>
Redemption&nbsp;Otherwise&nbsp;Than<BR>
Through&nbsp;Operation&nbsp;of&nbsp;the<BR>
Sinking&nbsp;Fund</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with
accrued interest to the Redemption Date; <U>provided</U>, <U>however</U>, that installments of interest on this Security whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &mdash; Notwithstanding the foregoing,
the Company may not, prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
redeem any Securities as contemplated by [Clause (2)&nbsp;of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance
with generally accepted financial practice) of less than &nbsp;&nbsp;&nbsp;&nbsp;% per annum.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<U>If applicable, insert</U> &mdash; The sinking fund for the Securities
provides for the redemption on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in each year, beginning with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
of [not less than] $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] [(&ldquo;mandatory sinking fund&rdquo;) and not more than $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
aggregate principal amount of the Securities. [The Securities acquired or redeemed by the Company otherwise than through [mandatory] sinking
fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [<U>describe order</U>]
order in which they become due.]]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of redemption will be given by mail to Holders of Securities,
not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of redemption of this Security in part only, a new Security
or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[If applicable, insert conversion provisions set forth in any Board
Resolution or indenture supplemental to the Indenture.]</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the
Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less
than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected
thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount
of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the
aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the
Holders of Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and
other Securities issued upon the registration of transfer hereof or conversion or in exchange herefor or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium or Make-Whole Amount, if any) and interest on this Security at the times, places and rate, and in the coin
or currency, herein prescribed.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to
certain limitations therein [and herein] set forth, the transfer of this Security is registrable in the Security Register of the
Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the
principal of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by,
the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 81; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Indenture and subject to certain limitations therein
[and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities of different authorized denominations
but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Security is subordinated to the prior payment in full in cash
of Senior Indebtedness to the extent set forth in Article&nbsp;Sixteen of the Indenture.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Securities of this series are issuable only in registered form
[without coupons] in denominations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and any integral multiple thereof.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No service charge shall be made for any such registration of transfer
or conversion or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to due presentment of this 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 this Security is registered as
the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No recourse shall be had for the payment of the principal of or premium
or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer
or director, as such, of the Company or of any successor, either directly or through the Company or any successor, whether by virtue of
any constitution, statute or rule&nbsp;of law or by the enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 82; Value: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 08 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORMS OF CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Insert title or sufficient description of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is to certify that, as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i)&nbsp;are owned by person(s)&nbsp;that are not citizens or residents
of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States
Federal income taxation regardless of its source (&ldquo;United States person(s)&rdquo;), (ii)&nbsp;are owned by United States person(s)&nbsp;that
are (a)&nbsp;foreign branches of United States financial institutions (financial institutions, as defined in United States Treasury Regulations
Section&nbsp;2.165-12(c)(1)(v)&nbsp;are herein referred to as &ldquo;financial institutions&rdquo;) purchasing for their own account or
for resale, or (b)&nbsp;United States person(s)&nbsp;who acquired the Securities through foreign branches of United States financial institutions
and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a)&nbsp;or (b),
each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise Vericel Corporation
or its agent that such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the
United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;are owned by United States or
foreign financial institution(s)&nbsp;for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in
clause (iii)&nbsp;above (whether or not also described in clause (i)&nbsp;or (ii)), this is to further certify that such financial institution
has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United
States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein, &ldquo;United States&rdquo; means the United States
of America (including the States and the District of Columbia); and its &ldquo;possessions&rdquo; include Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We undertake to advise you promptly by tested telex or by telecopy
on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held by you for our
account in accordance with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">your operating procedures if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This certificate excepts and does not relate to [U.S.$] of such interest
in the above-captioned Securities in respect of which we are not able to certify and as to which we understand an exchange for an interest
in a permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest)
cannot be made until we do so certify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We understand that this certificate may be required in connection with
certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which
this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested
party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be dated no earlier than the 15th day prior to (i)&nbsp;the Exchange
Date or (ii)&nbsp;the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 83; Options: NewSection; Value: 83 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">[Name of Person Making Certification]</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(Authorized Signature)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 84; Value: 83 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND CLEARSTREAM S.A. IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO
THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Insert title or sufficient description of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is to certify that, based solely on written certifications that
we have received in writing, by tested telex or by electronic transmission from each of the persons appearing in our records as persons
entitled to a portion of the principal amount set forth below (our &ldquo;Member Organizations&rdquo;) substantially in the form attached
hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i)&nbsp;is owned by person(s)&nbsp;that are
not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which
is subject to United States Federal income taxation regardless of its source (&ldquo;United States person(s)&rdquo;), (ii)&nbsp;is owned
by United States person(s)&nbsp;that are (a)&nbsp;foreign branches of United States financial institutions (financial institutions, as
defined in U.S. Treasury Regulations Section&nbsp;1.165-12(c)(1)(v)&nbsp;are herein referred to as &ldquo;financial institutions&rdquo;)
purchasing for their own account or for resale, or (b)&nbsp;United States person(s)&nbsp;who acquired the Securities through foreign branches
of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof
(and in either case (a)&nbsp;or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise
Vericel Corporation or its agent that such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or
(C)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;is owned by United States or
foreign financial institution(s)&nbsp;for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii)&nbsp;above (whether
or not also described in clause (i)&nbsp;or (ii)) have certified that they have not acquired the Securities for purposes of resale directly
or indirectly to a United States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used herein, &ldquo;United States&rdquo; means the United States
of America (including the States and the District of Columbia); and its &ldquo;Possessions&rdquo; include Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We further certify that (i)&nbsp;we are not making available herewith
for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security representing the above-captioned
Securities excepted in the above-referenced certificates of Member Organizations and (ii)&nbsp;as of the date hereof we have not received
any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect
to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot
be relied upon as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We understand that this certification is required in connection with
certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which
this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested
party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be dated no earlier than the Exchange Date or the relevant Interest
Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">[&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;, as Operator of the Euroclear System] [Clearstream Banking Luxembourg]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"></P>

<!-- Field: Page; Sequence: 85; Value: 83 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 86; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm2125905d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; padding-top: 0.25in; font-size: 10pt"><IMG SRC="tm2125905d2_ex5-1img01.jpg" ALT=""></TD>
    <TD STYLE="width: 16%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dykema Gossett PLC.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Renaissance Center<BR>
    Detroit, MI 48243</P>
    <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.dykema.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp;&nbsp;&nbsp;&nbsp;(313) 568-6800<BR>
    Fax:&nbsp;&nbsp;&nbsp;&nbsp;(313) 568-6893</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-bottom: 0.15in; font-size: 10pt">Vericel Corporation<BR>
64 Sidney Street<BR>
Cambridge, Massachusetts 02139</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD><FONT STYLE="font-weight: normal">Re:</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corporation Registration Statement on Form S-3 (the &ldquo;<B>Registration
                                                        Statement</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As special counsel for Vericel
Corporation, a Michigan corporation (the &ldquo;<B>Company</B>&rdquo;), we are rendering this opinion in connection with the filing with
the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) of a registration statement of the Company on Form S-3 (the
 &ldquo;<B>Registration Statement</B>&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;). The Registration
Statement relates to the Company&rsquo;s:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">common stock, without par value per share (the &ldquo;<B>Common Stock</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">preferred stock, without par value per share (the &ldquo;<B>Preferred Stock</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">senior debt securities (the &ldquo;<B>Senior Debt Securities</B>&rdquo;) to be issued under the senior
indenture (the &ldquo;<B>Senior Indenture</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: left">subordinated debt securities (the &ldquo;<B>Subordinated Debt Securities</B>&rdquo; and, together with
the Senior Debt Securities, the &ldquo;<B>Debt Securities</B>&rdquo;) to be issued under the subordinated indenture (the &ldquo;<B>Subordinated
Indenture</B>&rdquo; and, together with the Senior Indenture, the &ldquo;<B>Indentures</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">warrants representing rights to purchase Common Stock, Preferred Stock or Debt Securities (the &ldquo;<B>Warrants</B>&rdquo;);
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: left">units representing an interest in two or more securities, which may be or may not be separable from one
another (the &ldquo;<B>Units</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Collectively, the Common Stock, the Preferred
Stock, the Debt Securities, the Warrants and the Units are referred to herein as the &ldquo;<B>Securities</B>&rdquo;. The Securities may
be issued from time to time in one or more offerings on a delayed or continuous basis pursuant to Rule 415 under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Securities are to be sold from time to time
as set forth in the Registration Statement, the prospectus contained therein and one or more prospectus supplements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised by the Company that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left">The rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion
rights, redemption privileges and liquidation privileges of each series of Preferred Stock will be set forth in a certificate of designation
to be approved by the Company&rsquo;s Board of Directors or an authorized committee thereof, or in an amendment to the Company&rsquo;s
Restated Articles of Incorporation to be approved by the Company&rsquo;s Board of Directors and shareholders, and that one or both of
these documents will be filed either as an exhibit to an amendment to the Registration Statement to be filed after the date of this opinion
or as an exhibit to a report to be filed by the Company with the Commission after the Registration Statement has become effective and
incorporated into the Registration Statement by reference;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left">The Senior Debt Securities may be issued pursuant to the Senior Indenture between the Company and a trustee
to be named in such Indenture, which Indenture will be filed either as an exhibit to an amendment to the Registration Statement to be
filed after the date of this opinion or as an exhibit to a report to be filed by the Company with the Commission after the Registration
Statement has become effective and incorporated into the Registration Statement by reference;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left">The Subordinated Debt Securities may be issued pursuant to the Subordinated Indenture between the Company
and a trustee to be named in such Indenture, which Indenture will be filed either as an exhibit to an amendment to the Registration Statement
to be filed after the date of this opinion or as an exhibit to a report to be filed by the Company with the Commission after the Registration
Statement has become effective and incorporated into the Registration Statement by reference;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left">Warrants may be issued pursuant to a warrant agreement to be entered into between the Company and the
purchaser or a warrant agent on behalf of multiple purchasers (the &ldquo;<B>Warrant Agreement</B>&rdquo;). The Warrant Agreement will
be filed either as an exhibit to an amendment to the Registration Statement to be filed after the date of this opinion or as an exhibit
to a report to be filed by the Company with the Commission after the Registration Statement has become effective and incorporated into
the Registration Statement by reference; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="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-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="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: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: left">Units may be issued pursuant to a unit agreement between the Company and a bank or other financial institution
as unit agent (the &ldquo;<B>Unit Agreement</B>&rdquo;). The Unit Agreement will be filed either as an exhibit to an amendment to the
Registration Statement to be filed after the date of this opinion or as an exhibit to a report to be filed by the Company with the Commission
after the Registration Statement has become effective and incorporated into the Registration Statement by reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In rendering the opinions
set forth below, we have examined the Registration Statement (including the exhibits thereto), the originals or copies, certified or otherwise
identified to our satisfaction, of the restated articles of incorporation (&ldquo;<B>Restated Articles of Incorporation</B>&rdquo;) and
the bylaws (the &ldquo;<B>Bylaws</B>&rdquo;) of the Company as amended to date, resolutions adopted by the Company&rsquo;s Board of Directors,
and such other documents, corporate records, and instruments, and such laws and regulations, relating to the Company and the issuance
and sale of the Securities as we have deemed necessary for purposes of rendering the opinions set forth herein. We have also relied as
to certain matters on information obtained from public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In our examination, we have
assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of original documents and the conformity
to original documents of all photostatic and facsimile copies submitted to us, and the due execution and delivery of all documents by
any party where due execution and delivery are a prerequisite to the effectiveness thereof. We have also assumed that all information
contained in all documents reviewed by us is true and correct. We have further assumed without independent investigation that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">at the time any Securities are sold pursuant to the Registration Statement (the &ldquo;<B>Relevant Time</B>&rdquo;),
the Registration Statement, and any supplements and amendments thereto (including post-effective amendments) will have become effective
and comply with all applicable laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">at the Relevant Time, a prospectus supplement will have been prepared and filed with the Commission describing
the Securities offered thereby and all related documentation and will comply with the Restated Articles of Incorporation, Bylaws, and
all applicable laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">all Securities will be issued and sold in compliance with applicable federal and state securities laws
and in the manner stated in the Registration Statement and the applicable prospectus supplement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: left">at the Relevant Time, all corporate or other action required to be taken by the Company to duly authorize
each proposed issuance of Securities and any related documentation (including (i) the due reservation
of any shares of Common Stock or Preferred Stock for issuance upon exercise, conversion or exchange of any Securities for Common Stock
or Preferred Stock (a &ldquo;<B>Convertible Security</B>&rdquo;), and (ii) the execution (in the case of certificated Securities), delivery
and performance of the Securities and any related documentation referred to in the opinions expressed below) shall have been duly completed
and shall remain in full force and effect;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="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: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">the Company has reserved from its authorized but unissued and unreserved shares of stock, as applicable,
a number sufficient to issue all Securities, and upon issuance of any Common Stock or Preferred Stock, including upon exercise, conversion
or exchange of any Convertible Security, the total number of shares of Common Stock or Preferred Stock issued and outstanding will not
exceed the total number of shares of Common Stock or Preferred Stock, as applicable, that the Company is then authorized to issue under
its Restated Articles of Incorporation and other relevant documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: left">in the case of Debt Securities, at the Relevant Time, the relevant Indenture shall have been qualified
under the Trust Indenture Act of 1939, as amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: left">at the Relevant Time, a definitive purchase, underwriting or similar agreement and any other necessary
agreement with respect to any Securities offered or issued will have been duly authorized by all necessary corporate or other action of
the Company and validly executed and delivered by the Company and the other parties thereto; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: left">the Company will, at the time of issuance, be validly incorporated, validly in existence, and in good
standing under Michigan law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As to any facts material to
the opinion expressed herein that were not independently established or verified, we have relied upon statements and representations of
officers and other representatives of the Company. In addition, we have assumed that the certificates representing the Securities will
be duly executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the basis of the foregoing, we are of the following
opinions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left">The Common Stock will be validly issued, fully paid and nonassessable, <B><I>provided that</I></B> (i)
the Company&rsquo;s Board of Directors or a properly authorized committee thereof has specifically authorized the issuance of such Common
Stock in exchange for a consideration that the Board of Directors or such committee determines as adequate (any such specific authorization
of Securities being &ldquo;<B>Authorizing Resolutions</B>&rdquo;),
(ii) the terms of the offer and sale of the Common Stock have been duly established in conformity with the Company&rsquo;s Restated Articles
of Incorporation and Bylaws and do not violate any applicable law or result in a default under or breach of any agreement or instrument
binding on the Company and comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over
the Company, (iii) the Company has received the consideration provided for in the applicable Authorizing Resolutions, (iv) if the shares
of Common Stock are issued upon exercise, conversion or exchange of any Convertible Security, such Convertible Security was previously
validly issued and is fully paid and nonassessable or is a legal, valid and binding obligation of the Company, and (v) certificates evidencing
the shares of Common Stock have been duly executed by the duly authorized officers of the Company in accordance with the Bylaws and applicable
law, or the shares are issued in uncertificated form in compliance with applicable law and the Company&rsquo;s Bylaws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="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: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left">The Preferred Stock will be validly issued, fully paid and nonassessable, <B><I>provided that</I></B>
(i) such Preferred Stock is specifically authorized for issuance by Authorizing Resolutions, (ii) the rights, preferences, privileges
and restrictions of the Preferred Stock have been established in conformity with applicable law, (iii) an appropriate certificate of designation
approved by the Company&rsquo;s Board of Directors or a properly authorized committee thereof, or an amendment to the Company&rsquo;s
Restated Articles of Incorporation approved by the Company&rsquo;s Board of Directors and shareholders, has been filed with the Department
of Licensing and Regulatory Affairs of the State of Michigan, (iv) the terms of the offer, issuance and sale of shares of such class or
series of Preferred Stock have been duly established in conformity with the Company&rsquo;s Restated Articles of Incorporation and Bylaws
and do not violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and
comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, (v) the Company
has received the consideration provided for in the applicable Authorizing Resolutions, (vi) if the shares of Preferred Stock are issued
upon exercise, conversion or exchange of any Convertible Security, such Convertible Security was previously validly issued and is fully
paid and nonassessable or is a legal, valid and binding obligation of the Company, and (vii) certificates evidencing the shares of Preferred
Stock have been duly executed by the duly authorized officers of the Company in accordance with applicable law, or the shares are issued
in uncertificated form in compliance with applicable law and the Company&rsquo;s Bylaws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="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-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="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: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: left">The Debt Securities, when issued and sold in accordance with the applicable Indenture and any applicable
purchase or agency agreement will constitute valid and legally binding obligations of the Company, <B><I>provided that</I></B> (i) such
Debt Securities, the sale thereof and the related Indenture and all supplemental indentures are specifically authorized for issuance by
Authorizing Resolutions, (ii) the applicable Indenture conforms with applicable law and is enforceable in accordance with its terms, (iii)
the terms of the Debt Securities and of their issue and sale have been duly established in conformity with the applicable Indenture and
any supplemental indenture, the Company&rsquo;s Restated Articles of Incorporation and Authorizing Resolutions and do not violate any
applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and comply with any requirement
or restriction imposed by any court or governmental body having jurisdiction over the Company, (iv) the applicable Indenture and any supplemental
indenture in respect of such Debt Securities has been duly authorized, executed and delivered by each party thereto and such Debt Securities
have been duly executed and authenticated in accordance with the applicable Indenture and offered, issued and sold as contemplated in
the Registration Statement, (v) the Debt Securities have been duly delivered to the purchasers thereof, in consideration for which the
Company has received the consideration provided for in the applicable Authorizing Resolutions and (vi) a Form T-1 has been filed with
the Commission with respect to the trustee executing any Indenture or any supplemental indenture to such Indenture.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: left">The Warrant Agreement and related Warrants will constitute valid and legally binding obligations of the
Company, <B><I>provided that</I></B> (i) the Warrant Agreement and related Warrants are specifically authorized for issuance by Authorizing
Resolutions which include the terms upon which the Warrants are to be issued, their form and content and the consideration for which shares
are to be issued upon exercise of the Warrants, (ii) the Warrant Agreement relating to the Warrants has been duly authorized, executed
and delivered and is enforceable in accordance with its terms, (iii) the terms of the offer, issuance and sale of such Warrants have been
duly established in conformity with the Warrant Agreement, (iv) the Warrant Agreement and the offer, issuance and sale of the Warrants
do not violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and comply
with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, (v) such Warrants
have been duly executed and countersigned in accordance with the Warrant Agreement and offered, issued and sold as contemplated in the
Registration Statement, the applicable Authorizing Resolutions and the Warrant Agreement,
and (vi) the Company has received the consideration provided for in the applicable Authorizing Resolutions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="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: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: left">The Unit Agreement will constitute the valid and legally binding obligation of the Company, <B><I>provided
that</I></B> (i) the underlying Units and Securities comprising the Units are specifically authorized for issuance by Authorizing Resolutions
which include the terms upon which the Units and related Securities are to be issued, their form and content, (ii) the Unit Agreement
relating to the Units has been duly authorized, executed and delivered and is enforceable in accordance with its terms, (iii) the terms
of the offer, issuance and sale of such Units have been duly established in conformity with the Unit Agreement and the Authorizing Resolutions,
(iv) the Unit Agreement and the offer, issuance and sale of the Units and related Securities do not violate any applicable law or result
in a default under or breach of any agreement or instrument binding upon the Company and comply with any requirement or restriction imposed
by any court or governmental body having jurisdiction over the Company, (v) such Units and related Securities have been duly executed
and countersigned in accordance with the Unit Agreement and offered, issued and sold as contemplated in the Registration Statement, the
applicable Authorizing Resolutions and the Unit Agreement, and (vi) the Company has received the consideration provided for in the applicable
Authorizing Resolutions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The foregoing opinions are
qualified to the extent that the enforceability of any document, instrument or Securities may be limited by or subject to bankruptcy,
insolvency, fraudulent transfer or conveyance, reorganization, moratorium or other similar laws relating to or affecting creditors&rsquo;
rights generally, and general equitable or public policy principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The foregoing opinions are
limited to the laws of the state of Michigan. We express no opinion and make no representation with respect to the law of any other jurisdictions.
We are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion
is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to update this opinion
or otherwise 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This opinion is to be
used only in connection with the offer and sale of Common Stock, Preferred Stock, Debt Securities, Warrants and Units while the
Registration Statement is in effect. The Company has informed us that it intends to issue the Securities from time to time on a
delayed or continuous basis, and this opinion is limited to the laws as in effect on the date hereof. We understand that prior to
issuing any Securities pursuant to the Registration Statement (i) the Company will advise us in writing of the terms thereof, and
(ii) the Company will afford us an opportunity to (a) review the operative documents pursuant to which such Securities are to be
issued or sold (including the applicable offering documents), and (b) file such supplement or amendment to this opinion (if any) as
we may reasonably consider necessary or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm2125905d2_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We hereby consent to the reference
to our firm under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and to the filing of this opinion as an exhibit
to the Registration Statement. Such consent does not constitute a consent under Section 7 of the Act, because we have not certified any
part of such Registration Statement and do not otherwise come within the categories of persons whose consent is required under Section
7 of the Act or the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Dykema Gossett <FONT STYLE="font-variant: small-caps">pllc</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Dykema Gossett
<FONT STYLE="font-size: 10pt">pllc</FONT></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/rcs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>



<P STYLE="margin: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>tm2125905d2_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August&nbsp;27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">64 Sidney Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cambridge, Massachusetts 02139</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: Securities Being Registered under Registration Statement on Form&nbsp;S-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to you in connection with your filing of a
Registration Statement on Form&nbsp;S-3ASR (the &#8220;Registration Statement&#8221;) filed as of the date hereof with the Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), relating to the registration
of (i)&nbsp;common stock, no par value per share (the &#8220;Common Stock&#8221;), of Vericel Corporation, a Michigan corporation (the
 &#8220;Company&#8221;), (ii)&nbsp;preferred stock, no par value per share (the &#8220;Preferred Stock&#8221;), (iii)&nbsp;senior debt
securities of the Company (the &#8220;Senior Debt Securities&#8221;), (iv)&nbsp;subordinated debt securities (the &#8220;Subordinated
Debt Securities&#8221; and, together with the Senior Debt Securities, the &#8220;Debt Securities&#8221;), (v)&nbsp;warrants to purchase
Common Stock, Preferred Stock or Debt Securities (the &#8220;Warrants&#8221;), and (iv)&nbsp;units representing a combination of any of
the foregoing (the &#8220;Units&#8221;). The Common Stock, Preferred Stock, Debt Securities, Warrants, and Units are referred to collectively
herein as the &#8220;Securities.&#8221; Securities may be issued in an unspecified number (with respect to Common Stock, Preferred Stock,
Warrants, and Units) or in an unspecified principal amount (with respect to Debt Securities). The Registration Statement provides that
the Securities may be offered separately, together or as units, in separate classes or series, in amounts, at prices and on terms to be
set forth in one or more prospectus supplements to the prospectus contained in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have reviewed such documents and made such examination of law as
we have deemed appropriate to give the opinions set forth below. We have relied, without independent verification, on certificates of
public officials and, as to matters of fact material to the opinions set forth below, on certificates of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The opinions set forth below are limited to the law of New York and
the federal law of the United States. Without limiting the generality of the foregoing, we express no opinion with respect to (i)&nbsp;state
securities or &#8220;blue sky&#8221; laws, or (ii)&nbsp;state or federal antitrust laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of the opinions set forth below, without limiting any
other exceptions or qualifications set forth herein, we have assumed that each of the Debt Securities, Warrants, and Units, and the indentures,
warrant agreements, unit agreements and other agreements governing Securities offered pursuant to the Registration Statement will be governed
by the internal law of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of the opinions set forth below, we refer to the following
as the &#8220;Future Authorization and Issuance&#8221; of the Debt Securities, Warrants, and Units:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">with respect to any of the Debt Securities, Warrants, and Units, (a)&nbsp;the
authorization by the Company of the amount, terms and issuance of such securities (the &#8220;Authorization&#8221;) and (b)&nbsp;the issuance
of such securities in accordance with the Authorization therefor upon the receipt by the Company of the consideration to be paid therefor
in accordance with the Authorization;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">with respect to the Debt Securities, (a)&nbsp;the authorization, execution
and delivery of the indenture or a supplemental indenture relating to such securities by each of the Company and the trustee thereunder
and/or (b)&nbsp;the establishment of the terms of such securities by the Company in conformity with the applicable indenture or supplemental
indenture and applicable law, and (c)&nbsp;the execution, authentication and issuance of such securities in accordance with the applicable
indenture or supplemental indenture and applicable law; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">with respect to the Warrants or Units, (a)&nbsp;the authorization, execution
and delivery by the Company and the other parties thereto of any agreement under which such securities are to be issued and (b)&nbsp;the
establishment of the terms of such securities, and (c)&nbsp;the issuance of such securities, in conformity with those terms, the terms
of any applicable agreement and applicable law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional qualifications
set forth below, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD>Upon the Future Authorization and Issuance of Debt Securities, such Debt Securities will be valid and binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD>Upon the Future Authorization and Issuance of Warrants, such Warrants will be valid and binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD>Upon the Future Authorization and Issuance of Units, such Units will be valid and binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The opinions expressed above are subject to the following additional
qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: left">The opinions expressed above are subject to and limited by the
effect of any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general application
affecting the rights and remedies of creditors and to general principles of equity.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; border-left-width: 0in; border-left-color: Black">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: left">We express no opinion with respect to any provision of any documents
setting forth terms relating to the Debt Securities, Warrants, or Units (collectively, the &#8220;Subject Documents&#8221;) relating
to: (a)&nbsp;non-reliance, exculpation, disclaimer, limitation of liability, indemnification, contribution, waiver, limitation or exclusion
of remedies; (b)&nbsp;liquidated damages, forfeitures, default interest, late charges, make-whole premiums, payment of attorneys&#8217;
fees, collection upon acceleration of amounts that might be determined to constitute unearned interest thereon, or other economic remedies,
in each case to the extent it constitutes a penalty or is prohibited by law; (c)&nbsp;concepts of materiality, reasonableness, good faith,
fair dealing or unconscionability; (d)&nbsp;governing law (except for the enforceability of any provision choosing New York law as a
Subject Document&#8217;s governing law pursuant to the statutes referred to in paragraph (iii)&nbsp;below); (e)&nbsp;the waiver of the
right to trial by jury or of usury, stay, extension and similar laws; (f)&nbsp;rights or remedies not being exclusive, not preventing
the concurrent assertion of any other right or remedy, being cumulative and exercisable in addition to any other right and remedy, or
any delay or omission to exercise any right or remedy not impairing any right or remedy or not constituting a waiver thereof; (g)&nbsp;any
obligation or agreement to use best efforts, reasonable best efforts or commercially reasonable efforts; (h)&nbsp;any requirement that
a party take further action or enter into further agreements or instruments or provide further assurances; (i)&nbsp;any requirement that
amendments or waivers be in writing insofar as they suggest that oral or other modifications, amendments or waivers could not be effectively
agreed upon by the parties or that the doctrine of promissory estoppel might not apply; (j)&nbsp;service of process by any method not
provided for under applicable statute or court rule; and (k)&nbsp;the severability of any provisions to the foregoing effect to the extent
such provisions are unenforceable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: left">To the extent that the opinions set forth above relate to the
enforceability of the choice of New York law, selection of a New York forum or exclusive jurisdiction provisions in any of the Subject
Documents, such opinion is rendered solely in reliance upon N.Y. Gen. Oblig. Law &sect;&sect; 5-1401, 5-1402 (McKinney 2010) and N.Y.
CPLR 327(b)&nbsp;(McKinney 2010) and is subject to the qualifications that such enforceability may be limited by public policy or other
considerations of any jurisdiction, other than the State of New York, in which enforcement of such provisions, or of a judgment upon
an agreement containing such provisions, is sought and by constitutional limitations. With respect to waiving any objection to venue,
our opinion is qualified in its entirety by N.Y. CPLR 510 (McKinney 2010). We call to your attention that courts of the State of New
York, or federal courts of the United States of America located in New York, could decline to hear a case on grounds of forum non conveniens
or similar doctrines limiting the availability of such courts as a forum for the resolution of disputes, irrespective of any agreement
between the parties concerning jurisdiction. We express no opinion as to (a)&nbsp;any waiver of objections based on inconvenient forum
or (b)&nbsp;venue or the subject matter jurisdiction of the federal courts of the United States.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; border-left-width: 0in; border-left-color: Black">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: left">Our opinions set forth above do not cover, without limitation,
the following: the Defense Production Act of 1950, as amended, and the Foreign Investment Risk Review Modernization Act of 2018, including
all implementing regulations thereunder; banking, tax, antitrust, trade regulation, anti-fraud or unfair competition laws; any laws,
rules, regulations or orders concerning declared emergencies in connection with COVID-19; insolvency or fraudulent transfer; compliance
with fiduciary duty requirements; pension or employee benefits; environmental or energy laws; Financial Industry Regulatory rules; stock
exchange rules; consumer protection laws; utilities laws; foreign trade, national security, anti-terrorism, anti-money laundering laws;
laws regulating derivatives, investment and brokerage services; or other laws customarily understood to be excluded even though they
are not expressly stated to be excluded, except to the extent expressly covered.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; border-left-width: 0in; border-left-color: Black">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion letter and the opinions it contains shall be interpreted
in accordance with the Core Opinion Principles as published in 74 <I>Business Lawyer</I> 815 (Summer 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the inclusion of this opinion as Exhibit&nbsp;5.2
to the Registration Statement and to the references to our firm under the caption &#8220;Legal Matters&#8221; in the Registration Statement.
In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities
Act or the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Goodwin Procter LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOODWIN PROCTER LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>7
<FILENAME>tm2125905d2_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 5.3</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 80%"><IMG SRC="tm2125905d2_ex5-3img2.jpg" ALT=""></TD>
  <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dykema
Gossett </FONT>PLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Renaissance Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Detroit,
MI 48</FONT>243</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.dykema.com</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313) 568-6800<BR>
Fax:&nbsp;&nbsp;&nbsp;&nbsp;(313) 568-6893</P>
</TD></TR>
</TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-bottom: 0.15in; font-size: 10pt">Vericel Corporation<BR>
64 Sidney Street<BR>
Cambridge, Massachusetts 02139</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal"><BR STYLE="clear: both"></FONT></TD><TD><FONT STYLE="font-weight: normal">Re:</FONT>&#9;Vericel Corporation Registration Statement on Form S-3 (the &ldquo;<B>Registration
Statement</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have acted as special counsel
for Vericel Corporation, a Michigan corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the offer and sale in an at the
market offering (the &ldquo;<B>Offering</B>&rdquo;) by the Company of shares of the Company&rsquo;s common stock, without par value (the
 &ldquo;<B>Common Stock</B>&rdquo;) having an aggregate offering price not to exceed $200,000,000 (the &ldquo;<B>Shares&rdquo;)</B>, pursuant
to (a) a Registration Statement on Form S-3 (the &ldquo;<B>Registration Statement</B>&rdquo;) filed by the Company on August 27, 2021
with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;),
that will automatically become effective upon filing; (b) the prospectus of the Company dated August 27, 2021 (the &ldquo;<B>Base Prospectus</B>&rdquo;)
as filed with the Commission; and (c) the prospectus supplement of the Company, dated August 27, 2021, as filed with the Commission (the
 &ldquo;<B>Prospectus Supplement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In rendering the opinions
set forth below, we have examined and relied upon the Sales Agreement, dated the date hereof, between the Company and SVB Leerink LLC,
(the &ldquo;<B>Sales Agreement</B>&rdquo;), and have examined the Registration Statement (including the exhibits thereto), the originals
or copies, certified or otherwise identified to our satisfaction, of the restated articles of incorporation (&ldquo;<B>Restated Articles
of Incorporation</B>&rdquo;) and the bylaws (the &ldquo;<B>Bylaws</B>&rdquo;) of the Company as amended to date, resolutions adopted by
the Company&rsquo;s Board of Directors, and such other documents, corporate records, and instruments, and such laws and regulations, relating
to the Company and the issuance and sale of the Shares as we have deemed necessary for purposes of rendering the opinions set forth herein.
We have also relied as to certain matters on information obtained from public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2125905d2_ex5-3img3.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In our examination, we have
assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of original documents and the
conformity to original documents of all photostatic and facsimile copies submitted to us, and the due execution and delivery of all
documents by any party where due execution and delivery are a prerequisite to the effectiveness thereof. We have also assumed that
all information contained in all documents reviewed by us is true and correct. We have further assumed without independent
investigation that, at the time any Shares are sold pursuant to the Registration Statement and the Sales Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, and any supplements and amendments thereto (including post-effective amendments) will have become effective and
will continue to be effective and comply with all applicable laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
corporate or other action required to be taken by the Company to duly authorize each proposed issuance of Shares and any related documentation
shall remain in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Sales Agreement shall remain in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company will be validly incorporated, validly in existence, and in good standing under Michigan law; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Shares will be issued and sold in compliance with applicable federal and state securities laws and in the manner stated in the Registration
Statement and the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As to any facts material to
the opinion expressed herein that were not independently established or verified, we have relied upon statements and representations of
officers and other representatives of the Company. In addition, we have assumed that the certificates representing the Shares will be
duly executed and delivered by the duly authorized officers of the Company in accordance with the Bylaws and applicable law, or the Shares
will be issued in uncertificated form in compliance with applicable law and the Company&rsquo;s Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Based upon such examination
and subject to the further provisions hereof, we are of the opinion that, upon issuance, delivery and payment therefor in accordance with
the terms of the Sales Agreement and the Prospectus Supplement, the Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The foregoing opinions are
limited to the laws of the state of Michigan. We express no opinion and make no representation with respect to the law of any other jurisdictions.
We are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion
is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to update this opinion
or otherwise 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2125905d2_ex5-3img4.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 27, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This opinion is to be used
only in connection with the offer and sale of Common Stock, while the Registration Statement is in effect. The Company has informed us
that it intends to issue the Shares from time to time on a delayed or continuous basis, and this opinion is limited to the laws as in
effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We hereby consent to the reference
to our firm under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and to the filing of this opinion as an exhibit
to the Registration Statement. Such consent does not constitute a consent under Section 7 of the Act, because we have not certified any
part of such Registration Statement and do not otherwise come within the categories of persons whose consent is required under Section
7 of the Act or the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Dykema Gossett pllc</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Dykema Gossett
<FONT STYLE="font-size: 10pt">pllc</FONT></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">California | Illinois | Michigan | Minnesota | Texas | Washington,
D.C.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>tm2125905d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S-3 of Vericel Corporation of our report dated February&nbsp;24, 2021 relating to the financial statements and
the effectiveness of internal control over financial reporting, which appears in Vericel Corporation's Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2020. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ PricewaterhouseCoopers LLP</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Boston, Massachusetts </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>August 27, 2021</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2125905d2_ex5-1img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2125905d2_ex5-1img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- +\# 2(  A$! Q$!_\0
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MK/T/6+?7M#LM5M"?(NX5E3/49'0^XZ5H4 ?/_P"TU_S*W_;W_P"T:]$^#/\
MR270O]R7_P!'/7G?[37_ #*W_;W_ .T:]$^#/_))="_W)?\ T<] '>4444 >
M8?'R-'^%\[,!E+J%E^N<?R)KE?V;AYVD^)()%#1&2'*D<'*N#^@%:G[1>K1V
M_@_3]+##S;N[\S;G^!%.?U9:D_9UTI[3P1>ZA(I4WMX=F1U1% S_ -]%A^%
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MCH $DKU_X'VUQ?Z?KGBV]!^U:S?,PSV12>GMN9A_P$5Y#\-O^2ZV/_7[<?\
MH$E 'U9JNH1:5I-YJ$Y BM8'F<GT4$_TKY??PE<^)_A9K7CFXA:75I=2-QN7
MO .'P/3<Q/T2O9OC=JCV'PXN+2#FXU*:.SC4=3N.2!^"D?C72>&/#46B>!K'
MP]* Z1VODS<<,6!W_F6- 'G/[/7BH7_AZX\.3O\ O]/8R0Y[Q,>?R;_T(5[1
M7R-X$O)? 'QDCL[ABL:7;Z?.6XRK-M#'VSM:OKD=* /G_P#::_YE;_M[_P#:
M->B?!G_DDNA?[DO_ *.>L?XS?#W6O'G]B?V.UJOV+S_-^T2%?O\ EXQ@'^X:
MP-$\(_&/P[H]OI6F:MH\-G;@B-#AL9)8\F//4F@#W.L7Q/XITGPCI+ZCJ]TL
M,0X1>KR-_=4=S_DUYC-HGQQN$V-XATJ,'@E-JG\Q%52S^ ^I:S>K>^,O$\]Y
M)G+)"Q<GVWOT'X4 <!<+K_QQ\?/);1"WMHE"@NQ*6L.>Y[L3G@=3[#CZCT32
M;;0=%L]*LUVV]K$L2>^!R3[DY)^M5O#WA?1_"VG_ &+1K*.UA)RVT99SZL3R
M3]:V* ,;Q7H$/BCPOJ&BS,%6[B**Y&=C=5;'L0#7R[X<\4:IX5T?Q+X(6"5K
M_49Q:0A6P(I=QCD_,8'X"OKH]*\5T/POIGB/X^:]K4$9-EI+H6(^Z]YM /Y$
M,3_M &@#U/PMH<7AOPQIND1;<6D"QLRC&YOXF_$Y/XUX]^TQ_P >7AS_ *Z7
M'\HZ]YKR_P",G@#6/'=OI$>D/:J;1Y6D^T2%?O!<8P#_ '30!%X?\*VWC+X"
M:3I$^U7DM=T$I7/E2!FVM_0^Q->:?#/Q=<_##Q=>^'/$B2V]G-($E#<B"7M(
M/]D@C)'48/:O?O FBW7AWP3I6D7IC-S:P[)#&V5SDG@X'K7&_%OX5OXU6VU#
M2/(BU:(B-S*2JRQ>Y /(/3V)H T?C80WPCU<@Y!,!!_[;)6'^SG_ ,D^O?\
ML)R?^BXJUM)\%Z[JOPON?"/BVX@,H416]U;R%SM4ADW9 Y! 'N!7(>%_ ?Q6
M\%6EQ8Z)J.C?9993+B1BWS8 SRG&0!^5 'O%>7?'[_DFO_;]#_6JOV7XW?\
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MAAWK<], G<,< CH?O5UZJ$4*H 4#  [4 +1110 4444 %%%% !1110 4444
/%&*** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>tm2125905d2_ex5-1img02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2125905d2_ex5-1img02.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  I &$# 2(  A$! Q$!_\0
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M\J/^XOY4^B@! H'08IJQ1I$L2(JQJ,!0, #TQ3Z* $"J.@ H90PPP!'O2T4
-,\J/^XOY44^B@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2125905d2_ex5-3img2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2125905d2_ex5-3img2.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- ,,# 2(  A$! Q$!_\0
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M-NPDWJY )(/'!P"?PH ]8HHKR3QS\;[/PEXFDT6WTUKU[? N)/,VA21G ]2
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MW@4>-;K1OM&H>38V%QY\UH8=ZW/3 )W#' (Z'[U=>JA%"J % P .U "T444
C%%%% !1110 4444 %%%% !1BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2125905d2_ex5-3img3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2125905d2_ex5-3img3.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  F &0# 2(  A$! Q$!_\0
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MH^I>)'M]0O(_^64?]WVW=">P!KW#X>:%<:#X.LX[\LVI7(^TWKO]XRN!D'Z
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GW'^VL">8$/L6"Y^GO110!V=%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm2125905d2_ex5-3img4.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2125905d2_ex5-3img4.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  F &0# 2(  A$! Q$!_\0
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MH^I>)'M]0O(_^64?]WVW=">P!KW#X>:%<:#X.LX[\LVI7(^TWKO]XRN!D'Z
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GW'^VL">8$/L6"Y^GO110!V=%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>lg_vericel-4clr.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 lg_vericel-4clr.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 2@&N P$1  (1 0,1 ?_$ /,   $#! ,!
M       ("0H! @<+ P4&! $!  (" P$!              8'!0@! P0""1
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MD?<QW?M:-H,4QR+7_M\:AX9BTH_6CXG*&VLN+3T0]=I&.(-ESP^&NEHY<Z
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M/-W^LFCZ3%VRQ5AF4S,Z=J.06.*N 3K]:8PY+XU4/[^<L<?>MDEU0X&6*(B
M7M7Z0Z%U.C5.EZ*^H4%5:FD)>E+^60 ES ; 5 D#D,:U7JU*M=PJ+4\/Q9*E
M9-I/=J)R\Y.4@3VS\$3L.S=NY+NRV4:>2DM(MGNH&FL='Z?9RF50#/5GD&R3
M8LII\W!03-SSQ62JA+%*0P$'I"P5I7Q?TJ=+:R?0TDIM]42ZUR249E(._+,
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M<AU(*@G8G-ALBH[11O:5US[,:,K=4@Y9_#3(E/2I!(258DRZHEQ@'4%AO;F
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MMY@VHIS"1D2)C>#RQ\%"%2*@#(X3W1]X%L(CPXC>P> B-KA[!&_&NN/J7AC
M.Z\+[9]>@_T3YQ_(#ZL_I7ZRT'TIOTA&,O4O9-3/^87Z)C7R]DT+]RS;< ?^
MLK[@/_@MY^Q6^/%Z?Z.KK\TGTHU_TA+\X[?RYCZ,;)NOSOC9."D(*0@I"&!/
M4:Z4'SS8 ]SA%IY[C1W4+"\L.H0AC*I-L@FV.GZ@@!;W(!LO 1YV#B/*]7O[
MO5T%%KKU!1[-93.M]:$EW_9Q7G$JD#UA35[.X>0J>/PB$;N7-*(#^-P,IE4_
M"XQ"-5'LQ/RC&&BVJ8#UN'\DY2:-40Z2FL!UE2W-R .-;JNN-L-K>>(2RA)4
MH\@ F3%.8JRH0)K. '*=T;%WM0=L?3K8_HABLY.P,7-;A\SBD9_/\S6246<1
M9Y5,'D?A\4#@.EHUQMBN5!4R90\UWYR@"(&*-:&<4N)%?K.\.4M,M3>G6%Y&
MFQ\++@IQ4MI61,3V)RC<8O726F6++2)J'P%W-U(4M1W3Q"!R!,]V^<.YK""2
M9A,8Y  #  IE$Q@O>P% +\0#E54M@E4A(],2YT]G:1T1X&9;E>E->!EY7Q \
M@\;-8P #]T<Q70N2%_YNLS3++1_EFV_DI)5Y)>.,6^D.8]TXL<Z@$^6?BC&T
MFI]2F!4LEIYB2)@L86H/\J?WXB(BV&,3$IN'[X>(5FV!ZT,I16U"ARY6D^'.
M8Q+LZ94PND82>3,XKT8\>$VG(N5XT9O47+B/$CI$-&0"&,0 &71$$3_$+OB.
MD$AZPN8$36\0K)"E+*0]W5%3%)^&X77,#C@$D$]<8]RI#I+6>L?$O@(#:#/G
M*@0.KJCP\E'B$0[9J8W%0'PZW4V4R*<#* ,H4W415=./!RZ;B;I_>&XC668>
MS.I4'W7IC$-M]UXU2!C%5#81,EEIHC>XYG/@ ,92T?PMW,+-<IE'+([.,541
M:-HU-<C%Z\("(@Y3!XU:K)MVA0Z0+TB!S'->W0%\!J6ZMTR#;V$J#RQ-1405
M <F!(F>G  <L9O3UM<>7Z\ZM)ITGLI2) G><0#(=&_FA4A $+W"WW/V>05 #
M$X,MT<E<1Q!2$%(1A+<5HKC>XK1'5/1/*T43P^I6#9/B)UU2B;ZM=SL*^C6,
MPCTB!RNHEXZ(X3$O$#I@(<:S6G;U4Z=O=+>Z4_?J9]#DOC!*@2D\R@)'F,>"
MZ4#=TMSUO>_DW6U)GR$@@$<X)F(U=F01F<[6MQ+YC8\-GVA^J0F;?2-=I.81
MD@.&8]1B!YB?Q,>6_ 0,%PX@(U^DC#E%?[.ES!=OKJ;'G0ZB1\1C6E8>I'E(
M((J:=SF\YM4QOY1.-FGLIW$0FZO;#I)K?!N?B/M;C""4R104P<M,BAE#Q4X@
MZ32.<B"BKYH9<I;W\I8@V"]?G5K/3[VEM35=E?$@TY-/(4*[22)\Q Z08V.L
M-S1=[2S7M_#3C/<H8&?6">L0SUZAS<S)XIH1BFTK3_XF1U&W%R<<W>0L<"1Y
M ^)M9=(Z21$S'*8Q)Y]&+,A*%A, C?A5O>[[IINJOCNK*Z2;=;DF2CL#A3M_
M<!05$*XD78LT"+/3C-4U!$T[RD'^$04P[CL4VOP^S_;#I=H=&IM#26-P;17+
MW[(53(3&8.FK?Z_ER"L4BH$?/41. "4+7M8*J77.IWM7:GJKVY/NW'#W8/P6
MP3E3U")EIZTBS6AF@P+B4C,1\)>\]<+!J)1FH*0B.%ZFH/\ ])M-[?\ ?E#"
M/O ,:GZV%]W#ZWU?T!?IIBM>)LO95,3_ .Z'HJABKLZ:^[_M&L6UM9[,-NK;
M7"*G9S#'&</%Y3'HX<??,6.0)PK<H3;MN=4)!!TX,(IW /*X\PJ[.*ECT'>'
M:)6M*]=$MM#@:"4J5G!*,Q.79*0\,0;3%?J&A74>P&$U&?(5S(&66;+MY9GP
M0]".^?OLA<1[?T?S\,GP*_(/^U*J7\R>!9_XZ[^#7$M]O\0Q_P .1/Y28I_K
MT=]@>'YO]@%^%_M/@(6OXW&4L%JY&B.!?^.N_@UQQ[?XA[K<B?RDQ)&PM]/R
M6(8Q)91'$B<C?P,6[G8PJA52Q\LX:H*/V95$@\M0K=P8Q0,' ;<*UPK6V&ZQ
MUNE45TJ7%!*CM*03(]8BTJ=3BF$*>$G2D9AR$B/65YH[88Z]0S?\VUFMN/\
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M"8.!1N5(5A(7SCD PC<@J -N8V'Y:K%125'+YL\.C=$P'FX^=OZ=\-S]WO\
M1P[J_P FSO\ CS*K$X2?K&M7T@>0Q%-<?52M^:^R(B*^G2_2+8M_D1J)_,K(
MJVJX]_J[J/I+7](B*IT%]:&/F5^@8V"%:'QL#%@@'4 \AM:_NY_/:F.R'DA*
M.]#=1A^SO;YGFMN5.HX[G'8ET.)XZ_>%:KYAE@MU30N-L$BK(.7#B4=I@F $
M'F8/:%2O1>E:S66H:>QT@5E<6.\6!,-MS[2U;0 D8F<874-Z8L%J=N3^4E"3
ME22!G5N2F>\G9OC-^E<MFD]IIIU-ZC0[/'M0)G!L2E<YQ^.(N2/@\PD(&/=Y
M)$L2.EG+HC.-F%5T4P44.<"$ #&,/$<'=6J-BYU#%N6IR@0^XEM9E-3860A1
ME($J$C@(R-$M]RC:<JP$U*FDE0&P**05 3Y#,1X#==_5GUY_)/G'\@/JR&E?
MK)0?2F_2$>2]_DBI^87Y#&OE[)GZ2[;;_E(__DIY6^/%[]75U^:3Z44#I#ZQ
M4'RCZ(C9-U^=\;)04A!2$%(12P>P/N?/2$-A=VG9*EOAVFY-A$*W:_C-PE;[
M;::/E4R"K]:QY"C*P15Q,0R*,_&)B7IOTG<(HW#@ A97"G6GYDZJ;K'R?9CX
M[MX?:D]E4OM%2Z 52B*ZOL/MVTEIH?C;1SHZ92*>A0GU@0@[L#;QULKT9G-D
MFKRCN#UTVV9!DT0QAIM0Y925PMU,/I(C,IE"V6D,4F5)!FJF0ZA46:+80'I.
M4 G?'G2 I;PWK6U +LEQ;0I2D[$N!(3/H<2$*!WJ*ANB/\/+WWU(NP59(K:9
M2@D$XJ1.9',4*S)(.X).^)!\J<XE\OXMXE?AY<>@L*YN _1^)3^@W$? 3" >
M-4-3 3S94GG41+P;XL&HG*690Z ?+NC&[W%"2;DIG&(HR9S@/E.\SF&CP@F"
MUC)HMOK)QP#D D#YJSC5P+#9"*@MI&T,H(\9RCQQAG*'O5A2F0M7*ZH'Q#,8
M]9BN-2L*8XNWD4DW'J\B*A8[X-FD(]-C'<73,Y,!2VXIA6-N%;3U( :2X5[U
MK5F)ZMWACWT-(_3F;JD!.Y*$R Z]_@CW=@]@5B8R<5L'L]_S^VD(*0@I""D(
M*0@I""D(X%B@<#%, F(8H@<H<0,40$I@,7Q#I$>'C:N>??.&.R(5NKG9^R66
M[R<=@L7BLF7;]GA6>X%]DK:(6& B\=-,+Q>0P*LJ40C R0^5,#N@9&5(Y,V<
ME4!,2C<=Q[5Q7I&^$9N;SR#J!@&D#9/;4L)"D+EYV0((3FE*8E.<4C4Z1J!J
M_P!0801;%J#Q6, E))"DC=FS F4]AQVQ-,8MV[-LV9,T$FK-FW1;-&Z) 311
M;MTBHI((IEL":2)"@4"V"UK6K3A:E.++BR2M1)).V9QQYXNT ) 0G  >+='V
MUQ',%(04A##OJ!-!-9-PVT[ L/T5T^G-1<B8:OQ4P_BH$&9G+**1Q^;04?JD
M>.FI10*NL0@V$1N>KRX"WNSV+5-34WJI;IJ==$M(4N<BK,DR$@<9 Q7_ !$H
M:ZNM;":!E3SB*@**4RG+*H;Y#;*&7NVA,=R_MN0.JD%C?;[S#4Q/4^4QF3=.
M93(F..'B3XTUF&R:"1&[::!V5T$P)C&$2=/0%KWX7+Q!I>&W$-RE<K-0L4QI
M4K RH4O-GRDDSRREEY]L06PU.J--K?52VMUT/Y9YB$RRSE+;.<SR;(=!_.E]
MU6PW[5<X'+C^,E(+^%N&-<+U7/Z+.%'^:V_P*OXT23\\=:8?W*O\(/VH\'G/
M<O[R4[%.V6"]N1]@TJLDJDVEWD\PRPK590@D15^KGD;%HK@B<0,(>: &MQ$*
M]=%PUX.L/!=9J-%0R-J0E3<^:8S2GT81U/ZMUPXWE9M:VG3OF%2YY&4>L[4&
MR#>@_P!T^5[_ /?R=XSU"=8=D.+Z=XI/3$3-S,>KE3ADDYF&Q8::FVV.145C
MJ3M@@Q4.FL!'_P"U $S!7CXK:XT>WI5KA_H0I5;P^AQY:$J2@]V%22<R4E:B
MLA16 1V=N(CT:/T[>57M6IM0!2:GNE(0%D*7VB)D%)4$I ! 23/'9A$E*M;X
MM.&@>^#H]JCKGL-RO -(<+E\^S%YGN"OF^/0@-A?*,V+MV=XZ KMPU2,BV*<
M!, &N-^ #5N<$KM:[+KIJMN[[=-1]PZG.N<ID"0P!Q.Z(3KZCJZZP%FC:6\\
M'D'*F4R 3RD"&I?3Q[1-RNW#736Z<UMT<RW3>$GM*!B(J4R L<D@]DPR[%W8
M,42MG[A<RPMFBBEP*);$'C5G\?-4:;OFGJ&FLM:S55"*O,I*,TTI[M8F9I&\
M@=<1;AY;+I2WBH?KJ9UAHT^4%661.=)D)$[IGJB6E]+D(WYC<1M<+!;A?A:M
M5"1*<7 );H;V[CVP'!.X%H:YT\R!=O"9OCA).5TTS-1J#A3'\@<MD0%-7I,1
M88J359MRNBD-],B?$!M4_P"'FO*[0=Y]>8!70.R2\W.6= /@S"9ETQ'-2Z=I
MM048:<DFK;F6UR\T_M&0G$.C1+2KN8]GS<RIFD1M^SW+HULZ<8YD;/$(Q[F>
M$ZEX8:01542"4PQ+)"QI)-NT(X:F=HE=,U>@QT2J$$@;<7>Y<..*NF?47K@P
M@* 6C.>[=8=E+S7,F;*20H).50G)4C.*;IF-2Z6NWK#=*[WH)29#,VXCY2,T
MLP$QFD4F4Q,1,PV*[TY_>5AD_D4_MTUCV^2.-'BT'3/5:!/"-)Y>1*[ZE,74
M<>1(/VC46@^8=1NET]9>'&M0M<Z,8T=6MT[%QH[@TZ"06%9BD)EY\I@$SP )
MV&+DT]?G+XPMQVE>IEMD ]X) DS\V<BH"6V4HM[E.U2:WE[1M1M%,8>,V>8/
MTV\WB!Y 2IL%\BBD7:+-L\7.H0K=%9)^J'F7$"FM?@(B#AOJIC1VK:>]50)H
MTS2Y+$Y%$3(&\X".=4V=R^65V@9EZQ@I,\!F&R9ZXB<]N;0ON,=L_<\[SW(-
MFFIF=8PX8O\ $\\Q_$YG"WR\A&]#M-L]A)5ED;R%?*L'+@'*(>>"2IB@45"W
M$P;3Z]NO#SB)I@VYB]4K%0%=XTMQ+HD1(Y5)* H9@)'"8G.45)86=2Z;NR*I
MR@?6V0$N(24':-H4%$'+.>&T"4YQ,EVT[AI/<-!3\U*Z(ZL:(JPCQBT+#ZLQ
ML+'2<I\61V8[B.)#3$PBJW:BV #B8Y;"H6U[C;4/4NG6].OML-5U)7!Q).9A
M2E)3*6!S)3(XQ<MHNJ[JTIQ=,_3%)EE="03SC*5"6'5"ES6L(\.'X*C49>(\
MO=2['F.;R<EDM==")B!T[UM>,P'*(B39F;X]J(\9,FC..<.I!N) C)HC-F1'
MSE$U"*@!>LY +5^\,N-#VDZ5-BOZ'*BS)/WM:3VV0229 ^<F9)D""-P,XKS4
M^B$W5\W"VE+=81VTD=E<AR[E2WR,-6[7]ZG<O[32330C<5MEU$U%T9Q0ZC%@
MV1(I-I8M'B)S$+B^=8REE6+NV#85OX)H#Q%*UBB8O35IZDT7P[XJJ-[L%SIF
M+P[B53"2L_\ F-+*%@G>K*3S8Q$+9?M0Z0 HKC2.JH6Q+*9G+ODE2 M)Z)@<
M\.A8]ZCK;C*LR@_VZ[F&4YT@!X5KB<5)JF5MQ3;G:RQRFX\ $_1SJN7?=PU*
ME4VKA;"Q\8NE/A!'DG$A'%2T@272U?><@1.?1(^64#ON2[^-ZB*^!;)MENHF
ME$=. M&.M<M=W,9A[7&&3L/+4FXZ%DSMPFO@VBY5@^!<+..H.DA#&M?A'#;0
M.C/[PUO>Z>J>;[0I:4*<*R-B2I,\H)$NT .7"!U9J2_RI;!;W64+P+KQ"<H.
MT@' D#'LDPX+V^^WI [,XS,,RRS,G.K^XG5QP$UJYJW*I+B[FI5VX7DGK*+5
M?JKR 1))!X<>I0Q#N# "ITR&,)0@/$+B+4:U<9H:1A-'INC&6GITRDE( 2"J
M0 S2 V;-@)$232^E&M/!RJ><+]W?,W73M)VD"<SEF<(<E,'#A8!\!]E^?R7J
MM(EHA G<]P'-]4MB6X[ -.\<D,NS')<$<,(+'HH6_P ?)NS.VIA;-@=KMDC'
M*4G5Q,'/A4\X9W"BM6N;=7W%Q+5(V^"I:IR2)'$R!B.:NI'JW3E72TR5+>6W
M()&TXC 1#AV!Z#]QW8=K_%Z\X_LCSO/W\9#ST.7'Y&1CH)NL2=AW\0HL9\@I
M*J)F13?B< \H0$2\PO>MO=;7;AYK6QN6"JOE,PRXXE>=(6HC*H*V2&V4ML4O
M9F=1V2N;N+%N?<>0DIRD@;01MF=@,^>'V0[I7=8L'^RKFS>\NHZ E'W@(8X(
M" U2YX7<)_\ -;?X%7\:)J-8ZTWV94_G!_%CI)_N?]W)\P6;P/;#EH.0.001
MD5\U;2I&YQ ;*"R4@VY%K#X"<*[&>&'"1#@4[JAMQN>SNU)\<S'"M7ZU*#EL
MZTJEAV@?L#9"== ]IG<I[A>[G3;7??[CCC3_ $6T9R-CD<1ADN[A$(E^LS=M
MW*T#"8=&S;YV@:22CDR/'JS9%-4!*(=0@8 S]^U7PZX>Z1J;%H)Y+]XK6RA3
MB,Q4 01F6X4@&4SE0%$C&/!;[+J35%Y:N&HFRBCIU @*R@;9E*49B0<,52D=
ML2XB\[V +B(  B B''^U$0XB'S5J7A%SXRC"^Y&#F,FT UEQZ!8K2<W-Z;9=
M%Q4<WZ?.>OWD*\1:MDNLQ2>8NL<"A<0"X\ZS6G'V::_T=14*"&$5#:E$[@%"
M9C'75I;UM?::&9:FE #EF,(@*;.]I7<6VA;B=/=P4/LQU S"0T_DEWZ&//'$
M7%-I RS91L*2D@DYD#MP*"U[@D>];V:IU)P^U38JFPOWNF99J4@%8S*(D9[)
M"?A$:_6N@U%:ZUFO;M[ZGF#, R .$MLSAX^:)#?YTONJ?[JB>^;4A(0^81QL
M!$*HC]%O"G_-;?X$_P :)Y^>.L_\%5^$_P##%/SIG=3_ -U3/?\ W(1_^G*?
MHMX4_P";&OP*OXT/SQUG_@JOP@_:BT>Z9W4QY=JJ= +\?Z2$?'D'_HYPKD<+
M>%/^:VOP*OXT<?GCK2>%E5^$'[4/GAG^H'^KD.J'V!5'5/\ $I]OOQ6_'?PP
M9_\ 84,B^P'UEY%O-^T/^#_/\NU_I=/A5%>H6_\ ./V7ZP/97KW==_+#NN]R
M=[E^1VY=4XL?UFJ]D^N=U^.^KY^[^WR9LD_E=F?BC.-82/?%HE >?CS]_LI"
M&'=W?:JU0D-YVGF^'9!F^*Z5ZEC*PJFKN.Y*F\2QC)DXE=FBO,HIL16\YQ/0
MR!&[YGY2)%CM@5\X#K*"%ZZ1XIVIO1U1HG7##U5;.[4*=:)9T%4R$F>P(49I
M5,RS2E)(BO+UI&M5>VK[IU;;-7G27 J>4R(F</C# B0V3GC#Z;,CM1FV%[T(
M/A:H?&@U-UI%=BD7X@J"BA %1(BO4!1,4!$/ *HY1;"SW>*)F4^3=.6^+ DL
MI 49*EC+EWQ1*)9)K@YZ#G<!<05465,-Q\03ZP1#A["A7VJH=4G),!'( /\
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9(*0@I""D(*0@I""D(*0@I""D(*0@I"/_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
