<SEC-DOCUMENT>0000914760-15-000051.txt : 20150219
<SEC-HEADER>0000914760-15-000051.hdr.sgml : 20150219
<ACCEPTANCE-DATETIME>20150219081936
ACCESSION NUMBER:		0000914760-15-000051
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20150219
DATE AS OF CHANGE:		20150219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAWSON PRODUCTS INC/NEW/DE/
		CENTRAL INDEX KEY:			0000703604
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
		IRS NUMBER:				362229304
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202169
		FILM NUMBER:		15630276

	BUSINESS ADDRESS:	
		STREET 1:		8770 WEST BRYN MAWR AVENUE
		STREET 2:		SUITE 900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
		BUSINESS PHONE:		773-304-5208

	MAIL ADDRESS:	
		STREET 1:		8770 WEST BRYN MAWR AVENUE
		STREET 2:		SUITE 900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>l02121_s3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>As filed with the Securities and Exchange Commission
on February 19, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; border-bottom: Black 4.5pt double"><B>Registration
No. 333-</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM S-3</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><I>UNDER</I></FONT><BR>
<FONT STYLE="font-size: 11pt"><I>THE SECURITIES ACT OF 1933</I></FONT></TD>
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 2.25pt 0 6pt; text-align: center"><B>LAWSON PRODUCTS, INC.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; text-align: center; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1.5pt solid; text-align: center; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 31%; text-align: center; font-size: 7.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><B>36-2229304</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 7.5pt"><FONT STYLE="font-size: 7.5pt"><B>(State or other jurisdiction of incorporation or organization)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 7.5pt"><FONT STYLE="font-size: 7.5pt"><B>(I.R.S. Employer </B></FONT><BR>
<FONT STYLE="font-size: 7.5pt"><B>Identification Number)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>8770 W. Bryn Mawr Avenue, Suite 900, Chicago,
        Illinois 60631</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(773) 304-5050</B></P></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 7.5pt"><FONT STYLE="font-size: 7.5pt">(Address, including zip code, and telephone number, including area code, of Registrant&rsquo;s principal executive offices)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 7.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Neil Jenkins</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Executive Vice President, Secretary and General
        Counsel</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>8770 W. Bryn Mawr Avenue, Suite 900, Chicago,
        Illinois 60631</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (773) 304-5050</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 7.5pt"><FONT STYLE="font-size: 7.5pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 7.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B><I>Copy to:</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: center"><B>Heidi Steele</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: center"><B>McDermott Will &amp; Emery LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: center"><B>227 West Monroe Street, Suite 4700</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: center"><B>Chicago, IL 60606</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Telephone: (312) 372-2000</B></P></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Approximate date of commencement of proposed sale to the
public:</B> From time to time following the effectiveness of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If any of the securities being registered on this Form are
to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If this Form is filed to register additional securities for
an offering pursuant to Rule 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. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If this Form is a post-effective amendment filed pursuant
to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>


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<P STYLE="font: 10pt Wingdings; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Indicate by check mark whether the Registrant is a large accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated
filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-bottom: 6pt; font-size: 10pt">Large accelerated filer</TD>
    <TD STYLE="width: 4%; padding-bottom: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 44%; padding-bottom: 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 29%; padding-bottom: 6pt; padding-left: 4.45pt; font-size: 10pt">Accelerated filer</TD>
    <TD STYLE="width: 2%; padding-bottom: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 6pt; font-size: 10pt">Non-accelerated filer</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 4.45pt; font-size: 10pt">Smaller reporting company</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE>
<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" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-bottom: Black 1.5pt double; padding-top: 6pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Title of Each Class of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Securities to be Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Amount to be Registered</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Proposed Maximum Offering Price </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Per Unit<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Proposed Maximum Aggregate </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Offering Price<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Amount of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Registration Fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">Primary Offering:</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Debt Securities</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Common Stock</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Preferred Stock</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Warrants to Purchase Debt Securities</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Warrants to Purchase Common Stock or Preferred Stock</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Depositary Shares<SUP>(3)</SUP></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Stock Purchase Contracts</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">Stock Purchase Units</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">Total Primary Offering<SUP>(4)</SUP></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$100,000,000</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt">$100,000,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">$11,620<SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="background-color: white">Secondary Offering of Common Stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">3,662,450 shares</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$24.89<SUP>(6)</SUP></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt">$91,158,380<SUP>(6)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt">$10,593</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding-left: 5.4pt"><FONT STYLE="background-color: white"><B>Total Registration Fee</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-top: 2pt">$22,213</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">(1)</TD>
    <TD COLSPAN="7" STYLE="padding-bottom: 6pt; padding-left: 5.4pt">Pursuant to Rule 457(i) under the Securities Act of 1933, as amended, or the Securities Act (the &ldquo;Securities Act&rdquo;), with respect to the primary offering, the securities registered hereunder include such indeterminate number of shares of common stock, preferred stock, warrants, depositary shares, stock purchase contracts and units and principal amount of debt securities as may be issued upon conversion or exchange of any common stock, preferred stock, warrants, depositary shares, stock purchase contracts or units or debt securities registered hereunder that provide for conversion or exchange, upon exercise of warrants or pursuant to the anti-dilution provisions of any such securities. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">(2)</TD>
    <TD COLSPAN="7" STYLE="padding-bottom: 6pt; padding-left: 5.4pt">The proposed maximum offering price per security and the proposed maximum aggregate offering price per class of security will be determined from time to time in connection with the issuance by the Registrant of the securities registered hereunder in the primary offering and is not specified as to each class of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">(3)</TD>
    <TD COLSPAN="7" STYLE="padding-bottom: 6pt; padding-left: 5.4pt">Represents depositary shares, evidenced by depositary receipts, issued pursuant to a deposit agreement.&nbsp;&nbsp;In the event the Registrant issues fractional interests in shares of the preferred stock registered hereunder, depositary receipts will be distributed to purchasers of such fractional interests, and such shares of preferred stock will be issued to a depositary under the terms of a deposit agreement. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">(4)</TD>
    <TD COLSPAN="7" STYLE="padding-bottom: 6pt; padding-left: 5.4pt">Any securities registered hereunder with respect to the primary offering may be sold separately or as units or stock purchase contracts with other securities registered hereunder.&nbsp;&nbsp;The proposed maximum</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 157px">&nbsp;</TD>
    <TD STYLE="width: 12px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 115px">&nbsp;</TD>
    <TD STYLE="width: 19px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&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: 10%"></TD>
    <TD STYLE="width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0">offering price per unit will be determined by us in connection with the issuance of the securities. In no event will the aggregate offering price of all securities issued by the Registrant from time to time pursuant to this Registration Statement exceed $100,000,000 or the equivalent thereof in one or more foreign currencies, foreign currency units or composite currencies.</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(5)</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Calculated pursuant to Rule 457(o) under the Securities Act with respect to the primary offering.</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(6)</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee required by Section 6(b) of the Securities
Act and computed pursuant to 457(c) under the Securities Act based on the average of the high and low prices of the Registrant&rsquo;s
common stock on the Nasdaq Stock Market on February 17, 2015.</TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; border-bottom: Black 4.5pt double"><B>The Registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the
Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.</B></P>


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<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 12pt; color: #DE1A1E"><B>The information in this prospectus
is not complete and may be changed. We and the selling stockholders may not sell these securities or accept an offer to buy these
securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is
not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #DE1A1E">SUBJECT TO COMPLETION,
DATED FEBRUARY 19, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>PROSPECTUS</B></P>

<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">LAWSON PRODUCTS, INC.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Debt Securities<BR>
Common Stock<BR>
Preferred Stock<BR>
Warrants<BR>
Depositary Shares<BR>
Stock Purchase Contracts<BR>
Stock Purchase Units</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3,662,450 Shares of Common Stock Offered
by Selling Stockholders</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">From time to time, we may sell up to an aggregate of 3,662,450
of any combination of the securities described in this prospectus. We will specify the terms of any offering of securities by us
in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In addition, the selling stockholders identified in this
prospectus may from time to time offer and sell up to an aggregate of 3,662,450 shares of our common stock in one or more transactions.
Unless otherwise stated in the applicable prospectus supplement, we will not receive any of the proceeds from the sale of shares
offered by the selling stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We and the selling stockholders may offer the securities
on a continuous or delayed basis from time to time directly or through underwriters, dealers or agents, in one or more public or
private transactions, or through any other means described in the section of this prospectus titled &ldquo;Plan of Distribution.&rdquo;
The securities may be offered at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices. If any offering involves underwriters, dealers or agents, we will describe our arrangements
with them in the prospectus supplement that relates to that offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">You should read this prospectus, any prospectus supplement
and the information incorporated by reference herein or therein carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our common stock is quoted and traded on The NASDAQ Global Select
Market under the symbol &ldquo;LAWS.&rdquo; On February 18, 2015, the last reported sale price of our common stock on The NASDAQ
Global Select Market was $25.00. The applicable prospectus supplement will contain information, where applicable, as to any
other listing on The NASDAQ Global Select Market or any securities market or exchange of the securities covered by the prospectus
supplement.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Investing in our securities involves a high degree of
risk. You should carefully consider the risk factors described in the applicable prospectus supplement and certain of our filings
with the Securities and Exchange Commission, as described under &ldquo;Risk Factors&rdquo; on page 1 of this prospectus.</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>This prospectus may not be used to offer or sell any securities
unless accompanied by a prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>The date of this prospectus is ________________,
2015</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Table of Contents</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">THE COMPANY</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">RISK FACTORS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">RATIO OF EARNINGS TO FIXED CHARGES</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DESCRIPTION OF DEBT SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DESCRIPTION OF COMMON STOCK AND PREFERRED STOCK</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DESCRIPTION OF WARRANTS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DESCRIPTION OF DEPOSITARY SHARES</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">SELLING STOCKHOLDERS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">BOOK-ENTRY ISSUANCE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">INCORPORATION OF INFORMATION BY REFERENCE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">LEGAL MATTERS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">EXPERTS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This prospectus is part of a registration
statement on Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, utilizing a &ldquo;shelf&rdquo; registration
process. Under this shelf process, we may sell the securities described in this prospectus in one or more offerings. In addition,
the selling stockholders named in this prospectus may from time to time sell up to 3,662,450 shares of our common stock in one
or more transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This prospectus provides you with a general
description of the securities we or the selling stockholders may offer. Each time we or the selling stockholders sell securities,
we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus
supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and any
prospectus supplement together with additional information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">You should rely only on the information
contained in or incorporated by reference in this prospectus and any prospectus supplement. We have not authorized anyone to provide
you with information other than the information contained or incorporated by reference in this prospectus or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are not making an offer to sell these
securities in any jurisdiction where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The information contained in this prospectus
speaks only as of the date of this prospectus and the information in the documents incorporated or deemed to be incorporated by
reference in this prospectus speaks only as of the respective dates those documents were filed with the SEC. To the extent that
any statement that we make in a prospectus supplement is inconsistent with statements made in this prospectus or a document that
is incorporated or deemed incorporated by reference in this prospectus, the statements made in this prospectus will be deemed modified
or superseded by those made in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The terms &ldquo;Lawson,&rdquo; &ldquo;Lawson
Products,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to Lawson Products,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have filed or incorporated by reference
exhibits to the registration statement of which this prospectus forms a part. You should read the exhibits carefully for provisions
that may be important to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Lawson Products is an industrial distributor
of approximately 300,000 maintenance and repair products. Lawson Products serves the industrial, commercial, institutional and
government maintenance, repair and operations (&ldquo;MRO&rdquo;) market. The Company ships products to customers in all 50 states,
Puerto Rico, Canada, Mexico and the Caribbean from five strategically located distribution centers in North America. Under its
Kent Automotive brand, the Company supplies products to collision and mechanical repair shops as well as automotive OEMs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company was founded in 1952 in Illinois
and incorporated in Delaware in 1972.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each prospectus supplement may include
additional information about us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">An investment in our securities involves
risks. Before you invest in our securities, in addition to the other information, documents or reports included or incorporated
by reference in this prospectus and in any prospectus supplement, you should carefully consider the risk factors set forth in the
section entitled &ldquo;Risk Factors&rdquo; in any prospectus supplement as well as in &ldquo;Part I, Item 1A. Risk Factors&rdquo;
in our most recent annual report on Form 10-K and in &ldquo;Part II, Item 1A. Risk Factors&rdquo; in our quarterly reports on Form
10-Q filed subsequent to such Form 10-K, which are incorporated by reference into this prospectus and any prospectus supplement
in their entirety, as the same may be updated from time to time by our future filings under the Securities Exchange Act of 1934,
as amended (the &ldquo;Exchange Act&rdquo;). Each of the risks described in these sections and documents could materially and adversely
affect our business, financial condition, results of operations and prospects and the market price of our shares and any</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">other securities we may issue. Moreover,
the risks and uncertainties discussed in the foregoing documents are not the only risks and uncertainties that we face, and our
business, financial condition, results of operations and prospects and the market price of our shares and any other securities
we may issue could be materially adversely affected by other matters that are not known to us or that we currently do not consider
to be material risks to our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Information both included and incorporated
by reference in this prospectus and in any prospectus supplement may contain forward-looking statements, concerning, among other
things, our outlook, financial projections and business strategies, all of which are subject to risks, uncertainties and assumptions.
These forward-looking statements are identified by the use of terms such as &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;may,&rdquo;
&ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;expect,&rdquo; &ldquo;continue,&rdquo; &ldquo;potential,&rdquo; &ldquo;opportunity,&rdquo; &ldquo;project&rdquo; and similar
terms. These statements are based on certain assumptions and analyses that we believe are appropriate under the circumstances.
Should one or more of these risks or uncertainties materialize, or should our assumptions prove incorrect, actual results may differ
materially from those indicated in these statements. We cannot guarantee that we will achieve these plans, intentions or expectations.
Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise
any of them in light of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Factors that may impact forward-looking
statements include, without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A downturn in the economy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Our inability to fund our operating and working capital needs through available cash generated from operations and our loan
agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any noncompliance with the covenant requirements of our loan agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Inventory obsolescence;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Work stoppages and other disruptions at transportation centers or shipping ports impairing our ability to obtain inventory
and make deliveries to our customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Changes in our customers, product mix and pricing pressure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Increases in energy costs and the cost of raw materials used in our products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Disruptions of our information and communication systems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Cyber attacks or other information security breaches;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The inability to successfully recruit, integrate and retain productive sales representatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Failure to retain talented employees, managers and executives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The inability of management to successfully implement changes in operating processes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We are unable to compete effectively with our competitors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Changes in laws that affect governmental and other tax-supported entities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Noncompliance with Federal, state or local environmental protection regulations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Changes in taxation rules and policies.</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are affected by other factors identified
in our filings with the Securities and Exchange Commission, some of which are set forth in the section entitled &ldquo;Part I,
Item 1A. Risk Factors&rdquo; in our most recent Annual Report on Form 10-K and in &ldquo;Part II, Item 1A. Risk Factors,&rdquo;
in our quarterly reports on Form 10-Q filed subsequent to such Form 10-K, which are incorporated by reference into this prospectus
and any prospectus supplement in their entirety, as the same may be updated from time to time by our future filings under the Exchange
Act. Although we have attempted to list these important factors, we also wish to caution investors that other factors may prove
to be important in the future in affecting our operating results. New factors emerge from time to time, and it is not possible
for us to predict all of these factors, nor can we assess the impact each factor or combination of factors may have on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">These risks and uncertainties, along
with the risk factors discussed under &ldquo;Risk Factors&rdquo; in this prospectus and in any prospectus supplement, should be
considered in evaluating any forward-looking statements contained or incorporated by reference in this prospectus or in any prospectus
supplement. All forward-looking statements speak only as of the date they are made and we undertake no obligation to update any
forward-looking statement. All subsequent written and oral forward-looking statements attributable to us or any person acting on
our behalf are qualified by the cautionary statements in this section.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RATIO OF EARNINGS TO FIXED CHARGES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following table sets forth our ratio
of earnings to fixed charges for the periods indicated. For purposes of computing these ratios, earnings consists of pre-tax income
from continuing operations plus fixed charges. Fixed charges consist of interest expense (including amortization of debt issuance
premiums, discounts and issuance costs) and the interest portion of rental expense. You should read these ratios in connection
with our consolidated financial statements and accompanying notes included in our reports that we file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2014<SUP> (1)</SUP></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2013<SUP> (2)</SUP></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2012<SUP> (3)</SUP></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2011<SUP> (4)</SUP></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2010<SUP> (5)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Earnings (Loss).........................</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$(4,535,000)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$(5,370,000)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$(44,570,000)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$(5,436,000)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$16,994,000 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Fixed Charges(6).........................</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,299,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,752,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,528,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$920,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$815,000 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Earnings to Fixed Charges</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">na</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">na</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">na</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">na</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.9x</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Coverage Deficit on Fixed Charges</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$4,535,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$5,370,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$44,570,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$5,436,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">---</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1)</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The 2014 loss includes a $3.0 million impairment charge related to the Reno, Nevada, distribution center.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2)</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The 2013 loss includes a $2.9 million charge related to the sub-lease of a portion of the leased headquarters and a $0.4 million benefit from the resolution of an employment tax matter.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3)</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The 2012 loss includes a goodwill impairment charge of $28.3 million, a $3.9 million charge related to discontinuing certain products and a $3.7 million gain on the sale of assets.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4)</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The 2011 loss includes a $1.2 million provision for the estimated cost of settling an employment tax matter.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5)</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The 2010 earnings include a $4.1 million benefit from legal settlements and a $1.7 million gain on sale of assets.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(6)</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Includes estimate of interest within operating leases that
    was calculated under the assumption that 30% of operating lease expense is representative of interest costs.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of the date of this prospectus, we
have no shares of preferred stock outstanding, and consequently, our ratio of earnings to combined fixed charges and preferred
share dividends and ratio of earnings to fixed charges would be identical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For further information on these ratios,
see Exhibit 12.1, &ldquo;Computation of Ratio of Earnings to Fixed Charges,&rdquo; filed with Registration Statement of which this
prospectus is a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise indicated in a prospectus
supplement, the net proceeds from the sale of the securities by the Company will be used for general corporate purposes, which
may include working capital, capital expenditure, other corporate expenses and acquisitions of complementary products, technologies
and businesses. The timing and</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">amount of our actual expenditures will
be based on many factors, including cash flows from operations and the anticipated growth of our business. As a result, unless
otherwise indicated in the prospectus supplement, our management will have broad discretion to allocate the net proceeds of the
offerings. Pending their ultimate use, we intend to invest the net proceeds in short-term, investment-grade, interest-bearing instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will not receive any proceeds from
the sale of shares of our common stock by the selling stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following description, together with
the additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of
the debt securities that we may offer under this prospectus. The debt securities will be our direct general obligations and may
include debentures, notes, bonds or other evidences of indebtedness. The debt securities will be either senior debt securities
or subordinated debt securities. The debt securities will be issued under one or more separate indentures. Senior debt securities
will be issued under a senior debt indenture, and subordinated debt securities will be issued under a subordinated debt indenture.
We use the term &ldquo;indentures&rdquo; to refer to both the senior indenture and the subordinated indenture. A form of each of
the senior indenture and the subordinated indenture is filed as an exhibit to the registration statement of which this prospectus
is a part. The indentures will be qualified under the Trust Indenture Act. We use the term &ldquo;indenture trustee&rdquo; to refer
to either the senior trustee or the subordinated trustee, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following summaries of material provisions
of the debt securities and indentures are subject to, and qualified in their entirety by reference to, all the provisions of the
indenture applicable to a particular series of debt securities and the description thereof contained in the prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will describe in each prospectus supplement
the following terms relating to a series of debt securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The title or designation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any limit on the principal amount that may be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Whether or not we will issue the series of debt securities in global form, the terms and the Depositary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The maturity date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The annual interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will
begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining
such dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The terms of the subordination of any series of subordinated debt;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The place where payments will be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Our right, if any, to defer payment of interest and the maximum length of any such deferral period;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant
to any optional redemption provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund provisions or otherwise,
to redeem, or at the holder&rsquo;s option to purchase, the series of debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Whether the indenture will restrict our ability to pay dividends, or will require us to maintain any asset ratios or reserves;</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Whether we will be restricted from incurring any additional indebtedness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A discussion on any material or special U.S. Federal income tax considerations applicable to the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral
multiple thereof; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will set forth in the prospectus supplement
the terms on which a series of debt securities may be convertible into or exchangeable for common stock or other securities. We
will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may
include provisions pursuant to which the number of shares of common stock or other securities that the holders of the series of
debt securities receive would be subject to adjustment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Consolidation, Merger or Sale</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The indentures will not contain any covenant
which restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all
of our assets. However, any successor to or acquirer of our assets must assume all of our obligations under the indentures or the
debt securities, as appropriate.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Events of Default Under the Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following may be events of default
under the indentures with respect to any series of debt securities that we may issue:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If we fail to pay interest when due and our failure continues for a period of thirty (30) days                                                                                                              and
                                                                                                             the time                                                                                                              for
                                                                                                             payment has                                                                                                              not
                                                                                                             been                                                                                                              extended or
                                                                                                             deferred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If we fail to pay the principal, or premium, if any, when due and the time for payment has not been extended or delayed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If we fail to observe or perform any other covenant contained in the debt securities or the indentures (other than
                                                                                                             defaults under the above two bullets or a covenant specifically relating to another series of debt securities) and our
                                                                                                             failure
                                                                                                             continues                                                                                                              for
                                                                                                             a period of 90 days after we receive notice from the indenture trustee or holders of at least 25% in aggregate
                                                                                                             principal amount of the outstanding debt securities of the applicable series; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If specified events of bankruptcy, insolvency or reorganization occur as to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If an event of default with respect to
debt securities of any series occurs and is continuing, the indenture trustee or the holders of at least 25% in aggregate principal
amount of the outstanding debt securities of that series, by notice to us in writing, and to the indenture trustee if notice is
given by such holders, may declare the unpaid principal, premium, if any, and accrued interest, if any, due and payable immediately;
provided that if an event of bankruptcy, insolvency or reorganization occurs, such amounts shall automatically become due and payable
without any declaration or other action on the part of the trustee or any holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The holders of a majority in principal
amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to the series
and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless
we have cured the default or event of default in accordance with the indenture. Any waiver will cure the default or event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the terms of the indentures,
if an event of default under an indenture occurs and is continuing, the indenture trustee will be under no obligation to exercise
any of its rights or powers under such indenture at the</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">request or direction of any of the holders
of the applicable series of debt securities, unless such holders have offered the indenture trustee reasonable indemnity. The holders
of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the indenture trustee, or exercising any trust or power conferred
on the indenture trustee, with respect to the debt securities of that series, provided that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The direction given by the holder is not in conflict with any law or the applicable indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><P STYLE="margin-top: 0; margin-bottom: 0">Subject
to its duties under the Trust Indenture Act, the indenture trustee need not take any action that might involve it in personal
liability.&nbsp;</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A holder of the debt securities of any
series will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek
other remedies if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The holder has given written notice to the indenture trustee of a continuing event of default with respect to that series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made a written
request, and such holders have offered reasonable indemnity to the indenture trustee to institute the proceeding as trustee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The indenture trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal
amount of the outstanding debt securities of that series other conflicting directions within 60 days after the notice, request
and offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">These limitations do not apply to a suit
instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will periodically file statements
with the indenture trustee regarding our compliance with specified covenants in the indentures.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Modification of Indenture; Waiver</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We and the indenture trustee may change
an indenture without the consent of any holders with respect to specific matters, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>To fix any ambiguity, defect or inconsistency in the indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>To change anything that does not materially adversely affect the interests of any holder of debt securities of any series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, under the indentures, the
rights of holders of a series of debt securities may be changed by us and the indenture trustee with the written consent of the
holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series that is affected.
However, we and the indenture trustee may only make the following changes with the consent of each holder of any outstanding debt
securities affected:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Changing the fixed maturity of the series of debt securities or any installment of principal of or interest on any series of
debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Reducing the principal amount, reducing the rate of or extending the time of payment of interest, or any premium payable upon
the redemption of any debt securities; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Reducing the percentage of debt securities, the holders of which are required to consent to any amendment.</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each indenture provides that we can elect
to be discharged from our obligations with respect to one or more series of debt securities, except for obligations to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Register the transfer or exchange of debt securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Replace stolen, lost or mutilated debt securities of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Maintain paying agencies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Hold monies for payment in trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Compensate and indemnify the indenture trustee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Appoint any successor indenture trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In order to exercise our rights to be
discharged, we must deposit with the indenture trustee money or government obligations sufficient to pay all the principal of,
any premium, if any, and interest on, the debt securities of the series on the dates payments are due.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Form, Exchange and Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will issue the debt securities of
each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement,
in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities of a series
in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depositary
Trust Company or another Depositary named by us and identified in a prospectus supplement with respect to that series. See &ldquo;Book-Entry
Issuance&rdquo; for a further description of the terms relating to any book-entry securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the terms of the indentures
and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the debt securities
of any series, at its option, can exchange the debt securities for other debt securities of the same series, in any authorized
denomination and of like tenor and aggregate principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the terms of the indentures
and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities
may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed
thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office
of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents
for transfer or exchange, no service charge will be required for any registration of transfer or exchange, but we may require payment
of any taxes or other governmental charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will name in the applicable prospectus
supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for
any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or
approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent
in each place of payment for the debt securities of each series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we elect to redeem the debt securities
of any series, we will not be required to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of
business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption
and ending at the close of business on the day of the mailing; or</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed
portion of any debt securities we are redeeming in part.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless we otherwise indicate in the applicable
prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the person in
whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular record
date for the interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will pay principal of and any premium
and interest on the debt securities of a particular series at the office of the paying agents designated by us, except that unless
we otherwise indicate in the applicable prospectus supplement, we will make interest payments by check which we will mail to the
holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust office of the indenture
trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name
in the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular
series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All money we pay to a paying agent or
the indenture trustee for the payment of the principal of or any premium or interest on any debt securities which remains unclaimed
at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder
of the security thereafter may look only to us for payment thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Governing Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The indentures and the debt securities
will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture
Act is applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Subordination of Subordinated Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The subordinated notes will be unsecured
and will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus
supplement. The subordinated indenture does not limit the amount of subordinated notes which we may issue. It also does not limit
us from issuing any other secured or unsecured debt.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Regarding the Indenture Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will name the indenture trustee for
debt securities issued under the applicable indenture in the applicable supplement to this prospectus and, unless otherwise indicated
in a prospectus supplement, the indenture trustee will also act as Transfer Agent and Paying Agent with respect to the debt securities.
The indenture trustee may be removed at any time with respect to the debt securities of any series by act of the holders of a majority
in principal amount of the outstanding debt securities of such series delivered to the indenture trustee and to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following summary is a description
of the material terms of our capital stock. This summary is not meant to be complete and is qualified by reference to the applicable
provisions of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;) and our certificate of incorporation and bylaws, each as
amended. You are urged to read those documents carefully. Copies of our certificate of incorporation and bylaws are incorporated
by reference in this prospectus. See &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Documents
by Reference&rdquo;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Authorized Capitalization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are currently authorized to issue
35,000,000 shares of common stock, $1.00 par value per share, and 500,000 shares of preferred stock, $1.00 par value per share.
Each share of our common stock has the same relative</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">rights with each other share of our common
stock. On January 31, 2015, there were 8,706,467 shares of our common stock outstanding. There are no shares of preferred stock
outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Issuance of Common Stock</U>. Shares
of common stock may be issued from time to time as our board shall determine and on such terms and for such consideration as shall
be fixed by the board. The authorized number of shares of common stock may, without a class or series vote, be increased or decreased
from time to time by the affirmative vote of the holders of a majority of the stock of the Company entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Dividends and Rights Upon Liquidation</U>.
After the requirements with respect to preferential dividends on preferred stock, if any, are met, the holders of our outstanding
common stock are entitled to receive dividends out of assets legally available at the time and in the amounts as the board may
from time to time determine. Our common stock is not convertible or exchangeable into other securities. Upon our liquidation, dissolution
or winding up, the holders of our common stock are entitled to receive the assets that are legally available for distribution on
a pro rata basis, after payment of all of our debts and other liabilities and subject to the prior rights of holders of any preferred
stock then outstanding. The Company does not currently pay a dividend on its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Voting Rights</U>. The holders of
the common stock are entitled to vote at all meetings of the stockholders and are entitled to cast one vote for each share of common
stock held by them respectively and standing in their respective names on the books of the Company. Each stockholder is entitled
to cumulative voting with respect to the election of directors which entitles stockholders to add all of the votes they have for
directors and cast such votes for any single director or distribute them among directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Preemptive Rights</U>. Holders of
our common stock do not have preemptive rights with respect to any shares that may be issued. Shares of our common stock are not
subject to redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Business Combinations</U>. The Company&rsquo;s
Certificate of Incorporation requires (i) the affirmative vote of holders of not less than 75% of the voting power of the Company
to approve any merger, any sale of the Company or substantially all of its assets or the issuance of any securities in exchange
for assets having a value equal or greater to 5% of the assets of the Company in a transaction with a stockholder holding 10% or
more of our common stock (the &ldquo;10% stockholder&rdquo;) and (ii) the approval of such transaction by holders of a majority
of the voting power not owned by the 10% stockholder. The above requirements do not apply to (y) transactions approved by two-thirds
of the directors who are not representatives or affiliates of the 10% stockholder or, (z) a transaction if the Board of Directors
has approved a memorandum of understanding at the time such other entity becomes a 10% stockholder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Relevant Provisions of the Delaware Business Corporation
Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are governed by the provisions of
Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a public Delaware corporation from engaging
in a &ldquo;business combination&rdquo; with an &ldquo;interested stockholder&rdquo; for a period of three years after the date
of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed
manner. A &ldquo;business combination&rdquo; includes mergers, asset sales or other transactions resulting in a financial benefit
to the stockholder. An &ldquo;interested stockholder&rdquo; is a person who, together with affiliates and associates, owns, or
within three years of the date on which it is sought to be determined whether such person is an &ldquo;interested stockholder,&rdquo;
did own, 15% or more of the corporation&rsquo;s outstanding voting stock. These provisions may have the effect of delaying, deferring
or preventing a change in our control.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Amended and Restated Certificate of Incorporation and
Amended and Restated Bylaw Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our amended and restated certificate
of incorporation and our amended and restated bylaws include a number of provisions that could deter hostile takeovers or delay
or prevent changes in control of our management team, including the following:</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Board of Directors Vacancies</I>.&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and a restated bylaws authorize only our board of directors to fill vacant directorships, including newly created seats.&nbsp;&nbsp;In addition, the number of directors constituting our board of directors is permitted to be set only by resolution adopted by a majority vote of our entire board of directors.&nbsp;&nbsp;These provisions prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees.&nbsp;&nbsp;This makes it more difficult to change the composition of our board of directors but promotes continuity of management.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Classified Board</I>.&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and restated bylaws provide that our board is classified into three classes of directors.&nbsp;&nbsp;A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><B>
</B></P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Stockholder Action; Special Meeting of Stockholders</I>.&nbsp;&nbsp;Our amended and restated certificate of incorporation provides that our stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock would not be able to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws.&nbsp;&nbsp;Our amended and restated bylaws further provide that special meetings of our stockholders may be called only by the Chairman of our board of directors, our Chief Executive Officer or our president, or the request of three directors, thus prohibiting a stockholder from calling a special meeting.&nbsp;&nbsp;These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Advance Notice Requirements for Stockholder Proposals and Director Nominations</I>.&nbsp;&nbsp;Our amended and restated bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders.&nbsp;&nbsp;Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder&rsquo;s notice.&nbsp;&nbsp;These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed.&nbsp;&nbsp;We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer&rsquo;s own slate of directors or otherwise attempting to obtain control of our company.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Business Combinations</I>.&nbsp;&nbsp;The Company&rsquo;s Certificate of Incorporation requires (i) the affirmative vote of holders of not less than 75% of the voting power of the Company to approve any merger, any sale of the Company or substantially all of its assets or the issuance of any securities in exchange for assets having a value equal or greater to 5% of the assets of the Company in a transaction with a stockholder holding 10% or more of our common stock stockholder (the &ldquo;10% stockholder&rdquo;) and (ii) the approval of such transaction by holders of a majority of the voting power not owned by the 10% stockholder.&nbsp;&nbsp;The above requirements do not apply to (y) transactions approved by two-thirds of the directors of the Company who are not representatives or affiliates of the 10% stockholder or, (z) to a transaction if the Board of Directors has approved a memorandum of understanding at the time such other entity becomes a 10% stockholder.&nbsp;&nbsp;This provision might deter a potential acquirer from investing in our securities.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Amendment of Charter Provisions</I>.&nbsp;&nbsp;Any amendment of the above provisions in our amended and restated certificate of incorporation would require approval by holders of at least seventy-five percent (75%) of our then outstanding voting power.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Issuance of Undesignated Preferred Stock</I>.&nbsp;&nbsp;Our board of directors has the authority, without further action by the stockholders, to issue up to 20,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors.&nbsp;&nbsp;The existence of authorized but unissued shares of preferred stock enables 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 other means.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><I>Choice of Forum</I>.&nbsp;&nbsp;Our amended and restated certificate of incorporation provides that a state or federal court located within the State of Delaware will be the exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a breach of fiduciary duty by any director, officer or other employee, any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, or any action asserting a claim against us that is governed by the internal affairs doctrine.</TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The transfer agent and registrar for
our common stock is Computershare, 2 North LaSalle Street, Chicago, Illinois 60602, and its telephone number is (800) 446-2617.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our common stock is listed on the Nasdaq
Stock Market under the symbol &ldquo;LAWS&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following description, together with
the additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of
the warrants that we may offer under this prospectus. The following statements with respect to the warrants are summaries of, and
subject to, the detailed provisions of a warrant agreement to be entered into by the Company and a warrant agent to be selected
at the time of issue (the &ldquo;warrant agent&rdquo;), a form of which will be filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The warrants, evidenced by warrant certificates,
may be issued under the warrant agreement independently or together with any securities offered by any prospectus supplement and
may be attached to or separate from such securities. If warrants are offered, the prospectus supplement will describe the terms
of the warrants, including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The offering price, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If applicable, the designation, aggregate principal amount, and terms of the debt securities purchasable upon exercise of the
debt warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If applicable, the principal amount of debt securities purchasable upon exercise of one debt warrant and the price at which
such principal amount of debt securities may be purchased upon such exercise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If applicable, the number of shares of preferred stock or common stock purchasable upon exercise of each warrant and the initial
price at which such shares may be purchased upon exercise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If applicable, the date on and after which the warrants and the related securities will be separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The date on which the right to exercise the warrants shall commence and the date on which such right shall expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Federal income tax consequences;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Call provisions of such warrants, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Anti-dilution provisions of the warrants, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Whether the warrants represented by the warrant certificates will be issued in registered or bearer form; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any additional or other terms, procedures, rights, preferences, privileges, limitations and restrictions relating to the warrants,
including terms, procedures and limitations relating to the exchange and exercise of the warrants.</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The shares of preferred stock or common
stock issuable upon the exercise of the warrants will, when issued in accordance with the warrant agreement, be fully paid and
non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following description, together with
the additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of
the depositary shares that we may offer under this prospectus. The following statements with respect to the depositary shares and
depositary receipts are summaries of, and subject to, the detailed provisions of a deposit agreement to be entered into by the
Company and a depositary to be selected at the time of issue (the &ldquo;depositary&rdquo;) and the form of depositary receipt.
The form of deposit agreement and the form of depositary receipt will be filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may, at our option, elect to issue
fractional shares of preferred stock, rather than full shares of preferred stock. In the event such option is exercised, we may
elect to have a depositary issue receipts for depositary shares, each receipt representing a fraction, to be set forth in the prospectus
supplement relating to a particular series of preferred stock, of a share of a particular series of preferred stock as described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The shares of any series of preferred
stock represented by depositary shares will be deposited under a deposit agreement between us and a bank or trust company that
we select. Subject to the terms of the deposit agreement, each owner of a depositary share will be entitled, in proportion to the
applicable fraction of a share of preferred stock represented by such depositary share, to all the rights and preferences of the
preferred stock represented by the depositary share, including dividend, voting, redemption and liquidation rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Depositary Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The depositary shares will be evidenced
by depositary receipts issued pursuant to the deposit agreement. Depositary receipts will be distributed to those persons purchasing
the fractional shares of preferred stock in accordance with the terms of an offering of the preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon surrender of depositary receipts
at the office of the depositary and upon payment of the charges provided in the deposit agreement, a holder of depositary receipts
may have the depositary deliver to the holder the whole shares of preferred stock relating to the surrendered depositary receipts.
Holders of depositary shares may receive whole shares of the related series of preferred stock on the basis set forth in the related
prospectus supplement for such series of preferred stock, but holders of such whole shares will not after the exchange be entitled
to receive depositary shares for their whole shares. If the depositary receipts delivered by the holder evidence a number of depositary
shares in excess of the number of depositary shares representing the number of whole shares of the related series of preferred
stock to be withdrawn, the depositary will deliver to the holder at the same time a new depositary receipt evidencing such excess
number of depositary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The depositary will distribute all cash
dividends or other cash distributions received for the preferred stock to the record holders of depositary shares relating to the
preferred stock in proportion to the numbers of such depositary shares owned by such holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the event of a distribution other
than in cash, the depositary will distribute property received by it to the record holders of depositary shares entitled thereto,
unless the depositary determines that it is not feasible to make distribution of the property. In that case the depositary may,
with our approval, sell such property and distribute the net proceeds from the sale to such holders.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If a series of preferred stock represented
by depositary shares is subject to redemption, the depositary shares will be redeemed from the proceeds received by the depositary
resulting from the redemption, in whole or in part, of the series of preferred stock held by the depositary. The redemption price
per depositary share will be equal to the applicable fraction of the redemption price per share payable with respect to the series
of the preferred stock. Whenever we redeem shares of preferred stock held by the depositary, the depositary will redeem as of the
same redemption date the number of depositary shares representing shares of preferred stock redeemed by us. If less than all the
depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by lot or pro rata as may be determined
by the depositary.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Voting the Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon receipt of notice of any meeting
at which the holders of the preferred stock are entitled to vote, the depositary will mail the information contained in such notice
of meeting to the record holders of the depositary shares relating to such preferred stock. Each record holder of such depositary
shares on the record date, which will be the same date as the record date for the preferred stock, will be entitled to instruct
the depositary as to the exercise of the voting rights pertaining to the amount of the preferred stock represented by such holder&rsquo;s
depositary shares. The depositary will endeavor, insofar as practicable, to vote the amount of the preferred stock represented
by such depositary shares in accordance with such instructions, and we will agree to take all action which may be deemed necessary
by the depositary in order to enable the depositary to do so. The depositary will not vote the preferred stock to the extent it
does not receive specific instructions from the holders of depositary shares representing such preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We and the depositary at any time may
amend the form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement. However, any
amendment which materially and adversely alters the rights of the holders of depositary shares will not be effective unless such
amendment has been approved by the holders of at least a majority of the depositary shares then outstanding. We or the depositary
may terminate the deposit agreement only if all outstanding depositary shares have been redeemed, or there has been a final distribution
in respect of the preferred stock in connection with any liquidation, dissolution or winding up of the Company and such distribution
has been distributed to the holders of depositary receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will pay all transfer and other taxes
and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the depositary
in connection with the initial deposit of the preferred stock and any redemption of the preferred stock. Holders of depositary
receipts will pay other transfer and other taxes and governmental charges and such other charges as are expressly provided in the
deposit agreement to be for their accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The depositary will forward to the record
holders of the depositary shares relating to such preferred stock all reports and communications from us which are delivered to
the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Neither we nor the depositary will be
liable if either one is prevented or delayed by law or any circumstance beyond their control in performing the obligations under
the deposit agreement. The obligations of the Company and the depositary under the deposit agreement will be limited to performance
in good faith of their duties thereunder, and they will not be obligated to prosecute or defend any legal proceeding in respect
of any depositary shares or preferred stock unless satisfactory indemnity is furnished. The depositary may rely upon written advice
of counsel or accountants, or information provided by persons presenting preferred stock for deposit, holders of depositary receipts
or other persons believed to be competent and on documents believed to be genuine.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The depositary may resign at any time
by delivering to us notice of its election to do so, and we may at any time remove the depositary, any such resignation or removal
to take effect upon the appointment of a successor depositary and its acceptance of such appointment. Such successor depositary
must be appointed within 60 days after delivery of the notice of resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may issue stock purchase contracts,
representing contracts obligating holders to purchase from us, and we may sell to the holders, a specified number of shares of
common stock at a future date or dates. The price per share of common stock may be fixed at the time the stock purchase contracts
are issued or may be determined by reference to a specific formula set forth in the stock purchase contracts. Stock purchase contracts
may be issued separately or as a part of units (&ldquo;stock purchase units&rdquo;) consisting of a stock purchase contract and
either (i) senior debt securities or subordinated debt securities or (ii) debt obligations of third parties, including U.S. Treasury
securities, securing the holder&rsquo;s obligations to purchase the common stock under the stock purchase contracts. The stock
purchase contracts may require us to make periodic payments to the holders of the stock purchase units or vice versa, and such
payments may be unsecured or prefunded on some basis. The stock purchase contracts may require holders to secure their obligations
thereunder in a specified manner, and in certain circumstances we may deliver newly issued prepaid stock purchase contracts (&ldquo;prepaid
securities&rdquo;) upon release to a holder of any collateral securing such holder&rsquo;s obligations under the original stock
purchase contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The applicable prospectus supplement
will describe the terms of any stock purchase contracts or stock purchase units and, if applicable, prepaid securities. Certain
material United States Federal income tax considerations applicable to the stock purchase units and stock purchase contracts will
be set forth in the prospectus supplement relating thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are registering the resale from time
to time by the selling stockholders of up to 3,662,450 shares of our common stock in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following table sets forth the number
of shares of our common stock being offered by the selling stockholders. The selling stockholders are not making any representation
that any shares of our common stock currently held by the selling stockholders will be offered for sale. The selling stockholders
reserve the right to accept or reject, in whole or in part, any proposed sale of any shares of our common stock currently held
by the selling stockholders. The following table assumes that all of the shares of our common stock currently held by the selling
stockholders being registered pursuant to this prospectus will be sold and that no acquisitions by the selling stockholders of
additional shares of common stock will take place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The selling stockholders are members
of the Port family (collectively referred to as the &ldquo;selling stockholders&rdquo;). The selling stockholders acquired the
shares of common stock owned by them directly from Sidney L. Port, the Company&rsquo;s founder, who acquired the shares directly
from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We do not know if, when or in what amounts
the selling stockholders may offer their shares for sale. The selling stockholders may sell some, all or none of the shares held
by them. Because the number of shares the selling stockholders may offer and sell is not presently known, we cannot estimate the
number of shares that will continue to be held by the selling stockholders. The table, however, presents the maximum number of
shares of common stock that the selling stockholders may offer pursuant to this prospectus and the number of shares of common stock
that would be beneficially owned after the sale of the maximum number of shares of common stock held by each selling stockholder,
assuming no acquisitions of additional shares of common stock take place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Beneficial ownership is determined in
accordance with Rule 13d-3(d) of the Securities Exchange Act of 1934 and includes voting or investment power with respect to our
common stock. Unless otherwise indicated below, to our knowledge, all persons named in the table have sole voting and investment
power with respect to the shares of our common stock beneficially owned by them. Ron Port is the Chairman of the Board of the Company
and James Errant is a director of the Company.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&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 COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><BR>
<B>Name of Selling Stockholder</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><BR>
<B>Beneficial Ownership Prior to the Offering</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><BR>
<B>Beneficial Ownership Following the Offering</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><B>Number of Shares</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><B>Percentage of Outstanding Common Stock (1)</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><B>Number of Shares Being Offered</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><B>Number of Shares</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-top: 12pt; text-indent: 0in">Trusts for the benefit of&nbsp;&nbsp;Ron Port&rsquo;s family(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><BR>
<BR>
<FONT STYLE="font-size: 10pt">1,399,436</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 12pt; text-align: right; text-indent: 0in"><BR>
16.1%</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><BR>
<BR>
<FONT STYLE="font-size: 10pt">1,399,436</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><BR>
<BR>
<FONT STYLE="font-size: 10pt"><B>--</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Jenna Walsh(3)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">452,649</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">5.2%</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">452,649</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>--</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Samantha Borstein(4)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">439,648</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">5.1%</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">439,648</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>--</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">James K. Gardner, Trustee(5)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">875,977</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">10.1%</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">875,977</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>--</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">James S. Errant(6)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">494,740</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">5.7%</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">494,740</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>--</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">*</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Less than 0.1%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">(1)</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Applicable percentage ownership is based on 8,706,467 shares of common stock outstanding as of January 31, 2015, together with securities exercisable or convertible into shares of common stock within 60 days of such date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">(2)</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Includes 1,629,678 shares owned by trust established for the benefit of Dr. Port and his family.&nbsp;&nbsp;Dr. Port and Charles Levun are co-trustees of these trusts, and accordingly share voting and dispositive with regard to those shares.&nbsp;&nbsp;Includes options to purchase 4,286 share of common stock.&nbsp;&nbsp;The address of this stockholder is c/o Levun, Goodman &amp; Cohen, LLP, 500 Skokie Blvd., Suite 650, Northbrook, Illinois 60062.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">(3)</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Includes 437,989 shares of common stock held as co-trustee of the Jenna Walsh Exempt Trust.&nbsp;&nbsp;James Gardner is co-trustee of this trust and those shares are reflected in the shares that he beneficially owns in this table.&nbsp;&nbsp;Jenna Walsh is the daughter of James Errant.&nbsp;&nbsp;The address of this stockholder is 666 Dundee Road, Suite 1701, Northbrook, Illinois 60062.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">(4)</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Includes 437,988 shares of common stock held as co-trustee of the Samantha E. Borstein Exempt Trust. James Gardner is co-trustee of this trust and those shares are reflected in the shares that he beneficially owns in this table.&nbsp;&nbsp;Samantha Borstein is the daughter of James Errant.&nbsp;&nbsp;The address of this stockholder is 666 Dundee Road, Suite 1701, Northbrook, Illinois 60062.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">(5)</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">James Gardner is the co-trustee of the Samantha E. Borstein Exempt Trust (437,988 shares) and the Jenna Walsh Exempt Trust (437,989 shares), Samantha Borstein is co-trustee of the Samantha E. Borstein Trust and Jenna Walsh is co-trustee of the Jenna Walsh Exempt Trust.&nbsp;&nbsp;Mr. Gardner has no monetary interest in the shares held by the trusts. The address of this stockholder is c/o James Gardner, Neil Gerber &amp; Eisenberg, LLP, Two North LaSalle Street, Suite 1700, Chicago, Illinois 60602-3801.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">(6)</TD>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Consists of 20,366 shares held directly by James Errant and 470,088 shares owned by trusts for the benefit of Mr. Errant&rsquo;s family.&nbsp;&nbsp;Mr. Errant is the sole trustee of these trusts. The address of this stockholder is 8770 Bryn Mawr, Chicago, Illinois 60631.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise indicated in a prospectus
supplement, the debt securities of a series offered by us will be issued in the form of one or more fully registered global securities.
We anticipate that these global securities will be deposited with, or on behalf of, The Depository Trust Company (&ldquo;DTC&rdquo;),
which will act as depository, and registered in the name of its nominee. Except as described below, the global securities may be
transferred, in whole and not in part, only to DTC or to another nominee of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">DTC has advised us that it is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A limited-purpose trust company organized under the New York Banking Law;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A member of the Federal Reserve System;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">DTC was created to hold securities for
institutions that have accounts with DTC (&ldquo;participants&rdquo;) and to facilitate the clearance and settlement of securities
transactions among its participants through electronic book-entry changes in participants&rsquo; accounts. Participants include
securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or
their representatives) own DTC. Access to DTC&rsquo;s book-entry system is also available to others that clear through or maintain
a custodial relationship with a participant, either directly or indirectly. DTC administers its book-entry system in accordance
with its rules and bylaws and legal requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon issuance of a global security representing
offered securities, DTC will credit on its book-entry registration and transfer system the principal amount to participants&rsquo;
accounts. Ownership of beneficial interests in the global security will be limited to participants or to persons that hold interests
through participants. Ownership of interests in the global security will be shown on, and the transfer of those ownership interests
will be effected only through, records maintained by DTC (with respect to participants&rsquo; interests) and the participants (with
respect to the owners of beneficial interests in the global security). The laws of some jurisdictions may require that certain
purchasers of securities take physical delivery of those securities in definitive form. These limits and laws may impair the ability
to transfer beneficial interests in a global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">So long as DTC (or its nominee) is the
registered holder and owner of a global security, DTC (or its nominee) will be considered, for all purposes under the applicable
indenture, the sole owner and holder of the related offered securities. Except as described below, owners of beneficial interests
in a global security will not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Be entitled to have the securities registered in their names; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Receive or be entitled to receive physical delivery of certificated securities in definitive form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Purchases of securities under the DTC
system must be made by or through direct participants, which will receive a credit for the securities on DTC&rsquo;s records. The
ownership interest of each actual purchaser of each global security (&ldquo;beneficial owner&rdquo;) is in turn recorded on the
direct and indirect participants&rsquo; records. A beneficial owner does not receive written confirmation from DTC of its purchase,
but is expected to receive a written confirmation providing details of the transaction, as well as periodic statements of its holdings,
from the direct or indirect participants through which such beneficial owner entered into the action. Transfers of ownership interests
in securities are accomplished by entries made on the books of participants acting on behalf of beneficial owners. Beneficial owners
do not receive certificates representing their ownership interests in securities, except in the event that use of the book-entry
system for the securities is discontinued.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">To facilitate subsequent transfers, the
securities are registered in the name of DTC&rsquo;s partnership nominee, Cede &amp; Co. The deposit of the securities with DTC
and their registration in the name of Cede &amp; Co. will effect no change in beneficial ownership. DTC has no knowledge of the
actual beneficial owners of the securities; DTC records reflect only the identity of the direct participants to whose accounts
securities are credited, which may or may not be the beneficial owners. The participants remain responsible for keeping account
of their holdings on behalf of their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Delivery of notice and other communications
by DTC to direct participants, by direct participants to indirect participants, and by direct participants and indirect participants
to beneficial owners are governed by arrangements among them, subject to any statutory or regulatory requirements as may be in
effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Neither DTC nor Cede &amp; Co. consents
or votes with respect to the securities. Under its usual procedures, DTC mails a proxy (an &ldquo;Omnibus Proxy&rdquo;) to the
issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede &amp; Co.&rsquo;s consenting or voting rights
to those direct participants to whose accounts the securities are credited on the record date (identified on a list attached to
the Omnibus Proxy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Redemption proceeds, distributions and
dividend payments, if any, on the securities will be made to DTC. DTC&rsquo;s practice is to credit direct participants&rsquo;
accounts on the payment date in accordance with their respective holdings as shown on DTC&rsquo;s records, unless DTC has reason
to believe that it will not receive payment on the payment date. Payments by participants to beneficial owners are governed by
standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form
or registered in &ldquo;street name,&rdquo; and are the responsibility of such participant and not of DTC, the trustee or us, subject
to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest, if any, to
DTC is our or the trustee&rsquo;s responsibility, disbursement of such payments to direct participants is DTC&rsquo;s responsibility,
and disbursement of such payments to the beneficial owners is the responsibility of direct and indirect participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">DTC may discontinue providing its services
as securities depository with respect to the securities at any time by giving reasonable notice to us or, if applicable, the trustee.
Under such circumstances, in the event that a successor securities depository is not appointed, debt security certificates are
required to be printed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may decide to discontinue use of the
system of book-entry transfers through DTC or a successor securities depository. In that event, debt security certificates will
be printed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have obtained the information in this
section concerning DTC and DTC&rsquo;s book-entry system from sources that we believe to be reliable, but we take no responsibility
for the accuracy of this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">None of us, any underwriter or agent,
the trustee or any applicable paying agent will have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial interests in a global security, or for maintaining, supervising or reviewing any records
relating to such beneficial interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company and the selling stockholders
may sell the securities in one or more of the following ways (or in any combination thereof) from time to time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Through underwriters or dealers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Directly to one or more purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Through a block trade, in which a broker or dealer engaged to handle the block trade will attempt to sell the securities as
an agent, but may position and resell a portion of the block as principal to facilitate the transaction; or</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Through any other methods described in a prospectus supplement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The applicable prospectus supplement
will state the terms of the offering of any securities, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The name or names of any underwriters, dealers or agents and the amount of securities underwritten or purchased by each of
them;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The purchase price of such securities and the net proceeds to be received by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any discounts, commissions, agency fees, or concessions or other items constituting compensation allowed, reallowed or paid
to underwriters, dealers or agents, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any public offering price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any delayed delivery arrangements; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any securities exchanges on which the securities may be listed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any public offering price and any discounts,
commissions or concessions or other items constituting compensation allowed or reallowed or paid to underwriters, dealers or agents
may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Securities may also be sold in one or
more of the following transactions, or in any transactions described in a prospectus supplement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Block transactions in which a broker-dealer may sell all or a portion of the securities as agent but may position and resell
all or a portion of the block as principal to facilitate the transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Purchase by a broker-dealer as principal and resale by the broker-dealer for its own account;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A special offering, an exchange distribution or a secondary distribution in accordance with the rules of any exchange on which
the securities are listed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Sales &ldquo;at the market&rdquo; to or through a market maker or into an existing trading market, on an exchange or otherwise;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Sales in other ways not involving market makers or established trading markets, including direct sales to purchasers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The securities we sell by any of the
methods described above may be sold to the public, in one or more transactions, either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>At a fixed public offering price or prices, which may be changed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>At market prices prevailing at the time of sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>At prices related to prevailing market prices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>At negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We or the selling stockholders may sell
the securities through agents from time to time. The applicable prospectus supplement will name any agent involved in the offer
or sale of the securities and any commissions we or the selling stockholders pay to them. Generally, any agent will be acting on
a best efforts basis for the period of its appointment.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We or the selling stockholders may authorize
underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities from the Company, if applicable,
at the public offering price set forth in the applicable prospectus supplement pursuant to delayed delivery contracts providing
for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in
the applicable prospectus supplement, and the applicable prospectus supplement will set forth any commissions we or the selling
stockholders pay for solicitation of these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We, the underwriters or other agents
may engage in derivative transactions involving the securities. These derivatives may consist of short sale transactions and other
hedging activities. The underwriters or agents may acquire a long or short position in the securities, hold or resell securities
acquired and purchase options or futures on the securities and other derivative instruments with returns linked to or related to
changes in the price of the securities. In order to facilitate these derivative transactions, we may enter into security lending
or repurchase agreements with the underwriters or agents. The underwriters or agents may effect the derivative transactions through
sales of the securities to the public, including short sales, or by lending the securities in order to facilitate short sale transactions
by others. The underwriters or agents may also use the securities purchased or borrowed from us or others (or, in the case of derivatives,
securities received from us in settlement of those derivatives) to directly or indirectly settle sales of the securities or close
out any related open borrowings of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We or the selling stockholders may also
make sales through the Internet or through other electronic means. Since we or the selling stockholders may from time to time elect
to offer securities directly to the public, with or without the involvement of agents, underwriters or dealers, utilizing the Internet
or other forms of electronic bidding or ordering systems for the pricing and allocation of such securities, you should pay particular
attention to the description of that system we will provide in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Such electronic system may allow bidders
to directly participate, through electronic access to an auction site, by submitting conditional offers to buy that are subject
to acceptance by us, and which may directly affect the price or other terms and conditions at which such securities are sold. These
bidding or ordering systems may present to each bidder, on a so-called &ldquo;real-time&rdquo; basis, relevant information to assist
in making a bid, such as the clearing spread at which the offering would be sold, based on the bids submitted, and whether a bidder&rsquo;s
individual bids would be accepted, prorated or rejected. For example, in the case of a debt security, the clearing spread could
be indicated as a number of &ldquo;basis points&rdquo; above an index treasury note. Of course, many pricing methods can and may
also be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon completion of such an electronic
auction process, securities will be allocated based on prices bid, terms of bid or other factors. The final offering price at which
securities would be sold and the allocation of securities among bidders would be based in whole or in part on the results of the
Internet or other electronic bidding process or auction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Underwriters and agents may be entitled
under agreements entered into with the Company to indemnification by the Company against certain civil liabilities, including liabilities
under the Securities Act of 1933, or to contribution with respect to payments which the underwriters or agents may be required
to make. Underwriters and agents may engage in transactions with, or perform services for the Company and its affiliates in the
ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In compliance with the guidelines of
the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), the aggregate maximum discount, commission or agency fees or
other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed
8% of any offering pursuant to this prospectus and any applicable prospectus supplement, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We file annual, quarterly and current
reports, proxy statements and other information with the SEC. The public may read and copy any reports, statements or other information
that we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for further information regarding the Public Reference Room. Our public filings also are available to the
public from commercial document retrieval services and may be obtained without charge at the SEC&rsquo;s website at www.sec.gov.
Our filings with the SEC are also available on our website at www.merge.com. The information on our website is</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">not incorporated by reference in this prospectus
or our other securities filings and you should not consider it a part of this prospectus or our other securities filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As noted above, we have filed with the
SEC a registration statement on Form S-3 to register the securities. This prospectus is part of that registration statement and,
as permitted by the SEC&rsquo;s rules, does not contain all the information set forth in the registration statement. For further
information you may refer to the registration statement and to the exhibits and schedules filed as part of the registration statement.
You can review and copy the registration statement and its exhibits and schedules at the Public Reference Room maintained by the
SEC as described above. The registration statement, including its exhibits and schedules, is also available on the SEC&rsquo;s
website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The SEC allows us to incorporate information
into this prospectus &ldquo;by reference,&rdquo; which means that we can disclose important information by referring to another
document or information filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus,
except for any information amended or superseded by information contained in, or incorporated by reference into, this prospectus.
This prospectus incorporates by reference the documents and information set forth below that we have previously filed (but not
furnished) with the SEC. These documents contain important information about us and our financial condition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2014;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company&rsquo;s Current Report on Form 8-K dated January 15, 2015;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company&rsquo;s s Proxy Statement on Schedule 14A, as filed with the SEC on March&nbsp;31, 2014 (other than such information
that is included in the proxy statement but not deemed to be filed with the SEC);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The description of the Company&rsquo;s common stock set forth in the Company&rsquo;s Registration Statement on Form 8-A, as
filed with the SEC, including all amendments and reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company does not incorporate portions
of any document that is either (a) described in paragraphs (d)(1) through (3) and (e)(5) of Item 407 of Regulation S-K promulgated
by the SEC or (b) furnished under Item 2.02 or Item 7.01 of any Current Report on Form 8-K. The Company hereby incorporates by
reference all future filings by the Company made pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the
date of this prospectus. Nothing in this prospectus shall be deemed to incorporate information furnished but not filed with the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company will provide without charge
upon written or oral request, a copy of any or all of the documents which are incorporated by reference into this prospectus, other
than exhibits which are specifically incorporated by reference into those documents. Requests should be directed to Corporate Secretary,
Lawson Products, Inc., 8770 W. Bryn Mawr Avenue, Suite 900, Chicago, Illinois 60631, telephone: (773) 304-5050.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise indicated in the applicable
prospectus supplements, certain legal matters in connection with the securities will be passed upon for us by McDermott Will &amp;
Emery LLP, Chicago, Illinois. Additional legal matters may be passed on for us, or any underwriters, dealers or agents, by counsel
that we will name in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The consolidated financial statements
of the Company as of December 31, 2014 and 2013 and for each of the two years in the period ended December 31, 2014 and management&rsquo;s
assessment of the effectiveness of internal control over financial reporting as of December 31, 2014 incorporated by reference
in this Prospectus have been so</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">incorporated in reliance on the reports
of BDO USA, LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of
said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The consolidated financial statements
of the Company for the year ended December 31, 2012 have been audited by Ernst &amp; Young LLP, independent registered public accounting
firm, as set forth in its report thereon, included therein and incorporated by reference in this prospectus. Such consolidated
financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART II<BR>
<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 14.&#9;Other Expenses of Issuance and Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our estimated expenses in connection
with the distribution of the securities being registered, other than underwriting compensation, are as set forth in the following
table:</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: 69%">SEC Registration Fee</TD>
    <TD STYLE="vertical-align: bottom; width: 31%">$&#9;22,213&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Printing and Engraving Expenses</TD>
    <TD STYLE="vertical-align: bottom">&#9;10,000&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Legal Fees and Expenses</TD>
    <TD STYLE="vertical-align: bottom">&#9;75,000*</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Accounting Fees and Expenses</TD>
    <TD STYLE="vertical-align: bottom">&#9;30,000*</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Miscellaneous</TD>
    <TD STYLE="vertical-align: bottom">&#9;<U>25,000</U>*</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double">$162,213</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">* Estimated to nearest thousand U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 15.&#9;Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Registrant&rsquo;s amended and restated
certificate of incorporation contains provisions that eliminate, to the maximum extent permitted by the General Corporation Law
of the State of Delaware, the personal liability of the Registrant&rsquo;s directors and executive officers for monetary damages
for breach of their fiduciary duties as directors or officers. The Registrant&rsquo;s amended and restated certificate of incorporation
and amended and restated bylaws provide that the Registrant must indemnify its directors and executive officers and may indemnify
its employees and other agents to the fullest extent permitted by the General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Sections 145 and 102(b)(7) of the General
Corporation Law of the State of Delaware provide that a corporation may indemnify any person made a party to an action by reason
of the fact that he or she was a director, executive officer, employee or agent of the corporation or is or was serving at the
request of a corporation against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by him or her in connection with such action if he or she acted in good faith and in a manner he or she
reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action
or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of an action by or
in right of the corporation, no indemnification may generally be made in respect of any claim as to which such person is adjudged
to be liable to the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Registrant has entered into indemnification
agreements with its directors and executive officers in addition to the indemnification provided for in its amended and restated
certificate of incorporation and amended and restated bylaws, and the Registrant intends to enter into indemnification agreements
with any new directors and executive officers in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Registrant has purchased and intends
to maintain insurance on behalf of each and any person who is or was a director or officer of the Company against any loss arising
from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">See also the undertakings set out in
response to Item 17 herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 16.&#9;Exhibits and Financial Statement Schedules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Exhibits </B></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: 8%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">1.1*</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Underwriting Agreement for Equity Securities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">1.2*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Underwriting Agreement for Debt Securities and Related Warrants</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&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 COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">1.3*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Underwriting Agreement for Stock Purchase Contracts and Stock Purchase Units</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">3.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Certificate of Incorporation of the Registrant, as amended (incorporated herein by reference to Exhibit 3(a) to the Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 1988)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">3.2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Amended and Restated By-laws of the Registrant (incorporated herein by reference to the Registrant&rsquo;s Current Report on Form 8-K dated October 20, 2009)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.1**</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Indenture for Senior Debt </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.2**</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Indenture for Subordinated Debt Securities </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.3</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Lawson Products, Inc. 2009 Equity Compensation Plan (incorporated by reference to Appendix A to the definitive proxy statement on Schedule 14A for the 2014 Annual Meeting of Stockholders filed March 28, 2014)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.8*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Debt Security</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.9*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Deposit Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.10*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Depositary Receipt</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.11*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Stock Warrant Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.12*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Debt Warrant Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.13*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Stock Purchase Contract</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">4.14*</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Form of Stock Purchase Unit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">5.1**</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Opinion of McDermott Will &amp; Emery LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">12.1**</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Computation of Ratio of Earnings to Fixed Charges</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">23.1**</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">23.2**</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Consent of BDO USA, LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Consent of Ernst &amp; Young LLP</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">23.4</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Consent of McDermott Will &amp; Emery LLP (included in the opinion filed as Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">24</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">Powers of Attorney (included on the signature pages hereto)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">25***</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Statement of Eligibility of the Trustee on Form T-1 with respect to the Indentures for Senior Debt Securities and Subordinated Debt Securities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">*</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">To be subsequently filed by amendment or as an exhibit to a Current Report on Form 8-K. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">**</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Filed herewith. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">***</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">To be subsequently filed by amendment, as an exhibit to a Current Report on Form 8-K or requisite filing under the Trust Indenture Act. </TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD STYLE="width: 21px">&nbsp;</TD>
    <TD STYLE="width: 18px">&nbsp;</TD>
    <TD STYLE="width: 565px">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 17.&#9;Undertakings </B></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="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(a)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">The undersigned Registrant hereby undertakes: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(1)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(i)</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended, or the Securities Act;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(ii)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">to reflect in the prospectus any facts or events arising after the effective date of this 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.&nbsp;&nbsp;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 SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(iii)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) 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 SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(2)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">That, for purposes of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(3)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(4)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">That, for the purpose of determining liability under the Securities Act to any purchaser,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(i)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(ii)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i)(x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 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 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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&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="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(5)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities, 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,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(i)</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(ii)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(iii)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(iv)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(b)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(c)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;&nbsp;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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(d)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(1)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act will be deemed to be part of this registration statement as of the time it was declared effective.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(2)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus will be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time will be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">(e)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt">The undersigned Registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2) of the Trust Indenture Act.</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 Chicago, State of Illinois on February 17, 2015.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 83%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>LAWSON PRODUCTS, INC.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Ronald J. Knutson</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">Ronald J. Knutson</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">Executive Vice President and Chief Financial Officer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We, the undersigned officers and directors
of Lawson Products, Inc., hereby severally constitute and appoint Neil Jenkins and Ronald J. Knutson, and each of them singly,
our true and lawful attorneys with full power to any of them, and to each of them singly, to sign for us and in our names in the
capacities indicated below any and all amendments to this registration statement and any related registration statement filed pursuant
to Rule 462(b) under the Securities Act of 1933, as amended (in each case, including, without limitation, any post-effective amendments),
and generally to do all such things in our name and behalf in our capacities as officers and directors to enable Lawson Products,
Inc. To comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said
registration statements and any and all amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated on February
17, 2015.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><B>Signature</B></TD>
    <TD STYLE="text-align: center"><B>Title</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael G. DeCata</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">President and Chief Executive Officer, Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(principal executive officer)</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Michael G. DeCata</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Ronald J. Knutson</TD>
    <TD STYLE="text-align: center">Executive Vice President and Chief Financial Officer<BR>
(principal financial and accounting officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ronald J. Knutson</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Andrew B. Albert</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Andrew B. Albert</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ I. Steven Edelson</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">I. Steven Edelson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James S. Errant</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">James S. Errant</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lee S. Hillman</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Lee S. Hillman</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid">/s/ Ronald B. Port, M.D.</TD>
    <TD STYLE="width: 48%; text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Ronald B. Port, M.D.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thomas S. Postek</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Thomas S. Postek</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Wilma J. Smelcer</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="background-color: white">Wilma J. Smelcer</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>l02121_x41.htm
<DESCRIPTION>FORM OF INDENTURE FOR SENIOR DEBT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 4.1</P>

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

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

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

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

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><BR>
<BR>
LAWSON PRODUCTS, INC.<BR>
<BR>
INDENTURE<BR>
<BR>
Dated as of , 20<BR>
<BR>
[ ]<BR>
Trustee<BR>
<BR>
<BR>
<BR>
Senior Debt Securities</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-transform: uppercase; text-align: center">TABLE
OF CONTENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE I</TD>
    <TD STYLE="width: 61%; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">DEFINITIONS AND INCORPORATION BY REFERENCE</TD>
    <TD STYLE="width: 14%; padding-right: 0.5in; text-align: right; text-indent: 0in">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 1.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Definitions</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 1.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Other Definitions</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 1.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Incorporation by Reference of Trust Indenture Act</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 1.4</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Rules of Construction</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: right; text-indent: 0in">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE II</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">THE SECURITIES</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Issuable in Series</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Establishment of Terms of Series of Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Denominations; Provision for Payment</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Execution and Authentication</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.5</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Registrar and Paying Agent</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.6</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Paying Agent to Hold Money in Trust</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.7</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Securityholder Lists</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.8</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Transfer and Exchange</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.9</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Mutilated, Destroyed, Lost and Stolen Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.10</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Outstanding Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.11</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Treasury Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.12</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Temporary Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.13</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Cancellation</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.14</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Defaulted Interest</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 2.15</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Global Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 2.16</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">CUSIP Numbers</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: right; text-indent: 0in">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE III</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">REDEMPTION</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: right; text-indent: 0in">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 3.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Notice to Trustee</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 3.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Selection of Securities to be Redeemed</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 3.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Notice of Redemption</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 3.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Effect of Notice of Redemption</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 3.5</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Deposit of Redemption Price</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 3.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Securities Redeemed in Part</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: right; text-indent: 0in">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE IV</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">COVENANTS</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: right; text-indent: 0in">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 4.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Payment of Principal and Interest</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 4.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Reports by Company</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 4.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Compliance Certificate</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 4.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Stay, Extension and Usury Laws</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; text-indent: 0in">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 4.5</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Corporate Existence</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: right; text-indent: 0in">21</TD></TR>
</TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt; text-align: center">(continued)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; vertical-align: top"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE V</TD>
    <TD STYLE="width: 71%; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">SUCCESSORS</TD>
    <TD STYLE="width: 4%; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; text-transform: uppercase; vertical-align: top">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 5.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Consolidation, Merger and Sale of Assets</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 5.2</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Successor Person Substituted</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-indent: 0in">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE VI</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">DEFAULTS AND REMEDIES</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Events of Default</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Acceleration of Maturity; Rescission and Annulment</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Collection of Indebtedness and Suits for Enforcement by Trustee</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Trustee May File Proofs of Claim</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.5</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Trustee May Enforce Claims Without Possession of Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.6</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Application of Money Collected</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.7</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Limitation on Suits</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.8</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Unconditional Right of Holders to Receive Principal and Interest</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.9</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Restoration of Rights and Remedies</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.10</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Rights and Remedies Cumulative</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.11</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Delay or Omission Not Waiver</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.12</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Control by Holders</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 6.13</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Waiver of Past Defaults</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 6.14</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Undertaking for Costs</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-indent: 0in">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE VII</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">TRUSTEE</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Duties of Trustee</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Rights of Trustee</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Individual Rights of Trustee</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Trustee&rsquo;s Disclaimer</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.5</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Notice of Defaults</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.6</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Reports by Trustee to Holders</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.7</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Compensation and Indemnity</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.8</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Replacement of Trustee</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.9</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Successor Trustee by Merger, Etc</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 7.10</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Eligibility; Disqualification</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 7.11</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Preferential Collection of Claims Against Company</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-indent: 0in">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE VIII</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">SATISFACTION AND DISCHARGE; DEFEASANCE</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 8.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Satisfaction and Discharge of Indenture</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 8.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Application of Trust Funds; Indemnification</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 8.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Legal Defeasance of Securities of any Series</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 8.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Covenant Defeasance</TD>
    <TD STYLE="padding-right: 0.5in; text-indent: 0in">37</TD></TR>
</TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">TABLE OF CONTENTS</P>

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    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 8.5</TD>
    <TD STYLE="width: 63%; padding-right: 0.5in; text-align: justify; text-indent: 0in">Repayment to Company</TD>
    <TD STYLE="width: 12%; padding-right: 0.5in; text-align: justify; text-indent: 0in">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 8.6</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Reinstatement</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">38</TD></TR>
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    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE IX</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">AMENDMENTS AND WAIVERS</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">38</TD></TR>
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    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 9.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Without Consent of Holders</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">38</TD></TR>
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    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 9.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">With Consent of Holders</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 9.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Limitations</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 9.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Compliance with Trust Indenture Act</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 9.5</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Revocation and Effect of Consents</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 9.6</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Notation on or Exchange of Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 9.7</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Trustee Protected</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE X</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">MISCELLANEOUS</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Trust Indenture Act Controls</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Notices</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Communication by Holders with Other Holders</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.4</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Certificate and Opinion as to Conditions Precedent</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.5</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Statements Required in Certificate or Opinion</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.6</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Rules by Trustee and Agents</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.7</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Legal Holidays</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.8</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">No Recourse Against Others</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.9</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Counterparts</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.10</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Governing Law; Jury Trial Waiver</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.11</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">No Adverse Interpretation of Other Agreements</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.12</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Successors</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.13</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Severability</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.14</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Table of Contents, Headings, Etc</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.15</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Securities in a Foreign Currency</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 10.16</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Judgment Currency</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Section 10.17</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">Force Majeure</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; text-align: justify; text-indent: 0in">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">ARTICLE XI</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">SINKING FUNDS</TD>
    <TD STYLE="padding-right: 0.5in; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; text-transform: uppercase">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 11.1</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Applicability of Article</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 11.2</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Satisfaction of Sinking Fund Payments with Securities</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Section 11.3</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">Redemption of Securities for Sinking Fund</TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify; text-indent: 0in">47</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in"></P>

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


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">LAWSON PRODUCTS, INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Reconciliation and tie between Trust Indenture
Act of 1939 and Indenture</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">dated as of ____________, 20</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 310(a)(1)</TD>
    <TD STYLE="width: 50%; padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(2)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(3)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(4)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(5)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 311(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 312(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(c)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 313(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)(1)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)(2)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(c)(1)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(d)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 314(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">4.2, 10.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(c)(1)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(c)(2)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(c)(3)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(d)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(e)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(f)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 315(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(c)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(d)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">7.1</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(e)</TD>
    <TD STYLE="width: 50%; padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 316(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(1)(A)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(1)(B)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 317(a)(1)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(a)(2)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&sect; 318(a)</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.1</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Note: This reconciliation and tie shall
not, for any purpose, be deemed to be part of the Indenture.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Indenture dated as of __________, 20__,
between LAWSON PRODUCTS, INC., a Delaware corporation (&ldquo;<I>Company</I>&rdquo;), and _______________, as trustee (&ldquo;<I>Trustee</I>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each party agrees as follows for the
benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE I<BR>
<FONT STYLE="text-transform: uppercase">DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Affiliate</I>&rdquo;
of any specified person means any other person directly or indirectly controlling or controlled by or under common control with
such specified person. For the purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms
&ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;), as used with respect to any person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through
the ownership of voting securities or by agreement or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Agent</I>&rdquo;
means any Registrar or Paying Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Board
of Directors</I>&rdquo; means the board of directors of the Company or any duly authorized committee thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Board
Resolution</I>&rdquo; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect
on the date of the certification and delivered to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Business
Day</I>&rdquo; means, for a particular Series, any day except a Saturday, Sunday or any day, including a legal holiday, on which
banking institutions are authorized or required by law, regulation or executive order to close in The City of New York (or in connection
with any payment, the place of payment).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capital
Stock</I>&rdquo; of any person means any and all shares, interests, participations, rights or other equivalents (however designated)
of the equity of such person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Certificated
Securities</I>&rdquo; means definitive Securities in registered non-global certificated form.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Company</I>&rdquo;
means the party named as such above until a successor, which duly assumes the obligations under this Indenture, replaces it and
thereafter means the successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Company
Order</I>&rdquo; means a written order signed in the name of the Company by an Officer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Corporate
Trust Office</I>&rdquo; means the office of the Trustee at which at any particular time its corporate trust business related to
this Indenture shall be principally administered, which</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">office at the date
hereof is located at __________________,; Attention: _______________, or such other address as the Trustee may designate from time
to time by notice to the Holders and the Company, or the corporate trust office of any successor Trustee at which this Indenture
shall be administered (or such other address as a successor Trustee may designate from time to time by notice to the Holders of
the Company).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Default</I>&rdquo;
means any event which is, or after notice or passage of time or both would be, an Event of Default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Depositary</I>&rdquo;
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, &ldquo;Depositary&rdquo; as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Discount
Security</I>&rdquo; means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Dollars</I>&rdquo;
and &ldquo;<I>$</I>&rdquo; means the currency of The United States of America.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Exchange
Act</I>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Foreign
Currency</I>&rdquo; means any currency or currency unit issued by a government other than the government of The United States of
America.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Foreign
Government Obligations</I>&rdquo; means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct
obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of
which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>GAAP</I>&rdquo;
means accounting principles generally accepted in The United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect as of the date of determination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Global
Security</I>&rdquo; or &ldquo;<I>Global Securities</I>&rdquo; means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee,
and registered in the name of such Depositary or nominee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Holder</I>&rdquo;
or &ldquo;<I>Securityholder</I>&rdquo; means a person in whose name a Security is registered on the books of the Registrar.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Indenture</I>&rdquo;
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of
Securities established as contemplated hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>interest</I>&rdquo;
means, with respect to any Security, any interest on such Security, and with respect to any Discount Security which by its terms
bears interest only after Maturity, interest payable after Maturity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Maturity</I>,&rdquo;
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Officer</I>&rdquo;
means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any Senior
Vice President or Vice President, the Treasurer, Assistant Treasurer, Secretary or Assistant Secretary of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Officer&rsquo;s
Certificate</I>&rdquo; means a certificate signed by any Officer (or any person designated in writing by an Officer of the Company
as authorized to execute and deliver Officer&rsquo;s Certificates) and delivered to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Opinion
of Counsel</I>&rdquo; means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company. Opinions
of Counsel required to be delivered under this Indenture may have qualifications customary for opinions of the type required.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>person</I>&rdquo;
means any individual, corporation, company, voluntary association, partnership, trust, joint venture, limited liability company,
unincorporated organization or government or any agency, instrumentality or political subdivision thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>principal</I>&rdquo;
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Responsible
Officer</I>&rdquo; means any officer of the Trustee in its Corporate Trust Office having direct responsibility for administration
of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with a particular subject and who shall have direct
responsibility for the administration of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>SEC</I>&rdquo;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Securities</I>&rdquo;
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Series</I>&rdquo;
or &ldquo;<I>Series of Securities</I>&rdquo; means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Stated
Maturity</I>&rdquo; when used with respect to any Security, means the date specified in such Security as the fixed date on which
the principal of such Security is due and payable.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Subsidiary</I>&rdquo;
means, with respect to any person, any corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the outstanding shares of Capital Stock or other interests having the power to vote in the election of directors,
managers or trustees thereof is at the time directly or indirectly owned or controlled by such person or one or more of the other
Subsidiaries of such person, or a combination thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>TIA</I>&rdquo;
means the Trust Indenture Act of 1939 (15 U.S. Code &sect;&sect; 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, &ldquo;TIA&rdquo; means, to the extent required
by any such amendment, the Trust Indenture Act as so amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Trustee</I>&rdquo;
means the person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include
each person who is then a Trustee hereunder, and if at any time there is more than one such person, &ldquo;Trustee&rdquo; as used
with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>United
States</I>&rdquo; or &ldquo;<I>U.S</I>.&rdquo; means The United States of America (including the states thereof and the District
of Columbia), its territories and possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>U</I>.<I>S.
Government Obligations</I>&rdquo; means securities which are direct obligations of, or guaranteed by, The United States of America
for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian
for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Definitions</U>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><B>TERM</B></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>DEFINED IN SECTION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Bankruptcy Law</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Custodian</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Event of Default</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Judgment Currency</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Legal Holiday</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>mandatory sinking fund payment</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">11.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>optional sinking fund payment</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">11.1</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Paying Agent</I>&rdquo;</TD>
    <TD STYLE="width: 34%; padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Registrar</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>Required Currency</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&ldquo;<I>successor person</I>&rdquo;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">5.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporation by Reference of Trust Indenture Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Commission</I>&rdquo;
means the SEC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>indenture
securities</I>&rdquo; means the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>indenture
security holder</I>&rdquo; means a Securityholder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>indenture
to be qualified</I>&rdquo; means this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>indenture
trustee</I>&rdquo; or &ldquo;<I>institutional trustee</I>&rdquo; means the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>obligor</I>&rdquo;
on the indenture securities means the Company and any successor obligor upon the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All other terms
used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the
TIA and not otherwise defined herein are used herein as so defined.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rules of Construction</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless the context
otherwise requires:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a term has the meaning assigned to it;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>or</I>&rdquo; is not exclusive;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>words in the singular include the plural, and in the plural include the singular; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provisions apply to successive events and transactions.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE II<BR>
<FONT STYLE="text-transform: uppercase">THE SECURITIES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuable in Series</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided
in a Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate establishing the terms of such Series. In the
case of Securities of a Series to be issued from time to time, the Board Resolution, Officer&rsquo;s Certificate or supplemental
indenture establishing the terms thereof may provide for the method by which specified terms (such as interest rate, maturity date,
record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of
any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Establishment of Terms of Series of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection
2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through
2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental
indenture hereto or Officer&rsquo;s Certificate:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) of
the Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will
be issued;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the Series pursuant to Section 2.8, 2.9, 2.12, 3.6 or 9.6);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the date or dates on which the principal of the Securities of the Series is payable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities
of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates
on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest
payment date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where
the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon
the Company</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">in respect of the
Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other
means;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
the Securities of the Series must be redeemed or may be redeemed, in whole or in part, at the option of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if other than denominations of $1,000 and integral multiples of $1,000 in excess thereof, the denominations in which the
Securities of the Series shall be issuable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such
currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite
currency;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any,
on the Securities of the Series will be made;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies
or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with
respect to such payments will be determined;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be
determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity,
commodity index, stock exchange index or financial index;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.17<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the provisions, if any, relating to any security provided for the Securities of the Series;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.18<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 6.2;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.19<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any addition to, deletion of or change in the covenants set forth in Articles&nbsp;IV or V which applies to Securities of
the Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.20<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any Depositaries, trustees, interest rate calculation agents, exchange rate calculation agents or other agents with respect
to Securities of such Series if other than those appointed herein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.21<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the
conversion or exchange price, the conversion or exchange period, the securities or other property into which the Securities will
be convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the
option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion
or exchange if such Series of Securities are redeemed;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.22<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>whether any of the Company&rsquo;s direct or indirect Subsidiaries will guarantee the Securities of that Series, including
the terms of subordination, if any, of such guarantees; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.23<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies
to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the
marketing of Securities of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All Securities of
any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate referred to
above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Denominations; Provision for Payment</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Securities of
any Series shall be issuable, except as otherwise provided with respect to Securities of any Series pursuant to Section 2.2, as
registered Securities in the denominations of one thousand Dollars ($1,000) or any integral multiples of $1,000 in excess thereof.
Unless otherwise provided with respect to Securities of any Series pursuant to Section 2.2, the principal of and the interest on
the Securities of any Series, if any, thereon, shall by payable in Dollars at the Corporate Trust Office of the Trustee. Unless
otherwise specified pursuant to Section 2.2 with respect to any Securities of any Series, interest on the Securities of any Series
shall be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution and Authentication</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Two Officers shall
sign the Securities for the Company by manual or facsimile signature.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A Security shall
not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee shall
at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officer&rsquo;s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall
be dated the date of its authentication.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate delivered pursuant to Section
2.2, except as provided in Section 2.9.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in conclusively
relying on: (a) the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate delivered pursuant to Section
2.2 establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities
of that Series or of Securities within that Series, (b) an Officer&rsquo;s Certificate complying with Section 9.7 (with respect
to the execution of supplemental indentures) and Section 10.4, and (c) an Opinion of Counsel complying with Section 9.7 (with respect
to the execution of supplemental indentures) and Section 10.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee shall
have the right, but not the obligation, to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee,
being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith determines
that such action would expose the Trustee to personal liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar and Paying Agent</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series, an office or
agency where Securities of such Series may be presented or surrendered for payment (&ldquo;Paying Agent&rdquo;) and where Securities
of such Series may be surrendered for registration of transfer or exchange (&ldquo;Registrar&rdquo;). The Registrar shall keep
a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice
to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying Agent. If at any time
the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name
and address thereof, such presentations and surrenders may be made or</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain
a Registrar or Paying Agent in each place so specified 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 name or address of any such co-registrar
or additional paying agent. The term &ldquo;Registrar&rdquo; includes any co-registrar; and the term &ldquo;Paying Agent&rdquo;
includes any additional paying agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company hereby
appoints the Trustee as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the
case may be, is appointed prior to the time Securities of that Series are first issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Paying Agent to Hold Money in Trust</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit
of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal
of or interest on the Securities of that Series, and will notify the Trustee in writing of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.
The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee,
the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the
Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit
of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar
proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securityholder Lists</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA &sect; 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request
in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Exchange</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Where Securities
of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">transactions are met.
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar&rsquo;s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein),
but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.12, 3.6
or 9.6).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of
that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilated, Destroyed, Lost and Stolen Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If there shall be
delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and
(b) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in
the absence of written notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu
of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case any such
mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon the issuance
of any new Security under this Section 2.9, 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every new Security
of any Series issued pursuant to this Section 2.9 in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that Series duly issued hereunder.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
this Section 2.9 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Outstanding Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by the Registrar and those described
in this Section 2.10 as not outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Security is
replaced pursuant to Section 2.9, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series
money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Treasury Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except
that for the purposes of determining whether the Trustee shall be protected in conclusively relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right to deliver any such request, demand, authorization,
direction, notice, consent or waiver with respect to the 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Temporary Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Until definitive
Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company
Order. Temporary Securities</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities
of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have
the same rights under this Indenture as the definitive Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent, if not the Trustee, shall forward
to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement, conversion or cancellation and shall dispose of such canceled
Securities (subject to the record retention requirement of the Exchange Act and the Trustee) in accordance with its customary procedures
and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new
Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Defaulted Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company defaults
in a payment of interest on a Series of Securities, it may pay the defaulted interest, plus, to the extent permitted by law, any
interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall
mail to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and
the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Global Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Terms of Securities</U>. A Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate shall
establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and
the Depositary for such Global Security or Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Exchange</U>. Notwithstanding any provisions to the contrary contained in Section 2.8 of this Indenture
and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.8 of this Indenture for Securities registered
in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be
a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered
as a clearing agency under the Exchange Act within 90 days of such event or (b) the Company determines in its sole discretion not
to have such Securities represented by one or more Global Securities and executes and delivers to the Trustee an Officer&rsquo;s
Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as provided
in this Section 2.15.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Legend</U>. Any Global Security issued hereunder shall bear a legend in substantially the following form:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Acts of Holders</U>. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or
take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give
or take under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Payments</U>. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section
2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof, which in the
case of a Depositary therefor will be made in accordance with its applicable procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Consents, Declaration and Directions</U>. The Company, the Trustee and any Agent shall treat a person as the Holder of
such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written
statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes
of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CUSIP Numbers</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company in issuing
the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo;
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">notice of a redemption
and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Trustee shall have no liability for any defect in the &ldquo;CUSIP&rdquo;
numbers as they appear on any Security, notice or elsewhere. The Company will promptly notify the Trustee in writing of any change
in the &ldquo;CUSIP&rdquo; numbers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE III<BR>
<FONT STYLE="text-transform: uppercase">REDEMPTION</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may,
with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem
and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee
in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice
to the Trustee at least 45 days before the redemption date, unless a shorter period is satisfactory to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Selection of Securities to be Redeemed</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, if
less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed
in any manner that the Trustee deems fair and appropriate, including selecting by lot or other method, unless otherwise required
by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures
of the Depositary; <I>provided tha</I>t the unredeemed portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security. The Trustee shall make the selection
from Securities of the Series outstanding not previously called for redemption. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Redemption</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, at least
30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to
each Holder whose Securities are to be redeemed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The notice shall
identify the Securities of the Series to be redeemed and shall state:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the redemption date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the redemption price and the amount of accrued interest, if any, to be paid;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the name and address of the Paying Agent and, if applicable, the conversion Agent;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for convertible Securities, the conversion price;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any Global Security is being redeemed in part, the portion of the principal amount of such Global Security to be redeemed
and that, after the redemption date upon surrender of such Global Security, the principal amount thereof will be decreased by the
portion thereof redeemed pursuant thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any Certificated Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed,
and that, after the redemption date, upon surrender of such Security, a new Certificated Security in principal amount equal to
the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Certificated
Security;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that Securities of the Series (or portion thereof) called for redemption must be surrendered to the Paying Agent to collect
the redemption price;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless
the Company defaults in the deposit of the redemption price;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the CUSIP number, if any, and state that no representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in the SEC&rsquo;s notice or printed on the Securities; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At the Company&rsquo;s
request, the Trustee shall give the notice of redemption in the Company&rsquo;s name and at its expense, provided, however, that
the Company has delivered to the Trustee, at least 15 days (unless a shorter time shall be acceptable to the Trustee) prior to
the notice date, an Officer&rsquo;s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Notice of Redemption</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Once notice of redemption
is mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date
and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer&rsquo;s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid
at the redemption price plus accrued interest to the redemption date other than Securities or portions of Securities called for
redemption which have been delivered by the Company to the Registrar for cancellation. The Paying Agent shall return to the Company
any money not required for that purpose.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless the Company
shall default in the payment of Securities (and accrued interest) called for redemption, interest on such Securities shall cease
to accrue after the redemption date. Convertible Securities called for redemption shall cease to be convertible after the close
of business on the Business Day immediately preceding the redemption date, unless the Company shall default in the payment of such
Securities on the redemption date, in which event the Securities shall remain convertible until paid (together with accrued interest).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Failure to give
notice of redemption, or any defect in such notice to the Holder of any Security of a Series designated for redemption, in whole
or in part, shall not affect the sufficiency of any notice of redemption with respect to the Holder of any other Security of such
Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Redemption Price</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On or before 10:00
a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Redeemed in Part</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon surrender of
a Certificated Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Certificated Security of
the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered and concurrently
cancel the surrendered Certificated Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE IV<BR>
<FONT STYLE="text-transform: uppercase">COVENANTS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Principal and Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company covenants
and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and
interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before
10:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient
to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities
and this Indenture. Principal and interest shall be considered paid on the date due if the Paying Agent holds in accordance with
this Indenture on that date money sufficient to pay all principal and interest then due and the Paying Agent is not prohibited
from paying such money to the Holders on such date pursuant to the terms of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports by Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As long as any Securities are outstanding, the Company shall file with the Trustee, and transmit to the Holders, such information,
documents and other reports, and such summaries thereof, as may be required pursuant to TIA &sect; 314(a). All reports, information
and documents referred to in this Section 4.2 will be deemed to be filed with the Trustee and transmitted to the Holders at the
time such reports, information or documents are publicly filed</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">with the SEC via the
SEC&rsquo;s EDGAR filing system (or any successor system), it being understood that the Trustee shall have no responsibility whatsoever
to determine if such filings have been made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Delivery of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only
and shall not constitute a representation or warranty as to the accuracy or completeness of the reports, information and documents.
The Trustee&rsquo;s receipt of the foregoing 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 Officer&rsquo;s Certificates).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance Certificate</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent any
Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal
year of the Company, an Officer&rsquo;s Certificate (which need not contain the statements provided for in Section 10.4) from its
principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities
of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer
with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture,
and further stating, as to such Officer signing such certificate, that to his or her knowledge the Company is not in default in
the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which the Officer has knowledge). Such Officer&rsquo;s Certificate
need not include a reference to any non-compliance that has been fully cured prior to the date as of which such certificate speaks.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stay, Extension and Usury Laws</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law has been enacted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Existence</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to Article
V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and rights (charter and statutory); provided, however, that the Company shall not be required to preserve any such right if the
Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE V<BR>
<FONT STYLE="text-transform: uppercase">SUCCESSORS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consolidation, Merger and Sale of Assets</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
not consolidate with or merge with or into, sell, convey, transfer or dispose of all or substantially all of its assets to any
other person (a &ldquo;<I>successor person</I>&rdquo;), whether in one transaction or a series of related transactions, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) the Company is the surviving corporation or (ii) the successor person (if other than the Company) (A) is a corporation,
limited liability corporation, partnership or trust organized under the laws of the United States; and (B) expressly assumes, by
an indenture supplemental hereto, the Company&rsquo;s obligations on the Securities and under this Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>immediately after giving effect to the transaction, no Default or Event of Default shall have happened and be continuing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
deliver to the Trustee prior to the consummation of the proposed transaction an Officer&rsquo;s Certificate to the foregoing effect
and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with Section 5.1 of this
Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company.
Neither an Officer&rsquo;s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Person Substituted</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon any consolidation
or merger, or any sale, conveyance, transfer, or lease of all or substantially all of the assets of the Company and its Subsidiaries
in accordance with Section 5.1, the successor person formed by such consolidation or into or with which the Company is merged or
to which such sale, conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture and the Securities with the same effect as if such successor person has been named
as the Company herein; and, thereafter, the predecessor Company, in the case of a sale, conveyance or transfer (other than a lease),
shall be released from all obligations and covenants under this Indenture and the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE VI<BR>
<FONT STYLE="text-transform: uppercase">DEFAULTS AND REMEDIES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Default</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Event
of Default</I>,&rdquo; wherever used herein with respect to Securities of any Series, means any one of the following events, unless
in the establishing Board Resolution, supplemental indenture or Officer&rsquo;s Certificate, it is provided that such Series shall
not have the benefit of said Event of Default:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure to pay any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying
Agent prior to 10:00 a.m., New York City time, on the 30th day of such period);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure to pay principal of any Security of that Series at its Maturity;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the performance or breach of any covenant of the Company in this Indenture (other than defaults pursuant to sub-clauses
(a) through (c) above or defaults related to a covenant that has been included in this Indenture solely for the benefit of a Series
of Securities other than that Series), which default continues uncured for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a &ldquo;Notice of Default&rdquo; hereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>commences a voluntary case,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the entry of an order for relief against it in an involuntary case,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the appointment of a Custodian of it or for all or substantially all of its property, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>makes a general assignment for the benefit of its creditors;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>is for relief against the Company in an involuntary case,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>appoints a Custodian of the Company or for all or substantially all of its property, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution,
a supplemental indenture hereto or an Officer&rsquo;s Certificate, in accordance with Section 2.2.18.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term &ldquo;<I>Bankruptcy
Law</I>&rdquo; means title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term &ldquo;Custodian&rdquo;
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A Default under
one Series of Securities issued under this Indenture will not necessarily be a default under another Series of Securities under
this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company will,
so long as any of the Securities are outstanding, deliver to the Trustee, within 30 days of becoming aware of any Default or Event
of Default, an Officer&rsquo;s Certificate specifying such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration of Maturity; Rescission and Annulment</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Event of Default
with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred
to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if
any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid
interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur,
the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall <I>ipso
facto</I> become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At any time after
such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount
of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 6.13.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No such rescission
shall affect any subsequent Default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company covenants
that if</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the payment of principal of any Security at the Maturity thereof, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>then</I>, the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Event of Default
with respect to any 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 by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May File Proofs of Claim</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relating to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor
or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for
the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and
to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May Enforce Claims Without Possession of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Money Collected</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any money or property
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">First: To the payment
of all amounts due to the Trustee under this Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Second: To the payment
of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which
such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on
such Securities for principal and interest, respectively; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Third: To the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Suits</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No Holder of any
Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Holders of not less than 25% in principal amount of the outstanding Securities of that Series 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>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by the Trustee in compliance with such request;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer
of indemnity; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">it being understood, intended and expressly
covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
such Holders of the applicable Series; <U>provided</U>, <U>however</U>, that the Trustee does not have an affirmative duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unconditional Right of Holders to Receive Principal and Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision in this Indenture, the Holder of any Security has the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity
expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restoration of Rights and Remedies</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee or
any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights and Remedies Cumulative</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.9, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delay or Omission Not Waiver</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No delay or omission
of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Control by Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Holders of a
majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such Series, provided that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such direction shall not be in conflict with any rule of law or with this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the
Trustee in personal liability; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Past Defaults</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Holders of not
less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities
of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment
of the principal of or interest on any Security of such Series (<U>provided</U>, <U>however</U>, that the Holders of a majority
in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any
related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undertaking for Costs</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All parties to this
Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo;
fees 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 6.14 shall not apply to any suit instituted by the Company, to
any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than
10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated
Maturity expressed in such Security (or, in the case of redemption, on the redemption date).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE VII<BR>
<FONT STYLE="text-transform: uppercase">TRUSTEE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duties of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person&rsquo;s own affairs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except during the continuance of an Event of Default:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officer&rsquo;s Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officer&rsquo;s Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer&rsquo;s
Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This sub-clause (c) does not limit the effect of sub-clause (b) of this Section 7.1.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to
Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such 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 in accordance with Section 6.12.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Every provision of this Indenture that in any way relates to the Trustee is subject to sub-clauses (a), (b) and (c) of this
Section 7.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it
against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for interest on any money received by it. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability
in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such
risk is not assured to the Trustee in its satisfaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are
set forth in sub-clauses (e), (f) and (g) of this Section 7.1 and in Section 7.2, each with respect to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether
in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The
Trustee need not investigate any fact or matter stated in the document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officer&rsquo;s Certificate or an Opinion
of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in conclusive reliance
on such Officer&rsquo;s Certificate or Opinion of Counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers, provided that the Trustee&rsquo;s conduct does not constitute willful misconduct or negligence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible
Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the
Securities of a particular Series and this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss
or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 to act hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Individual Rights of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate
of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However,
the Trustee is also subject to Sections 7.10 and 7.11 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee&rsquo;s Disclaimer</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee makes
no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company&rsquo;s
use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Defaults</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Default or
Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event
of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default
or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security
of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is
in the interests of Securityholders of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports by Trustee to Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Within 60 days after
each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses
appear on the register kept by the Registrar, a brief report dated as of such reporting date, in accordance with, and to the extent
required under, TIA &sect; 313.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on
which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any
Series are listed on any national securities exchange or of any delisting thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Indemnity</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree
upon in writing. The Trustee&rsquo;s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall
include the reasonable compensation and expenses of the Trustee&rsquo;s agents and counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
indemnify each of the Trustee and any predecessor Trustee against any cost, expense, claim (whether asserted by the Company, a
Holder or any other person) or</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">liability (including
the cost of defending itself), including taxes (other than taxes based upon, measured by or determined by the income of the Trustee),
incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially
prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one
separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company need
not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee
or shareholder of the Trustee through willful misconduct or negligence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To secure the Company&rsquo;s
payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.1(f) or (g) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
this Section 7.7 shall survive the termination of this Indenture or the resignation or removal of the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A resignation or
removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee&rsquo;s acceptance
of appointment as provided in this Section 7.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee may
resign at any time with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the
date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the
Trustee with respect to that Series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee
with respect to Securities of one or more Series if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee fails to comply with Section 7.10;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a Custodian or public officer takes charge of the Trustee or its property; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee becomes incapable of acting.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of
the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense
of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement
of the Trustee pursuant to this Section 7.8, the Company&rsquo;s obligations under Section 7.7 hereof shall continue for the benefit
of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance
with its rights, powers and duties under this Indenture prior to such replacement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Trustee by Merger, Etc</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee, if such successor corporation is eligible and qualified
under Section 7.10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Eligibility; Disqualification</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture shall
always have a Trustee who satisfies the requirements of TIA &sect;&nbsp;310(a)(1), (2) and (5). The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with TIA &sect; 310(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preferential Collection of Claims Against Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee is subject
to TIA &sect; 311(a), excluding any creditor relationship listed in TIA &sect; 311(b). A Trustee who has resigned or been removed
shall be subject to TIA &sect; 311(a) to the extent indicated.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE VIII<BR>
<FONT STYLE="text-transform: uppercase">SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction and Discharge of Indenture</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture shall
upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the
expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>either</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.9) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all such Securities not theretofore delivered to the Trustee for cancellation:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have become due and payable, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">(2)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>will become due and payable at their Stated Maturity within one year, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">and the Company, in
the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
an amount of money or U.S. Government Obligations sufficient for the purpose of paying and discharging the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit
(in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity
or redemption date, as the case may be;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money
shall have been deposited with the Trustee pursuant to sub-clause (a) of this Section 8.1, the provisions of Sections 2.5, 2.8,
2.9, 8.2 and 8.5 shall survive.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Trust Funds; Indemnification</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to
Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose
payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments
as contemplated by Sections 8.3 or 8.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal
received in respect of such obligations other than any payable by or on behalf of Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or
Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized
firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the
Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which
such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not
authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Defeasance of Securities of any Series</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless this Section
8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in sub-clause (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company
Order, execute instruments acknowledging the same), except as to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rights of Holders of Securities of such Series to receive, from the trust funds described in sub-clause (d) hereof,
(i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series
on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments
applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms
of this Indenture and the Securities of such Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the provisions of Sections 2.5, 2.8, 2.9, 8.2, 8.3 and 8.5; and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rights, powers, trust and immunities of the Trustee hereunder and the Company&rsquo;s obligations in connection therewith;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">provided that, the following conditions
shall have been satisfied:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee
as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely
to the benefit of the Holders of such Securities: (i) in the case of Securities of such Series denominated in Dollars, cash in
Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms (and without reinvestment), will provide, not later than one day before the due
date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public
accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of
such Series on the dates such installments of interest or principal and such sinking fund payments are due;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit or during the period ending on the 91st day after such date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel to the effect that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such
deposit, defeasance and discharge had not occurred;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by
the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the defeasance contemplated by this Section 8.3 have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenant Defeasance</U>.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless this Section
8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply
with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2 and 4.3, 4.4 and
5.1as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officer&rsquo;s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not
constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified
in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant
to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect
to the Securities of such Series, provided that the following conditions shall have been satisfied:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided
in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities: (i) in the case of Securities of such
Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through
the payment of interest and principal in respect thereof in accordance with their terms (and without reinvestment), will provide,
not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments
in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments
are due;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such
Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and covenant defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such deposit and covenant defeasance had not occurred;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Officer&rsquo;s Certificate stating the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section 8.4 have been complied
with.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Repayment to Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment
of principal or interest that remains unclaimed for two years after such principal or interest has become due and payable. After
that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned
property law designates another person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reinstatement</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee or
the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of
such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant
to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section
8.1; provided, however, that if the Company has made any payment of principal of or interest on any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE IX<BR>
<FONT STYLE="text-transform: uppercase">AMENDMENTS AND WAIVERS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Without Consent of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add guarantees with respect to any Series of Securities or secure any Series of Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to surrender any of the Company&rsquo;s rights or powers under this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add covenants or Events of Default for the benefit of the Securityholders of any Series of Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with the applicable rules or procedures of the Depositary;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to cure any ambiguity, defect or inconsistency, as described in the Officer&rsquo;s Certificate delivered pursuant to Section
10.4;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with Article V;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide for uncertificated Securities in addition to or in place of certificated Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to make any change that does not materially adversely affect the rights of any Securityholder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted
by this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities
may be listed or traded; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall not be
effective with respect to any outstanding Securities of any Series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>With Consent of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in
principal amount of the outstanding Securities of any Series by written notice to the Trustee (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision
of this Indenture or the Securities with respect to such Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It shall not be
necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this Section 9.2 becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice
briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Without the consent
of each Securityholder affected, an amendment or waiver may not:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the rate of or extend the time for payment of interest (including default interest) on any Security or that Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal of, or change the Stated Maturity of, any Security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission
of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the then outstanding
Securities of such Series and a waiver of the payment default that resulted from such acceleration);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any change in Sections 6.8 or 6.13 or this Section 9.3; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>waive a redemption payment with respect to any Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Trust Indenture Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every amendment
to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with
the TIA as then in effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Revocation and Effect of Consents</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Until an amendment
is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder&rsquo;s Security, even if notation of the consent is not made on any Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any amendment or
waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type
described in any of sub-clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of
a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt
as the consenting Holder&rsquo;s Security.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may,
but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take
any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any
such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notation on or Exchange of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company or the
Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.
The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities
of that Series that reflect the amendment or waiver.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee Protected</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively
relying upon, an Officer&rsquo;s Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the
supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to customary exceptions. The Trustee shall sign all supplemental indentures upon delivery of such an Officer&rsquo;s
Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that, in its sole discretion,
adversely affects its rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE X<BR>
<FONT STYLE="text-transform: uppercase">MISCELLANEOUS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trust Indenture Act Controls</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any provision
of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the TIA, such required or deemed provision shall control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any request, demand,
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">if to the Company:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">Lawson Products, Inc.<BR>
8770 W. Bryn Mawr Avenue, Suite 900<BR>
Chicago, Illinois 60631<BR>
Attention: Chief Financial Officer<BR>
Telephone: (773) 304-5050</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">if to the Trustee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">Attention:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect
to other Securityholders of that or any other Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a notice or communication
is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder
receives it.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company mails
a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Communication by Holders with Other Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Securityholders
of any Series may communicate pursuant to TIA &sect; 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA &sect; 312(c).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificate and Opinion as to Conditions Precedent</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon any request
or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an Officer&rsquo;s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with; and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statements Required in Certificate or Opinion</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA &sect; 314(a)(4)) shall comply with the provisions of TIA &sect; 314(e) and shall include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that the person making such certificate or opinion has read such covenant or condition;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rules by Trustee and Agents</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee may
make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Holidays</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
provided by Board Resolution, Officer&rsquo;s Certificate or supplemental indenture hereto for a particular Series, a &ldquo;<I>Legal
Holiday</I>&rdquo; is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Recourse Against Others</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A director, officer,
employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jury Trial Waiver</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS INDENTURE AND
THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">EACH OF THE COMPANY
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>No Adverse Interpretation of Other Agreements</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture may
not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Successors</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All agreements of
the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall
bind its successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case any provision
in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Table of Contents, Headings, Etc</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Table of Contents,
Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Securities in a Foreign Currency</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
specified in a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate delivered pursuant to Section
2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may
be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected
by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated
in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon
issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto
or an Officer&rsquo;s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities,
such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the
&ldquo;Currency Rates&rdquo; section (or, if The Financial Times is no longer published, or if such information is no longer available
in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions
of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in
currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All decisions and
determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law,
be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Judgment Currency</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company agrees,
to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in
any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of
any Series (the &ldquo;<I>Required Currency</I>&rdquo;) into a currency in which a judgment will be rendered (the &ldquo;<I>Judgment
Currency</I>&rdquo;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable
judgment is entered, unless such day is not a Business Day, then the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency
on the Business Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture
to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to
the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.17<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Force Majeure</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In no event shall
the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or
caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 10.18<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>U.S.A. Patriot Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture
agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE XI<BR>
<FONT STYLE="text-transform: uppercase">SINKING FUNDS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Applicability of Article</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms
of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series
issued pursuant to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a &ldquo;<I>mandatory
sinking fund payment</I>&rdquo; and any other amount provided for by the terms of Securities of such Series is herein referred
to as an &ldquo;<I>optional sinking fund payment</I>.&rdquo; If provided for by the terms of Securities of any Series, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be
applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction of Sinking Fund Payments with Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may,
in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either
at the election of the Company pursuant to the terms of the Securities of such Series (except pursuant to any mandatory sinking
fund) or through the application of permitted optional sinking fund payments</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">or other optional
redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such
Securities shall be received by the Trustee, together with an Officer&rsquo;s Certificate with respect thereto, not later than
15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order
to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption,
except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying
Agent and applied to the next succeeding sinking fund payment, <U>provided</U>, <U>however</U>, that the Trustee or such Paying
Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held
by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company
having an unpaid principal amount equal to the cash payment required to be released to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption of Securities for Sinking Fund</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Not less than 45
days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate in respect
of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver
to the Trustee an Officer&rsquo;s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and
the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer&rsquo;s
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2
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;3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Sections 3.4, 3.5 and 3.6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[<I>Signature page follows</I>]</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: justify">LAWSON PRODUCTS, INC., as Issuer</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Name:</TD>
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Its:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">Its:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>l02121_x42.htm
<DESCRIPTION>FORM OF INDENTURE FOR SUBORDINATED DEBT SECURITIES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 4.2</P>

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

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

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

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

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><BR>
<BR>
LAWSON PRODUCTS, INC.<BR>
<BR>
INDENTURE<BR>
<BR>
Dated as of , 20<BR>
<BR>
[ ]<BR>
Trustee<BR>
<BR>
<BR>
<BR>
Subordinated Debt Securities</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
I&#9;DEFINITIONS AND INCORPORATION BY REFERENCE&#9;1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
1.1&#9;Definitions&#9;1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
1.2&#9;Other Definitions&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
1.3&#9;Incorporation by Reference of Trust Indenture Act&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
1.4&#9;Rules of Construction&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
II&#9;THE SECURITIES&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.1&#9;Issuable in Series&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.2&#9;Establishment of Terms of Series of Securities&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.3&#9;Denominations; Provision for Payment&#9;8</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.4&#9;Execution and Authentication&#9;8</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.5&#9;Registrar and Paying Agent&#9;9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.6&#9;Paying Agent to Hold Money in Trust&#9;10</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.7&#9;Securityholder Lists&#9;10</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.8&#9;Transfer and Exchange&#9;10</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.9&#9;Mutilated, Destroyed, Lost and Stolen Securities&#9;11</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.10&#9;Outstanding Securities&#9;12</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.11&#9;Treasury Securities&#9;12</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.12&#9;Temporary Securities&#9;12</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.13&#9;Cancellation&#9;13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.14&#9;Defaulted Interest&#9;13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
2.15&#9;Global Securities&#9;13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
2.16&#9;CUSIP Numbers&#9;14</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
III&#9;REDEMPTION&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
3.1&#9;Notice to Trustee&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
3.2&#9;Selection of Securities to be Redeemed&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
3.3&#9;Notice of Redemption&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
3.4&#9;Effect of Notice of Redemption&#9;16</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
3.5&#9;Deposit of Redemption Price&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
3.6&#9;Securities Redeemed in Part&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
IV&#9;COVENANTS&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
4.1&#9;Payment of Principal and Interest&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
4.2&#9;Reports by Company&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
4.3&#9;Compliance Certificate&#9;18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
4.4&#9;Stay, Extension and Usury Laws&#9;18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
4.5&#9;Corporate Existence&#9;18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
V&#9;SUCCESSORS&#9;19</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
5.1&#9;Consolidation, Merger and Sale of Assets&#9;19</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
5.2&#9;Successor Person Substituted&#9;19</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
VI&#9;DEFAULTS AND REMEDIES&#9;20</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.1&#9;Events of Default&#9;20</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.2&#9;Acceleration of Maturity; Rescission and Annulment&#9;21</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.3&#9;Collection of Indebtedness and Suits for Enforcement by Trustee&#9;21</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.4&#9;Trustee May File Proofs of Claim&#9;22</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.5&#9;Trustee May Enforce Claims Without Possession of Securities&#9;23</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.6&#9;Application of Money Collected&#9;23</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.7&#9;Limitation on Suits&#9;24</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.8&#9;Unconditional Right of Holders to Receive Principal and Interest&#9;24</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.9&#9;Restoration of Rights and Remedies&#9;24</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.10&#9;Rights and Remedies Cumulative&#9;25</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.11&#9;Delay or Omission Not Waiver&#9;25</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.12&#9;Control by Holders&#9;25</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
6.13&#9;Waiver of Past Defaults&#9;25</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
6.14&#9;Undertaking for Costs&#9;26</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
VII&#9;TRUSTEE&#9;26</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.1&#9;Duties of Trustee&#9;26</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.2&#9;Rights of Trustee&#9;27</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.3&#9;Individual Rights of Trustee&#9;29</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.4&#9;Trustee&rsquo;s Disclaimer&#9;29</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.5&#9;Notice of Defaults&#9;29</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.6&#9;Reports by Trustee to Holders&#9;29</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.7&#9;Compensation and Indemnity&#9;29</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.8&#9;Replacement of Trustee&#9;30</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.9&#9;Successor Trustee by Merger, Etc&#9;31</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
7.10&#9;Eligibility; Disqualification&#9;31</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
7.11&#9;Preferential Collection of Claims Against Company&#9;32</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
VIII&#9;SATISFACTION AND DISCHARGE; DEFEASANCE&#9;32</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
8.1&#9;Satisfaction and Discharge of Indenture&#9;32</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
8.2&#9;Application of Trust Funds; Indemnification&#9;33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
8.3&#9;Legal Defeasance of Securities of any Series&#9;33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
8.4&#9;Covenant Defeasance&#9;35</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
8.5&#9;Repayment to Company&#9;36</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
8.6&#9;Reinstatement&#9;36</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
IX&#9;AMENDMENTS AND WAIVERS&#9;36</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
9.1&#9;Without Consent of Holders&#9;36</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
9.2&#9;With Consent of Holders&#9;37</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
9.3&#9;Limitations&#9;38</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
9.4&#9;Compliance with Trust Indenture Act&#9;38</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
9.5&#9;Revocation and Effect of Consents&#9;38</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
9.6&#9;Notation on or Exchange of Securities&#9;39</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
9.7&#9;Trustee Protected&#9;39</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
X&#9;MISCELLANEOUS&#9;39</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.1&#9;Trust Indenture Act Controls&#9;39</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.2&#9;Notices&#9;40</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.3&#9;Communication by Holders with Other Holders&#9;40</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.4&#9;Certificate and Opinion as to Conditions Precedent&#9;40</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.5&#9;Statements Required in Certificate or Opinion&#9;41</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.6&#9;Rules by Trustee and Agents&#9;41</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.7&#9;Legal Holidays&#9;41</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.8&#9;No Recourse Against Others&#9;41</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.9&#9;Counterparts&#9;42</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.10&#9;Governing Law; Jury Trial Waiver&#9;42</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.11&#9;No Adverse Interpretation of Other Agreements&#9;42</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.12&#9;Successors&#9;42</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.13&#9;Severability&#9;42</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.14&#9;Table of Contents, Headings, Etc&#9;42</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.15&#9;Securities in a Foreign Currency&#9;43</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.16&#9;Judgment Currency&#9;43</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
10.17&#9;Force Majeure&#9;44</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
10.18&#9;U.S.A. Patriot Act&#9;44</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
XI&#9;SINKING FUNDS&#9;44</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
11.1&#9;Applicability of Article&#9;44</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
11.2&#9;Satisfaction of Sinking Fund Payments with Securities&#9;44</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt 1.75in; text-align: justify; text-indent: -1.25in">Section
11.3&#9;Redemption of Securities for Sinking Fund&#9;45</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0.5in 6pt 1.25in; text-transform: uppercase; text-align: justify; text-indent: -1.25in">ARTICLE
XII&#9;SUBORDINATION OF SECURITIES&#9;46</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.75in; text-align: justify; text-indent: -1.25in">Section
12.1&#9;Subordination of Terms&#9;46</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">LAWSON PRODUCTS, INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Reconciliation and tie between Trust
Indenture Act of 1939 and<BR>
Indenture, dated as of , 20</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-bottom: 6pt; text-align: justify">&sect; 310(a)(1)</TD>
    <TD STYLE="width: 49%; padding-bottom: 6pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(2)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(3)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(4)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(5)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 311(a)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 312(a)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">2.7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">10.3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(c)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">10.3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 313(a)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)(1)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)(2)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(c)(1)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(d)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 314(a)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">4.2, 10.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(c)(1)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">10.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(c)(2)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">10.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(c)(3)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(d)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(e)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">10.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(f)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 315(a)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(c)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(d)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">7.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(e)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">6.14</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-bottom: 6pt; text-align: justify">&sect; 316(a)</TD>
    <TD STYLE="width: 49%; padding-bottom: 6pt; text-align: right">2.11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(1)(A)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">6.12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(1)(B)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">6.13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">6.8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 317(a)(1)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">6.3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(a)(2)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">6.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">(b)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">2.6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify">&sect; 318(a)</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">10.1</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Note: This reconciliation and tie shall
not, for any purpose, be deemed to be part of the Indenture.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Indenture dated as of , 20 , between
LAWSON PRODUCTS, INC., a Delaware corporation (&ldquo;Company&rdquo;), and , as trustee (&ldquo;<I>Trustee</I>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each party agrees as follows for the
benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE I<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Affiliate&rdquo;</I>
of any specified person means any other person directly or indirectly controlling or controlled by or under common control with
such specified person. For the purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms
&ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;), as used with respect to any person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through
the ownership of voting securities or by agreement or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Agent&rdquo;</I>
means any Registrar or Paying Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Board
of Directors&rdquo;</I> means the board of directors of the Company or any duly authorized committee thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Board
Resolution&rdquo;</I> means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect
on the date of the certification and delivered to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Business
Day&rdquo;</I> means, for a particular Series, any day except a Saturday, Sunday or any day, including a legal holiday, on which
banking institutions are authorized or required by law, regulation or executive order to close in The City of New York (or in connection
with any payment, the place of payment).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Capital
Stock&rdquo;</I> of any person means any and all shares, interests, participations, rights or other equivalents (however designated)
of the equity of such person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Certificated
Securities&rdquo;</I> means definitive Securities in registered non-global certificated form.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Company&rdquo;</I>
means the party named as such above until a successor, which duly assumes the obligations under this Indenture, replaces it and
thereafter means the successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Company
Order&rdquo;</I> means a written order signed in the name of the Company by an Officer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Corporate
Trust Office&rdquo;</I> means the office of the Trustee at which at any particular time its corporate trust business related to
this Indenture shall be principally administered, which</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">office at the date
hereof is located at , Attention: , or such other address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the corporate trust office of any successor Trustee at which this Indenture shall be administered (or such
other address as a successor Trustee may designate from time to time by notice to the Holders of the Company).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Default&rdquo;</I>
means any event which is, or after notice or passage of time or both would be, an Event of Default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Depositary&rdquo;</I>
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, <I>&ldquo;Depositary&rdquo;</I> as used with respect to
the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Discount
Security&rdquo;</I> means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Dollars&rdquo;</I>
and <I>&ldquo;$&rdquo;</I> means the currency of The United States of America.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Exchange
Act&rdquo;</I> means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Foreign
Currency&rdquo;</I> means any currency or currency unit issued by a government other than the government of The United States of
America.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Foreign
Government Obligations&rdquo;</I> means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct
obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of
which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;GAAP&rdquo;</I>
means accounting principles generally accepted in The United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect as of the date of determination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Global
Security&rdquo;</I> or <I>&ldquo;Global Securities&rdquo;</I> means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee,
and registered in the name of such Depositary or nominee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Holder&rdquo;</I>
or <I>&ldquo;Securityholder&rdquo;</I> means a person in whose name a Security is registered on the books of the Registrar.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Indenture&rdquo;</I>
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of
Securities established as contemplated hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;interest&rdquo;</I>
means, with respect to any Security, any interest on such Security, and with respect to any Discount Security which by its terms
bears interest only after Maturity, interest payable after Maturity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Maturity,&rdquo;</I>
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Officer&rdquo;</I>
means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any Senior
Vice President or Vice President, the Treasurer, Assistant Treasurer, Secretary or Assistant Secretary of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Officer&rsquo;s
Certificate&rdquo;</I> means a certificate signed by any Officer (or any person designated in writing by an Officer of the Company
as authorized to execute and deliver Officer&rsquo;s Certificates) and delivered to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Opinion
of Counsel&rdquo;</I> means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company. Opinions
of Counsel required to be delivered under this Indenture may have qualifications customary for opinions of the type required.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;person&rdquo;</I>
means any individual, corporation, company, voluntary association, partnership, trust, joint venture, limited liability company,
unincorporated organization or government or any agency, instrumentality or political subdivision thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;principal&rdquo;</I>
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Responsible
Officer&rdquo;</I> means any officer of the Trustee in its Corporate Trust Office having direct responsibility for administration
of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with a particular subject and who shall have direct
responsibility for the administration of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;SEC&rdquo;</I>
means the Securities and Exchange Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Securities&rdquo;</I>
means the subordinated debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under
this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Series&rdquo;</I>
or <I>&ldquo;Series of Securities&rdquo;</I> means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Stated
Maturity&rdquo;</I> when used with respect to any Security, means the date specified in such Security as the fixed date on which
the principal of such Security is due and payable.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Subsidiary&rdquo;</I>
means, with respect to any person, any corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the outstanding shares of Capital Stock or other interests having the power to vote in the election of directors,
managers or trustees thereof is at the time directly or indirectly owned or controlled by such person or one or more of the other
Subsidiaries of such person, or a combination thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;TIA&rdquo;</I>
means the Trust Indenture Act of 1939 (15 U.S. Code &sect;&sect; 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, &ldquo;TIA&rdquo; means, to the extent required
by any such amendment, the Trust Indenture Act as so amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Trustee&rdquo;</I>
means the person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include
each person who is then a Trustee hereunder, and if at any time there is more than one such person, &ldquo;Trustee&rdquo; as used
with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;United
States&rdquo;</I> or <I>&ldquo;U.S.&rdquo;</I> means The United States of America (including the states thereof and the District
of Columbia), its territories and possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;U.S. Government
Obligations&rdquo;</I> means securities which are direct obligations of, or guaranteed by, The United States of America for the
payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government
Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Definitions</U>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>TERM</B></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><B>DEFINED IN SECTION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Bankruptcy Law&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Custodian&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Event of Default&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">6.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Judgment Currency&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Legal Holiday&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;mandatory sinking fund payment&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">11.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;optional sinking fund payment&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">11.1</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Paying Agent&rdquo;</I></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Registrar&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">2.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;Required Currency&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">10.16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><I>&ldquo;successor person&rdquo;</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">5.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporation by Reference of Trust Indenture Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;Commission&rdquo;</I>
means the SEC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;indenture
securities&rdquo;</I> means the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;indenture
security holder&rdquo;</I> means a Securityholder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;indenture
to be qualified&rdquo;</I> means this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;indenture
trustee&rdquo;</I> or <I>&ldquo;institutional trustee&rdquo;</I> means the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>&ldquo;obligor&rdquo;</I>
on the indenture securities means the Company and any successor obligor upon the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All other terms
used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the
TIA and not otherwise defined herein are used herein as so defined.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rules of Construction</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless the context
otherwise requires:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a term has the meaning assigned to it;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;or&rdquo;</I> is not exclusive;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>words in the singular include the plural, and in the plural include the singular; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provisions apply to successive events and transactions.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE II<BR>
THE SECURITIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuable in Series</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided
in a Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate establishing the terms of such Series. In the
case of Securities of a Series to be issued from time to time, the Board Resolution, Officer&rsquo;s Certificate or supplemental
indenture establishing the terms thereof may provide for the method by which specified terms (such as interest rate, maturity date,
record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of
any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Establishment of Terms of Series of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection
2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through
2.2.24) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental
indenture hereto or Officer&rsquo;s Certificate:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) of
the Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will
be issued;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the Series pursuant to Section 2.8, 2.9, 2.12, 3.6 or 9.6);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the date or dates on which the principal of the Securities of the Series is payable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities
of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates
on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest
payment date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where
the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon
the Company</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">in respect of the
Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other
means;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
the Securities of the Series must be redeemed or may be redeemed, in whole or in part, at the option of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if other than denominations of $1,000 and integral multiples of $1,000 in excess thereof, the denominations in which the
Securities of the Series shall be issuable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such
currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite
currency;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any,
on the Securities of the Series will be made;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies
or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with
respect to such payments will be determined;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be
determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity,
commodity index, stock exchange index or financial index;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.17<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the provisions, if any, relating to any security provided for the Securities of the Series;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.18<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 6.2;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.19<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the
Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.20<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any Depositaries, trustees, interest rate calculation agents, exchange rate calculation agents or other agents with respect
to Securities of such Series if other than those appointed herein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.21<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the
conversion or exchange price, the conversion or exchange period, the securities or other property into which the Securities will
be convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the
option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion
or exchange if such Series of Securities are redeemed;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.22<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>whether any of the Company&rsquo;s direct or indirect Subsidiaries will guarantee the Securities of that Series, including
the terms of subordination, if any, of such guarantees;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.23<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the subordination terms of the Securities of the Series; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.2.24<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies
to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the
marketing of Securities of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All Securities of
any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate referred to
above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Denominations; Provision for Payment</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Securities of
any Series shall be issuable, except as otherwise provided with respect to Securities of any Series pursuant to Section 2.2, as
registered Securities in the denominations of one thousand Dollars ($1,000) or any integral multiples of $1,000 in excess thereof.
Unless otherwise provided with respect to Securities of any Series pursuant to Section 2.2, the principal of and the interest on
the Securities of any Series, if any, thereon, shall by payable in Dollars at the Corporate Trust Office of the Trustee. Unless
otherwise specified pursuant to Section 2.2 with respect to any Securities of any Series, interest on the Securities of any Series
shall be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution and Authentication</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Two Officers shall
sign the Securities for the Company by manual or facsimile signature.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A Security shall
not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee shall
at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officer&rsquo;s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall
be dated the date of its authentication.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate delivered pursuant to Section
2.2, except as provided in Section 2.9.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in conclusively
relying on: (a) the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate delivered pursuant to Section
2.2 establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities
of that Series or of Securities within that Series, (b) an Officer&rsquo;s Certificate complying with Section 9.7 (with respect
to the execution of supplemental indentures) and Section 10.4, and (c) an Opinion of Counsel complying with Section 9.7 (with respect
to the execution of supplemental indentures) and Section 10.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee shall
have the right, but not the obligation, to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee,
being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith determines
that such action would expose the Trustee to personal liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar and Paying Agent</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series, an office or
agency where Securities of such Series may be presented or surrendered for payment (&ldquo;<I>Paying Agent</I>&rdquo;) and where
Securities of such Series may be surrendered for registration of transfer or exchange (&ldquo;<I>Registrar</I>&rdquo;). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The Company will give
prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying
Agent. If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the
Trustee with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations;
<U>provided</U>, <U>however</U>, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar or Paying Agent in each place so specified 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 name or address of
any such co-registrar or additional paying agent. The term &ldquo;<I>Registrar</I>&rdquo; includes any co-registrar; and the term
&ldquo;<I>Paying Agent</I>&rdquo; includes any additional paying agent. The Company or any of its Affiliates may serve as Registrar
or Paying Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company hereby
appoints the Trustee as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the
case may be, is appointed prior to the time Securities of that Series are first issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Paying Agent to Hold Money in Trust</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit
of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal
of or interest on the Securities of that Series, and will notify the Trustee in writing of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.
The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee,
the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the
Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit
of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar
proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securityholder Lists</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA &sect; 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request
in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Exchange</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Where Securities
of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at
the Registrar&rsquo;s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges
pursuant to Sections 2.12, 3.6 or 9.6).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of
that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilated, Destroyed, Lost and Stolen Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If there shall be
delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and
(b) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in
the absence of written notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu
of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case any such
mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon the issuance
of any new Security under this Section 2.9, 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every new Security
of any Series issued pursuant to this Section 2.9 in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 duly issued hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
this Section 2.9 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Outstanding Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by the Registrar and those described
in this Section 2.10 as not outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Security is
replaced pursuant to Section 2.9, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series
money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Treasury Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except
that for the purposes of determining whether the Trustee shall be protected in conclusively relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right to deliver any such request, demand, authorization,
direction, notice, consent or waiver with respect to the 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.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Temporary Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Until definitive
Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company
Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt
of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.
Until so exchanged, temporary Securities shall have the same rights under this Indenture as the definitive Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent, if not the Trustee, shall forward
to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement, conversion or cancellation and shall dispose of such canceled
Securities (subject to the record retention requirement of the Exchange Act and the Trustee) in accordance with its customary procedures
and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new
Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Defaulted Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company defaults
in a payment of interest on a Series of Securities, it may pay the defaulted interest, plus, to the extent permitted by law, any
interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall
mail to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and
the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Global Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Terms of Securities</U>. A Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate shall
establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and
the Depositary for such Global Security or Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Exchange</U>. Notwithstanding any provisions to the contrary contained in Section 2.8 of this Indenture
and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.8 of this Indenture for Securities registered
in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be
a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered
as a clearing agency under the Exchange Act within 90 days of such event or (b) the</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Company determines
in its sole discretion not to have such Securities represented by one or more Global Securities and executes and delivers to the
Trustee an Officer&rsquo;s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that
is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary
shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and
terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as provided
in this Section 2.15.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Legend</U>. Any Global Security issued hereunder shall bear a legend in substantially the following form:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Acts of Holders</U>. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or
take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give
or take under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Payments</U>. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section
2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof, which in the
case of a Depositary therefor will be made in accordance with its applicable procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.15.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Consents, Declaration and Directions</U>. The Company, the Trustee and any Agent shall treat a person as the Holder of
such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written
statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes
of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CUSIP Numbers</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company in issuing
the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo;
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Trustee shall have no liability for any defect in the &ldquo;CUSIP&rdquo;
numbers as they appear on any Security, notice or elsewhere. The Company will promptly notify the Trustee in writing of any change
in the &ldquo;CUSIP&rdquo; numbers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE III<BR>
REDEMPTION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may,
with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem
and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee
in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice
to the Trustee at least 45 days before the redemption date, unless a shorter period is satisfactory to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Selection of Securities to be Redeemed</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, if
less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed
in any manner that the Trustee deems fair and appropriate, including selecting by lot or other method, unless otherwise required
by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures
of the Depositary; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination) for such Security. The Trustee shall make the selection from
Securities of the Series outstanding not previously called for redemption. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Redemption</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, at least
30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to
each Holder whose Securities are to be redeemed.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The notice shall
identify the Securities of the Series to be redeemed and shall state:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the redemption date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the redemption price and the amount of accrued interest, if any, to be paid;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the name and address of the Paying Agent and, if applicable, the conversion Agent;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for convertible Securities, the conversion price;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any Global Security is being redeemed in part, the portion of the principal amount of such Global Security to be redeemed
and that, after the redemption date upon surrender of such Global Security, the principal amount thereof will be decreased by the
portion thereof redeemed pursuant thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any Certificated Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed,
and that, after the redemption date, upon surrender of such Security, a new Certificated Security in principal amount equal to
the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Certificated
Security;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that Securities of the Series (or portion thereof) called for redemption must be surrendered to the Paying Agent to collect
the redemption price;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless
the Company defaults in the deposit of the redemption price;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the CUSIP number, if any, and state that no representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in the SEC&rsquo;s notice or printed on the Securities; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At the Company&rsquo;s
request, the Trustee shall give the notice of redemption in the Company&rsquo;s name and at its expense, provided, however, that
the Company has delivered to the Trustee, at least 15 days (unless a shorter time shall be acceptable to the Trustee) prior to
the notice date, an Officer&rsquo;s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Notice of Redemption</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Once notice of redemption
is mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date
and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer&rsquo;s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the redemption date other than Securities or portions
of Securities called for redemption which have been delivered by the Company to the Registrar for cancellation. The Paying Agent
shall return to the Company any money not required for that purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless the Company
shall default in the payment of Securities (and accrued interest) called for redemption, interest on such Securities shall cease
to accrue after the redemption date. Convertible Securities called for redemption shall cease to be convertible after the close
of business on the Business Day immediately preceding the redemption date, unless the Company shall default in the payment of such
Securities on the redemption date, in which event the Securities shall remain convertible until paid (together with accrued interest).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Failure to give
notice of redemption, or any defect in such notice to the Holder of any Security of a Series designated for redemption, in whole
or in part, shall not affect the sufficiency of any notice of redemption with respect to the Holder of any other Security of such
Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Redemption Price</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On or before 10:00
a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Redeemed in Part</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon surrender of
a Certificated Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Certificated Security of
the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered and concurrently
cancel the surrendered Certificated Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE IV<BR>
COVENANTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Principal and Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company covenants
and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and
interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before
10:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient
to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities
and this Indenture. Principal and interest shall be considered paid on the date due if the Paying Agent holds in accordance with
this Indenture on that date money sufficient to pay all principal and interest then due and the Paying Agent is not prohibited
from paying such money to the Holders on such date pursuant to the terms of this Indenture.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports by Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As long as any Securities are outstanding, the Company shall file with the Trustee, and transmit to the Holders, such information,
documents and other reports, and such summaries thereof, as may be required pursuant to TIA &sect; 314(a). All reports, information
and documents referred to in this Section 4.2 will be deemed to be filed with the Trustee and transmitted to the Holders at the
time such reports, information or documents are publicly filed with the SEC via the SEC&rsquo;s EDGAR filing system (or any successor
system), it being understood that the Trustee shall have no responsibility whatsoever to determine if such filings have been made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Delivery of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only
and shall not constitute a representation or warranty as to the accuracy or completeness of the reports, information and documents.
The Trustee&rsquo;s receipt of the foregoing 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 Officer&rsquo;s Certificates).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance Certificate</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent any
Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal
year of the Company, an Officer&rsquo;s Certificate (which need not contain the statements provided for in Section 10.4) from its
principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities
of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer
with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture,
and further stating, as to such Officer signing such certificate, that to his or her knowledge the Company is not in default in
the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which the Officer has knowledge). Such Officer&rsquo;s Certificate
need not include a reference to any non-compliance that has been fully cured prior to the date as of which such certificate speaks.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stay, Extension and Usury Laws</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law has been enacted.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Existence</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to Article
V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and rights (charter and statutory); <U>provided</U>, <U>however</U>, that the Company shall not be required to preserve any such
right if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE V<BR>
SUCCESSORS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consolidation, Merger and Sale of Assets</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may
not consolidate with or merge with or into, sell, convey, transfer or dispose of all or substantially all of its assets to any
other person (a &ldquo;<I>successor person</I>&rdquo;), whether in one transaction or a series of related transactions, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) the Company is the surviving corporation or (ii) the successor person (if other than the Company) (A) is a corporation,
limited liability corporation, partnership or trust organized under the laws of the United States; and (B) expressly assumes, by
an indenture supplemental hereto, the Company&rsquo;s obligations on the Securities and under this Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>immediately after giving effect to the transaction, no Default or Event of Default shall have happened and be continuing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
deliver to the Trustee prior to the consummation of the proposed transaction an Officer&rsquo;s Certificate to the foregoing effect
and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with Section 5.1 of this
Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company.
Neither an Officer&rsquo;s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Person Substituted</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon any consolidation
or merger, or any sale, conveyance, transfer, or lease of all or substantially all of the assets of the Company and its Subsidiaries
in accordance with Section 5.1, the successor person formed by such consolidation or into or with which the Company is merged or
to which such sale, conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture and the Securities with the same effect as if such successor person has been named
as the Company herein; and, thereafter, the predecessor Company, in the case of a sale, conveyance or transfer (other than a lease),
shall be released from all obligations and covenants under this Indenture and the Securities.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE VI<BR>
DEFAULTS AND REMEDIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Default</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<I>Event
of Default</I>,&rdquo; wherever used herein with respect to Securities of any Series, means any one of the following events, unless
in the establishing Board Resolution, supplemental indenture or Officer&rsquo;s Certificate, it is provided that such Series shall
not have the benefit of said Event of Default:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure to pay any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying
Agent prior to 10:00 a.m., New York City time, on the 30th day of such period);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure to pay principal of any Security of that Series at its Maturity;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the performance or breach of any covenant of the Company in this Indenture (other than defaults pursuant to sub-clauses
(a) through (c) above or defaults related to a covenant that has been included in this Indenture solely for the benefit of a Series
of Securities other than that Series), which default continues uncured for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a &ldquo;Notice of Default&rdquo; hereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>commences a voluntary case,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the entry of an order for relief against it in an involuntary case,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consents to the appointment of a Custodian of it or for all or substantially all of its property, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>makes a general assignment for the benefit of its creditors;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>is for relief against the Company in an involuntary case,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>appoints a Custodian of the Company or for all or substantially all of its property, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution,
a supplemental indenture hereto or an Officer&rsquo;s Certificate, in accordance with Section 2.2.18.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term <I>&ldquo;Bankruptcy
Law&rdquo;</I> means title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term <I>&ldquo;Custodian&rdquo;</I>
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A Default under
one Series of Securities issued under this Indenture will not necessarily be a default under another Series of Securities under
this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company will,
so long as any of the Securities are outstanding, deliver to the Trustee, within 30 days of becoming aware of any Default or Event
of Default, an Officer&rsquo;s Certificate specifying such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration of Maturity; Rescission and Annulment</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Event of Default
with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred
to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if
any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid
interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur,
the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At any time after
such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount
of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 6.13.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No such rescission
shall affect any subsequent Default.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company covenants
that if</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the payment of principal of any Security at the Maturity thereof, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>then</I>, the
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due
and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an Event of Default
with respect to any 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 by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May File Proofs of Claim</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relating to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor
or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for
the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and
to file such other papers or documents as may</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May Enforce Claims Without Possession of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Money Collected</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any money or property
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">First:&#9;To the
payment of all amounts due to the Trustee under this Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Second: To the payment
of all indebtedness of the Company to which such Series of Securities is subordinated to the extent required by Article 12 of this
Indenture; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Third:&#9;To the
payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and interest, respectively; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Fourth:&#9;To the
Company.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Suits</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No Holder of any
Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Holders of not less than 25% in principal amount of the outstanding Securities of that Series 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by the Trustee in compliance with such request;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer
of indemnity; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">it being understood,
intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of
such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all such Holders of the applicable Series; provided, however, that the Trustee does not have an affirmative
duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unconditional Right of Holders to Receive Principal and Interest</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision in this Indenture, the Holder of any Security has the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity
expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of such Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restoration of Rights and Remedies</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee or
any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Trustee and the Holders shall</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights and Remedies Cumulative</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.9, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of
any other appropriate right or remedy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delay or Omission Not Waiver</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No delay or omission
of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Control by Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Holders of a
majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such Series, provided that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such direction shall not be in conflict with any rule of law or with this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the
Trustee in personal liability; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Past Defaults</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Holders of not
less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities
of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment
of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal
amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undertaking for Costs</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All parties to this
Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo;
fees 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 6.14 shall not apply to any suit instituted by the Company, to
any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than
10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated
Maturity expressed in such Security (or, in the case of redemption, on the redemption date).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE VII<BR>
TRUSTEE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duties of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person&rsquo;s own affairs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except during the continuance of an Event of Default:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officer&rsquo;s Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officer&rsquo;s</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Certificates or Opinions
of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such
Officer&rsquo;s Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This sub-clause (c) does not limit the effect of sub-clause (b) of this Section 7.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to
Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such 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 in accordance with Section 6.12.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Every provision of this Indenture that in any way relates to the Trustee is subject to sub-clauses (a), (b) and (c) of this
Section 7.1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it
against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for interest on any money received by it. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability
in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such
risk is not assured to the Trustee in its satisfaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are
set forth in sub-clauses (e), (f) and (g) of this Section 7.1 and in Section 7.2, each with respect to the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether
in its original or facsimile form) believed by</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">it to be genuine and
to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officer&rsquo;s Certificate or an Opinion
of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in conclusive reliance
on such Officer&rsquo;s Certificate or Opinion of Counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers, provided that the Trustee&rsquo;s conduct does not constitute willful misconduct or negligence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible
Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the
Securities of a particular Series and this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss
or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 to act hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Individual Rights of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate
of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However,
the Trustee is also subject to Sections 7.10 and 7.11 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee&rsquo;s Disclaimer</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee makes
no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company&rsquo;s
use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Defaults</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Default or
Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event
of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default
or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security
of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is
in the interests of Securityholders of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports by Trustee to Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Within 60 days after
each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses
appear on the register kept by the Registrar, a brief report dated as of such reporting date, in accordance with, and to the extent
required under, TIA &sect; 313.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on
which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any
Series are listed on any national securities exchange or of any delisting thereof.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Indemnity</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree
upon in writing. The Trustee&rsquo;s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall
include the reasonable compensation and expenses of the Trustee&rsquo;s agents and counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company shall
indemnify each of the Trustee and any predecessor Trustee against any cost, expense, claim (whether asserted by the Company, a
Holder or any other person) or liability (including the cost of defending itself), including taxes (other than taxes based upon,
measured by or determined by the income of the Trustee), incurred by it except as set forth in the next paragraph in the performance
of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder,
unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses
of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.
This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company need
not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee
or shareholder of the Trustee through willful misconduct or negligence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To secure the Company&rsquo;s
payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.1(f) or (g) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
this Section 7.7 shall survive the termination of this Indenture or the resignation or removal of the Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement of Trustee</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A resignation or
removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee&rsquo;s acceptance
of appointment as provided in this Section 7.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee may
resign at any time with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the
date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the
Trustee</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">with respect to that
Series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with respect to Securities of
one or more Series if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee fails to comply with Section 7.10;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a Custodian or public officer takes charge of the Trustee or its property; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee becomes incapable of acting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of
the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense
of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement
of the Trustee pursuant to this Section 7.8, the Company&rsquo;s obligations under Section 7.7 hereof shall continue for the benefit
of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance
with its rights, powers and duties under this Indenture prior to such replacement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Trustee by Merger, Etc</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee, if such successor corporation is eligible and qualified
under Section 7.10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Eligibility; Disqualification</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture shall
always have a Trustee who satisfies the requirements of TIA &sect; 310(a)(1), (2) and (5). The Trustee shall always have a combined
capital and surplus of at least</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">$25,000,000 as set
forth in its most recent published annual report of condition. The Trustee shall comply with TIA &sect; 310(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preferential Collection of Claims Against Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee is subject
to TIA &sect; 311(a), excluding any creditor relationship listed in TIA &sect; 311(b). A Trustee who has resigned or been removed
shall be subject to TIA &sect; 311(a) to the extent indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE VIII<BR>
SATISFACTION AND DISCHARGE; DEFEASANCE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction and Discharge of Indenture</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture shall
upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the
expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>either</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.9) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all such Securities not theretofore delivered to the Trustee for cancellation:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have become due and payable, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">(2)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>will become due and payable at their Stated Maturity within one year, or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 2in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">and the Company,
in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
an amount of money or U.S. Government Obligations sufficient for the purpose of paying and discharging the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit
(in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity
or redemption date, as the case may be;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money
shall have been deposited with the Trustee pursuant to sub-clause (a) of this Section 8.1, the provisions of Sections 2.5, 2.8,
2.9, 8.2 and 8.5 shall survive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Trust Funds; Indemnification</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to
Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose
payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments
as contemplated by Sections 8.3 or 8.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal
received in respect of such obligations other than any payable by or on behalf of Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or
Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized
firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the
Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which
such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not
authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Defeasance of Securities of any Series</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless this Section
8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in sub-clause (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company
Order, execute instruments acknowledging the same), except as to:</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rights of Holders of Securities of such Series to receive, from the trust funds described in sub-clause (d) hereof,
(i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series
on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments
applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms
of this Indenture and the Securities of such Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the provisions of Sections 2.5, 2.8, 2.9, 8.2, 8.3 and 8.5; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rights, powers, trust and immunities of the Trustee hereunder and the Company&rsquo;s obligations in connection therewith;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">provided that, the
following conditions shall have been satisfied:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee
as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely
to the benefit of the Holders of such Securities: (i) in the case of Securities of such Series denominated in Dollars, cash in
Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms (and without reinvestment), will provide, not later than one day before the due
date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public
accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of
such Series on the dates such installments of interest or principal and such sinking fund payments are due;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit or during the period ending on the 91st day after such date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel to the effect that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such
deposit, defeasance and discharge had not occurred;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by
the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the defeasance contemplated by this Section 8.3 have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenant Defeasance</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless this Section
8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply
with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2 and 4.3, 4.4 and
5.1as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officer&rsquo;s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not
constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified
in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant
to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect
to the Securities of such Series, provided that the following conditions shall have been satisfied:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided
in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities: (i) in the case of Securities of such
Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through
the payment of interest and principal in respect thereof in accordance with their terms (and without reinvestment), will provide,
not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments
in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments
are due;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such
Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and covenant defeasance
and will</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and
covenant defeasance had not occurred;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Officer&rsquo;s Certificate stating the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section 8.4 have been complied
with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Repayment to Company</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment
of principal or interest that remains unclaimed for two years after such principal or interest has become due and payable. After
that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned
property law designates another person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reinstatement</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Trustee or
the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of
such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant
to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section
8.1; provided, however, that if the Company has made any payment of principal of or interest on any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE IX<BR>
AMENDMENTS AND WAIVERS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Without Consent of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add guarantees with respect to any Series of Securities or secure any Series of Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to surrender any of the Company&rsquo;s rights or powers under this Indenture;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add covenants or Events of Default for the benefit of the Securityholders of any Series of Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with the applicable rules or procedures of the Depositary;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to cure any ambiguity, defect or inconsistency, as described in the Officer&rsquo;s Certificate delivered pursuant to Section
10.4;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with Article V;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide for uncertificated Securities in addition to or in place of certificated Securities;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to make any change that does not materially adversely affect the rights of any Securityholder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted
by this Indenture;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities
may be listed or traded; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall not be
effective with respect to any outstanding Securities of any Series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>With Consent of Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company and
the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in
principal amount of the outstanding Securities of any Series by written notice to the Trustee (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision
of this Indenture or the Securities with respect to such Series.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It shall not be
necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this Section 9.2 becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice
briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Without the consent
of each Securityholder affected, an amendment or waiver may not:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the rate of or extend the time for payment of interest (including default interest) on any Security or that Series;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal of, or change the Stated Maturity of, any Security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission
of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the then outstanding
Securities of such Series and a waiver of the payment default that resulted from such acceleration);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any change in Sections 6.8 or 6.13 or this Section 9.3; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>waive a redemption payment with respect to any Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Trust Indenture Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every amendment
to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with
the TIA as then in effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Revocation and Effect of Consents</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Until an amendment
is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder&rsquo;s Security, even if notation of the consent is not made on any Security.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any amendment or
waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type
described in any of sub-clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of
a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt
as the consenting Holder&rsquo;s Security.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may,
but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take
any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any
such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notation on or Exchange of Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company or the
Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.
The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities
of that Series that reflect the amendment or waiver.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee Protected</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively
relying upon, an Officer&rsquo;s Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the
supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to customary exceptions. The Trustee shall sign all supplemental indentures upon delivery of such an Officer&rsquo;s
Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that, in its sole discretion,
adversely affects its rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE X<BR>
MISCELLANEOUS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trust Indenture Act Controls</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any provision
of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the TIA, such required or deemed provision shall control.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any request, demand,
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">if to the Company:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">Lawson Products, Inc.<BR>
8770 W. Bryn Mawr Avenue, Suite 900<BR>
Chicago, Illinois 60631<BR>
Attention: Chief Financial Officer<BR>
Telephone: (773) 304-5050</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">if to the Trustee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">Attention:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect
to other Securityholders of that or any other Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a notice or communication
is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder
receives it.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company mails
a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Communication by Holders with Other Holders</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Securityholders
of any Series may communicate pursuant to TIA &sect; 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA &sect; 312(c).</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificate and Opinion as to Conditions Precedent</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon any request
or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an Officer&rsquo;s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statements Required in Certificate or Opinion</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA &sect; 314(a)(4)) shall comply with the provisions of TIA &sect; 314(e) and shall include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that the person making such certificate or opinion has read such covenant or condition;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rules by Trustee and Agents</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trustee may
make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Holidays</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
provided by Board Resolution, Officer&rsquo;s Certificate or supplemental indenture hereto for a particular Series, a &ldquo;<I>Legal
Holiday</I>&rdquo; is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Recourse Against Others</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A director, officer,
employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jury Trial Waiver</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>THIS INDENTURE
AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES, SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAW).</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>EACH OF THE COMPANY
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>No Adverse Interpretation of Other Agreements</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Indenture may
not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.12<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Successors</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All agreements of
the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall
bind its successor.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.13<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In case any provision
in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.14<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Table of Contents, Headings, Etc</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Table of Contents,
Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.15<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Securities in a Foreign Currency</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Unless otherwise
specified in a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate delivered pursuant to Section
2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may
be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected
by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated
in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon
issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto
or an Officer&rsquo;s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities,
such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the
&ldquo;Currency Rates&rdquo; section (or, if The Financial Times is no longer published, or if such information is no longer available
in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions
of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in
currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All decisions and
determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law,
be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.16<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Judgment Currency</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company agrees,
to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in
any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of
any Series (the <I>&ldquo;Required Currency&rdquo;</I>) into a currency in which a judgment will be rendered (the <I>&ldquo;Judgment
Currency&rdquo;</I>), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable
judgment is entered, unless such day is not a Business Day, then the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">York the Required
Currency with the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is entered and (b)
its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any
tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other
than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee,
of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an
alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be
affected by judgment being obtained for any other sum due under this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.17<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Force Majeure</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In no event shall
the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or
caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.18<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>U.S.A. Patriot Act</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture
agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE XI<BR>
SINKING FUNDS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Applicability of Article</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of
this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms
of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series
issued pursuant to this Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a <I>&ldquo;mandatory
sinking fund payment&rdquo;</I> and any other amount provided for by the terms of Securities of such Series is herein referred
to as an <I>&ldquo;optional sinking fund payment.&rdquo;</I> If provided for by the terms of Securities of any Series, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">11.2. Each sinking
fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such
Series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction of Sinking Fund Payments with Securities</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company may,
in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either
at the election of the Company pursuant to the terms of the Securities of such Series (except pursuant to any mandatory sinking
fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms
of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the
Trustee, together with an Officer&rsquo;s Certificate with respect thereto, not later than 15 days prior to the date on which the
Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the
price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall
be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order
that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding
sinking fund payment, <U>provided</U>, <U>however</U>, that the Trustee or such Paying Agent shall from time to time upon receipt
of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon
delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount
equal to the cash payment required to be released to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption of Securities for Sinking Fund</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not less than 45 days (unless
otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate in respect of a particular
Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee
an Officer&rsquo;s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant
to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer&rsquo;s
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2
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</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">3.3. Such notice having been
duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE XII<BR>
SUBORDINATION OF SECURITIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 12.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subordination of Terms</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The payment by the
Company of the principal of, premium, if any, and interest on any Series of Securities issued under this Indenture shall be subordinated
to the extent set forth in a Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate relating to such Series
of Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><I>[Signature page follows]</I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">LAWSON PRODUCTS, INC., as Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Its:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">By:</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Its:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
</TABLE>
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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>l02121_x51.htm
<DESCRIPTION>OPINION OF MCDERMOTT WILL & EMERY LLP
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4pt 0 0.25in">February 19, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lawson Products, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">8770 W. Bryn Mawr Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Suite 900</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chicago, IL 60631</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 5.75pt">Registration Statement on Form S-3</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">We have acted as counsel to Lawson Products, Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the registration statement on Form S-3 (the &ldquo;<U>Registration
Statement</U>&rdquo;), being filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the
&ldquo;<U>Act</U>&rdquo;), relating to the proposed public offering on a delayed basis pursuant to Rule 415 under the Act of (a)
up to $100,000,000 in aggregate amount of (i) one or more series of its debt securities (&ldquo;<U>Debt Securities</U>&rdquo;),
(ii) shares of the Company&rsquo;s common stock, par value $1.00 per share (the &ldquo;<U>Common Stock</U>&rdquo;), (iii) shares
of one or more classes of the Company&rsquo;s preferred stock as may be designated from time to time by the Board of Directors
of the Company (&ldquo;<U>Preferred Stock</U>&rdquo;), (iv) depositary shares, (v) warrants to purchase debt securities, (vi) warrants
to purchase Common Stock or Preferred Stock, (vii) stock purchase contracts, and (viii) stock purchase units, (collectively, the
&ldquo; <U>Primary Securities</U>&rdquo;), and (b) the proposed sale from time to time of an aggregate 3,662,450 shares of Common
Stock by selling stockholders named in the Registration Statement (the &ldquo;<U>Selling Stockholders Securities</U>&rdquo; and
with the Primary Securities, collectively, the &ldquo;<U>Securities</U>&rdquo;). All of which Securities may be sold from time
to time as set forth in the prospectus which forms a part of the Registration Statement (the &ldquo;<U>Prospectus</U>&rdquo;),
and as to be set forth in one or more supplements to the Prospectus (each, a &ldquo;<U>Prospectus Supplement</U>&rdquo;). In the
event the Securities will be sold pursuant to an underwriting or purchase agreement, such agreement will be filed as an exhibit
to the Registration Statement pursuant to a Current Report on Form 8-K.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In arriving at the opinions expressed below, we have examined
and relied, to the extent we deemed proper, on certificates of officers of the Company as to factual matters, and on originals
or copies certified or otherwise identified to our satisfaction, of all such corporate records of the Company and such other instruments
and certificates of public officials and other persons as we have deemed appropriate. In our examination, we have assumed the authenticity
of all documents submitted to us as originals, the conformity to the original documents of all documents submitted to us as copies,
the genuineness of all signatures on documents reviewed by us and the legal capacity of natural persons.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lawson Products, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">February 19, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Page 2</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">We have also assumed that (i) the issuance, sale, amount
and terms of the Primary Securities to be offered from time to time will be duly authorized and determined by proper action of
the Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;) consistent with the procedures and terms described in the
Registration Statement (each, a &ldquo;<U>Board Action</U>&rdquo;) and in accordance with the Company&rsquo;s Certificate of Incorporation,
as amended, the Company&rsquo;s Amended and Restated Bylaws and applicable Delaware law, (ii) the Registration Statement and any
amendments thereto (including post-effective amendments) are effective under the Act, (iii) a Prospectus Supplement will have been
filed with the Securities and Exchange Commission describing the  Securities offered thereby, (iv) 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, (v) a definitive purchase, underwriting or similar agreement with respect to any Securities
offered will have been duly authorized and validly executed and delivered by the Company and the other parties thereto, (vi) any
securities issuable upon conversion, exchange, redemption or exercise of any Securities being offered will be duly authorized,
created and, if appropriate, reserved for issuance upon such conversion, exchange, redemption or exercise, (vii) the Securities
as executed and delivered do not result in a default under or breach of any agreement or instrument binding upon the Company, and
(viii) the legal capacity of all natural persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">To the extent that the obligations of the Company under a
deposit agreement or the obligations of the Company under an indenture may be dependent upon such matters, we have assumed for
purposes of this opinion (i) that the applicable depositary or trustee, as the case may be, is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization and is duly qualified to engage in the activities contemplated
by the applicable deposit agreement or the indenture, as the case may be, (ii) that such deposit agreement or indenture, as the
case may be, has been duly authorized, executed and delivered by and constitutes the legal, valid and binding obligation of such
depositary or trustee, as the case may be, enforceable in accordance with its respective terms, except that the enforceability
thereof may be limited by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar
laws now or hereafter existing which affect the rights and remedies of creditors generally and equitable principles of general
applicability, (iii) that such depositary or trustee, as the case may be, is in compliance, generally and with respect to acting
as a depositary or trustee, respectively, under the applicable deposit agreement or the Indenture, with all applicable laws and
regulations and (iv) that such depositary or trustee, as the case may be, has the requisite organizational and legal power and
authority to perform its obligations under the applicable deposit agreement or the indenture, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Based upon, subject to and limited by the foregoing, we are
of the opinion that, as of the date hereof:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Selling Stockholder Securities, the Selling Stockholder Securities have been duly authorized and are
validly issued, fully paid and non-assessable shares of Common Stock.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lawson Products, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">February 19, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Page 3</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Common Stock included in the Primary Securities, upon the authorization by Board Action of an issuance
of Common Stock, and upon issuance and delivery of the Common Stock against payment of valid consideration therefor in accordance
with the terms of such Board Action and any applicable underwriting or purchase agreement, and as contemplated by the Registration
Statement and/or the applicable Prospectus Supplement, such shares of Common Stock will be legally issued, fully paid and non-assessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Preferred Stock, upon due authorization by Board Action of an issuance of a series of preferred stock,
and upon issuance and delivery of the series of preferred stock against payment of valid consideration therefor in accordance with
the terms of such Board Action and any applicable underwriting or purchase agreement, and as contemplated by the Registration Statement
and/or the applicable Prospectus Supplement, such shares of the series of preferred stock will be legally issued, fully paid and
non-assessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>When the indenture governing the Debt Securities has been duly executed on behalf of the Company and the trustee thereunder
(the &ldquo;<U>Trustee</U>&rdquo;), and when the Debt Securities have been (a) duly established by the indenture related to such
Debt Securities or any supplemental indenture thereto, (b) duly authorized and established by applicable Board Action and duly
authenticated by the Trustee, and (c) duly executed and delivered on behalf of the Company against payment therefor in accordance
with the terms of such Board Action, any applicable underwriting agreement, the indenture and any applicable supplemental indenture
thereto, and as contemplated by the Registration Statement and/or the applicable Prospectus Supplement, the Debt Securities will
constitute binding obligations of the Company, enforceable in accordance with their terms, except that the enforceability thereof
may be limited by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws
now or hereafter existing which affect the rights and remedies of creditors generally and equitable principles of general applicability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>When the warrants to purchase Debt Securities have been (i) duly authorized and established by applicable Board Action,
and (ii) duly executed and delivered on behalf of the Company against payment therefor in accordance with the terms of such Board
Action, any applicable underwriting agreement, and as contemplated by the Registration Statement and/or the applicable Prospectus
Supplement, the warrants to purchase Debt Securities will constitute binding obligations of the Company, enforceable in accordance
with their terms, except that the enforceability thereof may be limited by or subject to bankruptcy, reorganization, insolvency,
fraudulent conveyance, moratorium or other similar laws now or hereafter existing which affect the rights and remedies of creditors
generally and equitable principles of general applicability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>When the warrants to purchase Common Stock or Preferred Stock have been (i) duly authorized and established by applicable
Board Action, and (ii) duly executed and delivered on behalf of the Company against payment therefor in accordance with the terms
of such Board Action, any applicable underwriting agreement, and as contemplated by the Registration Statement and/or the applicable
Prospectus Supplement, the warrants to purchase Common Stock</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lawson Products, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">February 19, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Page 4</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">or Preferred Stock will constitute binding
obligations of the Company, enforceable in accordance with their terms, except that the enforceability thereof may be limited by
or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter
existing which affect the rights and remedies of creditors generally and equitable principles of general applicability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to stock purchase contracts, when (i) the Board has taken the appropriate Board Action to approve and establish
the terms of such stock purchase contracts and to authorize and approve the issuance thereof, the terms of the offering thereof
and related matters; and (ii) the stock purchase contracts have been duly executed and delivered in accordance with the applicable
purchase agreement and the applicable definitive purchase, underwriting or similar agreement approved by or on behalf of the Board,
upon payment of the consideration therefor provided for therein and as described in the Registration Statement, any amendment thereto,
the Prospectus and any Prospectus Supplement relating thereto, the stock purchase contracts will constitute binding obligations
of the Company, enforceable against the Company in accordance with their terms, except that the enforceability thereof may be limited
by or subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter
existing which affect the rights and remedies of creditors generally and equitable principles of general applicability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to stock purchase units, when (i) the Board has taken the appropriate Board Action to approve and establish
the terms of the stock purchase units and to authorize and approve the issuance thereof, the terms of the offering and related
matters; and (ii) the stock purchase units have been duly executed and delivered in accordance with the purchase agreement and
the applicable definitive purchase, underwriting or similar agreement approved by or on behalf of the Board, upon payment of the
consideration therefor provided therein and as described in the Registration Statement, any amendment thereto, the Prospectus and
any Prospectus Supplement relating thereto, the stock purchase units will constitute binding obligations of the Company, enforceable
against the Company in accordance with their terms, except that the enforceability thereof may be limited by or subject to bankruptcy,
reorganization, insolvency, fraudulent conveyance, moratorium or other similar laws now or hereafter existing which affect the
rights and remedies of creditors generally and equitable principles of general applicability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to Depositary Shares, when the Depositary Shares and the underlying Preferred Stock have been duly authorized
and established by applicable Board Action, in accordance with the terms of the Certificate and applicable law, and when (a) a
deposit agreement substantially as described in the Registration Statement has been duly executed and delivered by the Company
and a depositary, and (b) the depositary receipts representing the Depositary Shares in the form contemplated and authorized by
such deposit agreement have been duly executed and delivered by such depositary and delivered to and paid for by the purchasers
thereof in the manner contemplated by the Registration Statement and/or the applicable Prospectus Supplement, upon issuance and
delivery of the Preferred Stock against</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lawson Products, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">February 19, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Page 5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">payment of valid consideration therefore
in accordance with the terms of such Board Action and any applicable underwriting or purchase agreement, and as contemplated by
the Registration Statement and/or the applicable Prospectus Supplement, such Depositary Shares will be legally issued and will
entitle the holders thereof to the rights specified in the depositary receipts and the deposit agreement relating to such Depositary
Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">We express no opinion as to the applicability of, compliance
with or effect of, the law of any jurisdiction other than United States Federal law, the laws of the State of New York and the
General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">We hereby consent to the references to our firm under the
caption &ldquo;Legal Matters&rdquo; in the Registration Statement and any Prospectus Supplement and to the use of this opinion
as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of
persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission
thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: -0.5in">/s/ McDermott Will &amp; Emery</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: -0.5in">HS/lr</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt/10pt Times New Roman, Times, Serif; margin: 0"></P>



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

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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>5
<FILENAME>l02121_x121.htm
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 12.1</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LAWSON PRODUCTS, INC.</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT REGARDING COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="19" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 2pt; text-align: center">Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 2pt; text-align: center">2014<SUP> (1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 2pt; text-align: center">2013<SUP> (2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 2pt; text-align: center">2012<SUP> (3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 2pt; text-align: center">2011<SUP> (4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-bottom: 2pt; text-align: center">2010<SUP> (5)</SUP></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt"><B>Computation of Earnings (Loss):</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt; text-indent: 0.25in">Pre-Tax Loss on Continuing Operations</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 2pt; text-align: right">(5,834,000</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 2pt; text-align: right">(7,122,000</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 2pt; text-align: right">(46,098,000</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 2pt; text-align: right">(6,356,000</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-bottom: 2pt; text-align: right">16,179,000</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt; text-indent: 0.25in">Fixed Charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">1,299,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">1,752,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">1,528,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">920,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">815,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt"><B>Total Earnings (Loss)</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">(4,535,000</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">(5,370,000</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">(44,570,000</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">(5,436,000</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">16,994,000</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt"><B>Computation of Fixed Charges:</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt; text-indent: 0.25in">Credit Line Interest</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">416,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">722,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">551,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">604,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">292,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt; text-indent: 0.25in">Financing Lease Interest</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">341,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">363,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">203,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">&mdash;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">&mdash;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt; text-indent: 0.25in">Capital Lease Interest</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">15,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">12,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">21,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">77,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">99,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 0.5in; text-indent: -0.25in">Estimate of Interest Within Operating Leases<SUP> (6)</SUP></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">527,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">655,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">753,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">239,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2pt; text-align: right">424,000</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt"><B>Total Fixed Charges</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">1,299,000</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">1,752,000</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">1,528,000</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">920,000</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">815,000</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt"><B>Earnings to Fixed Charges</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt double; padding-right: 2pt; padding-bottom: 2pt; text-align: right">(na)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt double; padding-right: 2pt; padding-bottom: 2pt; text-align: right">(na)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt double; padding-right: 2pt; padding-bottom: 2pt; text-align: right">(na)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt double; padding-right: 2pt; padding-bottom: 2pt; text-align: right">(na)</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt double; padding-right: 2pt; padding-bottom: 2pt; text-align: right">20.9x</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 2pt; padding-left: 3pt"><B>Coverage Deficit on Fixed Charges</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">4,535,000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">5,370,000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">44,570,000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">5,436,000</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right">&mdash;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-bottom: 2pt">&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                                                                 <TR STYLE="vertical-align: top">
<TD></TD><TD>(1)</TD><TD STYLE="text-align: justify">The 2014 loss includes a $3.0 million
impairment charge related to the Reno, Nevada, distribution center.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The 2013 loss includes a $2.9 million charge related to the sub-lease of a portion of the leased
headquarters and a $0.4 million benefit from the resolution of an employment tax matter.</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The 2012 loss includes a goodwill impairment charge of $28.3 million, a $3.9 million charge related
to discontinuing certain products and a $3.7 million gain on the sale of assets.</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">The 2011 loss includes a $1.2 million provision for the estimated cost of settling an employment
tax matter.</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">The 2010 earnings include a $4.1 million benefit from legal settlements and a $1.7 million gain
on sale of assets.</TD></TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify">Estimate of interest within operating leases is calculated under the assumption that 30% of operating
lease expense is representative of interest costs.</TD></TR></TABLE>



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<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>l02121_x231.htm
<DESCRIPTION>CONSENT OF BDO USA, LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right">23.1</P>

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<P STYLE="font: 6pt/6pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 4.5in 0 5pt">Law<FONT STYLE="letter-spacing: -0.05pt">s</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>n
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<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0.95pt 0 0">&nbsp;</P>

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<P STYLE="font: 7.5pt/7.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 4.5in 0 5pt">/s/<FONT STYLE="letter-spacing: 0.05pt"> </FONT>BDO
U <FONT STYLE="letter-spacing: -0.05pt">S</FONT>A,<FONT STYLE="letter-spacing: -0.1pt"> </FONT>LLP<BR>
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<P STYLE="font: 13pt/13pt Times New Roman, Times, Serif; margin: 0.9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 256.5pt 0 5pt; text-align: justify">Febr<FONT STYLE="letter-spacing: 0.05pt">u</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>ry<FONT STYLE="letter-spacing: -0.05pt">
</FONT><FONT STYLE="letter-spacing: 0.05pt">19</FONT>,<FONT STYLE="letter-spacing: -0.05pt"> </FONT>2<FONT STYLE="letter-spacing: 0.05pt">0</FONT>15</P>



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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>l02121_x232.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We consent to the reference to our firm under the caption
&quot;Experts&quot; in this Registration Statement (Form S-3) and related Prospectus of Lawson Products, Inc. for the registration
of Debt Securities, Common Stock, Preferred Stock, Warrants to Purchase Debt Securities, Warrants to Purchase Common Stock or Preferred
Stock, Depositary Shares, Stock Purchase Contracts and Stock Purchase Units and to the incorporation by reference therein of our
report dated February 25, 2013, except for Note 13, as to which date is February 20, 2014, with respect to the consolidated financial
statements and schedule of Lawson Products, Inc. for the year ending December 31, 2012 included in its Annual Report (Form 10-K)
filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">/s/ Ernst &amp; Young LLP<BR>
Chicago, Illinois<BR>
February&nbsp;19, 2015</P>



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