<SEC-DOCUMENT>0001654954-21-009761.txt : 20210903
<SEC-HEADER>0001654954-21-009761.hdr.sgml : 20210903
<ACCEPTANCE-DATETIME>20210903162926
ACCESSION NUMBER:		0001654954-21-009761
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20210903
DATE AS OF CHANGE:		20210903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AEHR TEST SYSTEMS
		CENTRAL INDEX KEY:			0001040470
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				942424084
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259317
		FILM NUMBER:		211236909

	BUSINESS ADDRESS:	
		STREET 1:		400 KATO TERRACE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94539
		BUSINESS PHONE:		5106239400

	MAIL ADDRESS:	
		STREET 1:		400 KATO TERRACE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94539
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>aehr_s3.htm
<DESCRIPTION>S-3
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As filed with the Securities and Exchange Commission on September
3, 2021</font></div>
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Registration
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_____________________________________________________________________________________________</font></div>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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____________________</font></div>
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Form S-3</font></div>
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REGISTRATION STATEMENT</font></div>
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UNDER</font></div>
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THE SECURITIES ACT OF 1933</font></div>
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____________________</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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Aehr Test Systems</font></div>
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____________________</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">California</font></font></div>
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94-2424084</font></div>
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(State or other jurisdiction of</font></div>
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incorporation or organization)</font></div>
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(I.R.S. Employer</font></div>
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Identification Number)</font></div>
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400 Kato Terrace</font></div>
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Fremont, California 94539</font></div>
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(510) 623-9400</font></div>
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(Address, including zip code, and telephone number, including area
code, of registrant&#x2019;s principal executive
offices)</font></div>
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Gayn Erickson</font></div>
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Chief Executive Officer</font></div>
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Aehr Test Systems</font></div>
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400 Kato Terrace</font></div>
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Fremont, California 94539</font></div>
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(510) 623-9400</font></div>
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Jack Sheridan<font style="font-family: Times New Roman">,
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Page Mailliard, Esq.</font></div>
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Phillip S. Stoup, Esq.</font></div>
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Latham &amp; Watkins LLP</font></div>
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<font style="font-family: Times New Roman">140 S</font>cott
Drive</font></div>
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Menlo Park, California 94025</font></div>
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(650) 328-4600</font></div>
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connection with dividend or interest reinvestment plans, check the
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number of the earlier effective registration statement for the same
offering. &#x2610;</font></div>
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under the Securities Act, check the following box.
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<font style="font-family: Times New Roman; font-size: 13px">If this
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filed pursuant to General Instruction I.D. filed to register
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to Rule 413(b) under the Securities Act, check the following box.
&#x2610;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of
&#x201C;large accelerated filer,&#x201D; &#x201C;accelerated
filer,&#x201D; &#x201C;smaller reporting company,&#x201D; and
&#x201C;emerging growth company&#x201D; in Rule 12b-2 of the Exchange
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Large
accelerated filer&#x2610;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Accelerated
filer&#x2610;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Non-accelerated
filer&#x2612;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Smaller
reporting company&#x2612;</font></div>
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<td style="vertical-align: middle; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company&#x2610;</font></div>
</td>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for comply
with any new or revised financial accounting standards provided
pursuant to Section 7(a)(2)(B) of Securities Act.
&#x2610;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
CALCULATION OF REGISTRATION FEE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 53%; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Title of each class of securities to be registered</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Amount&#xA0;to&#xA0;be</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
registered/proposed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
maximum&#xA0;offering&#xA0;price</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
per&#xA0;unit/proposed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
maximum&#xA0;aggregate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
offering&#xA0;price</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Amount&#xA0;of</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
registration&#xA0;fee</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Common
Stock, $0.01 par value per share</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;(1)(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Preferred
Stock, $0.01 par value per share</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;(1)(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Debt
Securities</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Depositary
Shares</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Warrants</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Subscription
Rights</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Units</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 29%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$75,000,000(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$8,183(4)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 97%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">An
unspecified number of securities or aggregate principal amount, as
applicable, is being registered as may from time to time be offered
at unspecified prices and, in addition, an unspecified number of
additional shares of Common Stock is being registered as may be
issued from time to time upon conversion of any Debt Securities
that are convertible into Common Stock or pursuant to any
anti-dilution adjustments with respect to any such convertible Debt
Securities.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Includes
rights to acquire common stock or preferred stock of the Company
under any shareholder rights plan then in effect, if applicable
under the terms of any such plan.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Estimated
solely for the purpose of calculating the registration fee. No
separate consideration will be received for shares of common stock
that are issued upon conversion of debt securities, depositary
shares or preferred stock or upon exercise of common stock warrants
registered hereunder. The aggregate maximum offering price of all
securities issued pursuant to this registration statement will not
exceed $75,000,000.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 3%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: top; width: 97%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
registration fee has been calculated in accordance with Rule 457(o)
under the Securities Act of 1933, as amended.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The registrant hereby amends this registration statement on such
date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically
states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of
1933 or until the registration statement shall become effective on
such date as the Commission, acting pursuant to said Section 8(a),
may determine.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">EXPLANATORY
NOTE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
registration statement contains two prospectuses:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a base prospectus
which covers the offering, issuance and sale by the registrant of
up to a maximum aggregate offering price of $75,000,000 of the
registrant&#x2019;s common stock, preferred stock, debt securities,
warrants, purchase contracts and/or units; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a sales agreement
prospectus covering the offering, issuance and sale by the
registrant of up to a maximum aggregate offering price of
$25,000,000 of the registrant&#x2019;s common stock that may be
issued and sold under a sales agreement with Craig-Hallum Capital
Group LLC.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
base prospectus immediately follows this explanatory note. The
sales agreement prospectus immediately follows the base prospectus.
The common stock that may be offered, issued and sold by the
registrant under the sales agreement prospectus is included in the
$75,000,000 of securities that may be offered, issued and sold by
the registrant under the base prospectus. Any portion of the
$25,000,000 included in the sales agreement prospectus that is not
previously sold or included in an active placement notice pursuant
to the sales agreement is available for sale in other offerings
pursuant to the base prospectus, and if no shares are sold under
the sales agreement, the full $75,000,000 of securities may be sold
in other offerings pursuant to the base prospectus and a
corresponding prospectus supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #DE1A1E; background-color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The information in this preliminary prospectus is not complete and
may be changed. These securities may not be sold until the
registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an
offer to sell nor does it seek an offer to buy these securities in
any jurisdiction where the offer or sale is not
permitted.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #DE1A1E; background-color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Subject to Completion, dated September 3, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">PROSPECTUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<img src="aehr_s3000.jpg"></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Aehr Test Systems</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
$75,000,000</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Common
Stock</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Preferred
Stock</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Debt
Securities</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Depositary
Shares</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Warrants</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subscription
Rights</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Units</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We may
offer and sell up to $75,000,000 in the aggregate of the securities
identified above from time to time in one or more offerings. This
prospectus provides you with a general description of the
securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Each
time we offer and sell securities, we will file a supplement to
this prospectus that contains specific information about the
offering and the amounts, prices and terms of the securities. The
supplement may also add, update or change information contained in
this prospectus with respect to that offering. You should carefully
read this prospectus and the applicable prospectus supplement
before you invest in any of our securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We may
offer and sell the securities described in this prospectus and any
prospectus supplement to or through one or more underwriters,
dealers and agents, or directly to purchasers, or through a
combination of these methods. If any underwriters, dealers or
agents are involved in the sale of any of the securities, their
names and any applicable purchase price, fee, commission or
discount arrangement between or among them will be set forth, or
will be calculable from the information set forth, in the
applicable prospectus supplement. See the sections of this
prospectus entitled &#x201C;About this Prospectus&#x201D; and
&#x201C;Plan of Distribution&#x201D; for more information. No
securities may be sold without delivery of this prospectus and the
applicable prospectus supplement describing the method and terms of
the offering of such securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INVESTING
IN OUR SECURITIES INVOLVES RISKS. SEE THE &#x201C;<font style="text-decoration: underline">RISK FACTORS</font>&#x201D; ON PAGE 4
OF THIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED IN THE
APPLICABLE PROSPECTUS SUPPLEMENT CONCERNING FACTORS YOU SHOULD
CONSIDER BEFORE INVESTING IN OUR SECURITIES.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Our
common stock is listed on the Nasdaq Capital Market under the
symbol &#x201C;AEHR.&#x201D; On September 2, 2021, the last reported
sale price of our common stock on the Nasdaq Capital Market was
$7.53 per share.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Neither
the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any
representation to the contrary is a criminal offense.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The date of this prospectus is
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;,
2021.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TABLE OF CONTENTS</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#ABO"><font style="font-family: Times New Roman; font-size: 13px;">ABOUT THIS
PROSPECTUS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#ABO"><font style="font-family: Times New Roman; font-size: 13px;">1</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#WHE"><font style="font-family: Times New Roman; font-size: 13px;">WHERE YOU CAN FIND
MORE INFORMATION; INCORPORATION BY REFERENCE</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#WHE"><font style="font-family: Times New Roman; font-size: 13px;">2</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#COMP"><font style="font-family: Times New Roman; font-size: 13px;">THE
COMPANY</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#COMP"><font style="font-family: Times New Roman; font-size: 13px;">3<br></font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#RIS"><font style="font-family: Times New Roman; font-size: 13px;">RISK
FACTORS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#RIS"><font style="font-family: Times New Roman; font-size: 13px;">4<br></font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#USE"><font style="font-family: Times New Roman; font-size: 13px;">USE OF
PROCEEDS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#USE"><font style="font-family: Times New Roman; font-size: 13px;">5<br></font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CAP"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
CAPITAL STOCK</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CAP"><font style="font-family: Times New Roman; font-size: 13px;">6<br></font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DEB"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
DEBT SECURITIES</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DEB"><font style="font-family: Times New Roman; font-size: 13px;">8<br></font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DEP"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
DEPOSITARY SHARES</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DEP"><font style="font-family: Times New Roman; font-size: 13px;">15</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#WAR"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
WARRANTS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#WAR"><font style="font-family: Times New Roman; font-size: 13px;">18</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#SUB"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
SUBSCRIPTION RIGHTS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#SUB"><font style="font-family: Times New Roman; font-size: 13px;">19<br></font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#UNI"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
UNITS&#xA0;</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right"><a href="#UNI"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;20</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#GLO"><font style="font-family: Times New Roman; font-size: 13px;">GLOBAL
SECURITIES</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#GLO"><font style="font-family: Times New Roman; font-size: 13px;">21</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PLA"><font style="font-family: Times New Roman; font-size: 13px;">PLAN OF
DISTRIBUTION</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PLA"><font style="font-family: Times New Roman; font-size: 13px;">24</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#LEG"><font style="font-family: Times New Roman; font-size: 13px;">LEGAL
MATTERS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#LEG"><font style="font-family: Times New Roman; font-size: 13px;">25<br></font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXP"><font style="font-family: Times New Roman; font-size: 13px;">EXPERTS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXP"><font style="font-family: Times New Roman; font-size: 13px;">25<br></font></a></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788059"><!--anchor--></a><a name="ABO">A</a>BOUT THIS PROSPECTUS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus is part of a registration statement that we filed with
the U.S. Securities and Exchange Commission, or the SEC, using a
&#x201C;shelf&#x201D; registration process. By using a shelf
registration statement, we may sell securities from time to time
and in one or more offerings up to a total dollar amount of
$75,000,000 as described in this prospectus. Each time that we
offer and sell securities, we will provide a prospectus supplement
to this prospectus that contains specific information about the
securities being offered and sold and the specific terms of that
offering. We may also authorize one or more free writing
prospectuses to be provided to you that may contain material
information relating to these offerings. The prospectus supplement
or free writing prospectus may also add, update or change
information contained in this prospectus with respect to that
offering. If there is any inconsistency between the information in
this prospectus and the applicable prospectus supplement or free
writing prospectus, you should rely on the prospectus supplement or
free writing prospectus, as applicable. Before purchasing any
securities, you should carefully read both this prospectus and the
applicable prospectus supplement (and any applicable free writing
prospectuses), together with the additional information described
under the heading &#x201C;Where You Can Find More Information;
Incorporation by Reference.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We have
not authorized anyone to provide you with any information or to
make any representations other than those contained in this
prospectus, any applicable prospectus supplement or any free
writing prospectuses prepared by or on behalf of us or to which we
have referred you. We take no responsibility for, and can provide
no assurance as to the reliability of, any other information that
others may give you. We will not make an offer to sell these
securities in any jurisdiction where the offer or sale is not
permitted. You should assume that the information appearing in this
prospectus and the applicable prospectus supplement to this
prospectus is accurate only as of the date on its respective cover,
that the information appearing in any applicable free writing
prospectus is accurate only as of the date of that free writing
prospectus, and that any information incorporated by reference is
accurate only as of the date of the document incorporated by
reference, unless we indicate otherwise. Our business, financial
condition, results of operations and prospects may have changed
since those dates. This prospectus incorporates by reference, and
any prospectus supplement or free writing prospectus may contain
and incorporate by reference, market data and industry statistics
and forecasts that are based on independent industry publications
and other publicly available information. Although we believe these
sources are reliable, we do not guarantee the accuracy or
completeness of this information and we have not independently
verified this information. In addition, the market and industry
data and forecasts that may be included or incorporated by
reference in this prospectus, any prospectus supplement or any
applicable free writing prospectus may involve estimates,
assumptions and other risks and uncertainties and are subject to
change based on various factors, including those discussed under
the heading &#x201C;Risk Factors&#x201D; contained in this
prospectus, the applicable prospectus supplement and any applicable
free writing prospectus, and under similar headings in other
documents that are incorporated by reference into this prospectus.
Accordingly, investors should not place undue reliance on this
information.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">When we
refer to &#x201C;AEHR,&#x201D; &#x201C;Aehr Test,&#x201D;
&#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;us&#x201D; and the
&#x201C;Company&#x201D; in this prospectus, we mean Aehr Test Systems
and its consolidated subsidiaries, unless otherwise specified. When
we refer to &#x201C;you,&#x201D; we mean the potential holders of the
applicable series of securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Aehr
Test Systems&#x2122;, AEHR&#x2122; and our logo are some of our
trademarks used in this prospectus. This prospectus also includes
trademarks, tradenames and service marks that are the property of
other organizations. Solely for convenience, our trademarks and
tradenames referred to in this prospectus appear without the &#xAE;
or &#x2122; symbols, but those references are not intended to
indicate, in any way, that we will not assert, to the fullest
extent under applicable law, our rights, or the right of the
applicable licensor to these trademarks and
tradenames.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788060">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="WHE">W</a>HERE YOU CAN FIND MORE INFORMATION;
INCORPORATION BY REFERENCE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Available Information</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We file
reports, proxy statements and other information with the SEC. The
SEC maintains a web site that contains reports, proxy and
information statements and other information about issuers, such as
us, who file electronically with the SEC. The address of that
website is <font style="font-style: italic">http://www.sec.gov</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Our web
site address is www.aehr.com. The information on our web site,
however, is not, and should not be deemed to be, a part of this
prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus and any prospectus supplement are part of a registration
statement that we filed with the SEC and do not contain all of the
information in the registration statement. The full registration
statement may be obtained from the SEC or us, as provided below.
Forms of the indenture and other documents establishing the terms
of the offered securities are or may be filed as exhibits to the
registration statement or documents incorporated by reference in
the registration statement. Statements in this prospectus or any
prospectus supplement about these documents are summaries and each
statement is qualified in all respects by reference to the document
to which it refers. You should refer to the actual documents for a
more complete description of the relevant matters. You may inspect
a copy of the registration statement through the SEC&#x2019;s
website, as provided above.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Incorporation by Reference</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
SEC&#x2019;s rules allow us to &#x201C;incorporate by
reference&#x201D; information into this prospectus, which means that
we can disclose important information to you by referring you to
another document filed separately with the SEC. The information
incorporated by reference is deemed to be part of this prospectus,
and subsequent information that we file with the SEC will
automatically update and supersede that information. Any statement
contained in this prospectus or a previously filed document
incorporated by reference will be deemed to be modified or
superseded for purposes of this prospectus to the extent that a
statement contained in this prospectus or a subsequently filed
document incorporated by reference modifies or replaces that
statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus and any accompanying prospectus supplement incorporate
by reference the documents set forth below that have previously
been filed with the SEC:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our Annual Report
on Form 10-K for the year ended May 31, 2021, filed with the SEC on
August 27, 2021.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The description of
our Common Stock contained in Exhibit 4.3 to our Annual Report on
Form 10-K filed with the SEC on August 27, 2021 and any amendment
or report filed with the SEC for the purpose of updating the
description.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">All
reports and other documents we subsequently file pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934, as amended, which we refer to as the &#x201C;Exchange
Act&#x201D; in this prospectus, prior to the termination of this
offering, including all such documents we may file with the SEC
after the date of the initial registration statement and prior to
the effectiveness of the registration statement, but excluding any
information furnished to, rather than filed with, the SEC, will
also be incorporated by reference into this prospectus and deemed
to be part of this prospectus from the date of the filing of such
reports and documents.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">You may
request a free copy of any of the documents incorporated by
reference in this prospectus by writing or telephoning us at the
following address:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">AEHR
TEST SYSTEMS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">400
KATO TERRACE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">FREMONT,
CALIFORNIA 94539</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(510)
623-9400</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibits to the
filings will not be sent, however, unless those exhibits have
specifically been incorporated by reference in this prospectus or
any accompanying prospectus supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788061">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
THE <a name="COMP">C</a>OMPANY</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Aehr
Test Systems develops and manufactures burn-in and test equipment
for the semiconductor industry.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">We filed our certificate of incorporation with
the Secretary of State of California on May 25, 1977. Our principal
executive offices are located at 400 Kato Terrace, Fremont,
California 94539 and our telephone number is (510) 623-9400.</font>
<font style="font-size: 13px">Our website address is www.aehr.com.
The information on, or that can be accessed through, our website is
not part of this prospectus. We have included our website address
as an inactive textual reference only.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788062">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="RIS">R</a>ISK FACTORS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Investment in any
securities offered pursuant to this prospectus and the applicable
prospectus supplement involves risks. You should carefully consider
the risk factors incorporated by reference to our most recent
Annual Report on Form 10-K and any subsequent Quarterly Reports on
Form 10-Q or Current Reports on Form 8-K, and all other information
contained or incorporated by reference into this prospectus, as
updated by our subsequent filings under the Exchange Act, and the
risk factors and other information contained in the applicable
prospectus supplement and any applicable free writing prospectus
before acquiring any of such securities. The occurrence of any of
these risks might cause you to lose all or part of your investment
in the offered securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788063">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="USE">U</a>SE OF PROCEEDS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
intend to use the net proceeds from the sale of the securities as
set forth in the applicable prospectus supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788064">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DESCRIPTION OF <a name="CAP">C</a>APITAL
STOCK</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
following description of our capital stock is not complete and may
not contain all the information you should consider before
investing in our capital stock. This description is summarized
from, and qualified in its entirety by reference to, our restated
articles of incorporation, which have been publicly filed with the
SEC, and to the applicable provisions of California law. See
&#x201C;Where You Can Find More Information; Incorporation by
Reference.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Our
authorized capital stock consists of:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">75,000,000 shares
of common stock, $0.01 par value; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">10,000,000 shares
of preferred stock, $0.01 par value.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Common Stock</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Outstanding Shares</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">As
of May 31, 2021, there were 23,725,228 shares of common stock
outstanding, held of record by 122 stockholders. Our board of
directors is authorized, without stockholder approval, to issue
additional shares of our capital stock.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Dividend Rights</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Subject
to preferences that may be applicable to any then outstanding
convertible preferred stock, holders of our common stock are
entitled to receive dividends, if any, as may be declared from time
to time by our board of directors out of legally available funds.
We have never declared or paid cash dividends on any of our capital
stock and currently do not anticipate paying any cash dividends
after this offering or in the foreseeable future.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Voting Rights</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">There
are 75,000,000 shares of common stock authorized for issuance. Each
holder of our common stock is entitled to one vote for each share
on all matters submitted to a vote of stockholders. Pursuant to our
restated articles of incorporation and amended and restated bylaws,
corporate actions can generally be taken by a majority of our board
and/or stockholders holding a majority of our outstanding shares.
Additionally, our stockholders have cumulative voting rights in the
election of directors.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Right to Receive Liquidation Distributions</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
the event of our liquidation, dissolution or winding up, holders of
our common stock are entitled to share ratably in the net assets
legally available for distribution to stockholders after the
payment of all of our debts and other liabilities and the
satisfaction of any liquidation preference granted to the holders
of any then outstanding shares of preferred stock.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Rights and Preferences</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Holders
of our common stock have no preemptive, conversion, subscription or
other rights, and there are no redemption or sinking fund
provisions applicable to our common stock. The rights, preferences
and privileges of the holders of our common stock are subject to,
and may be adversely affected by, the rights of the holders of
shares of any series of our preferred stock that we may designate
in the future.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Fully Paid and Nonassessable</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
of our outstanding shares of common stock are, and the shares of
common stock to be issued pursuant to this offering, when paid for,
will be fully paid and nonassessable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Transfer Agent</font></div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
transfer agent and registrar for our common stock is Computershare
Trust Company, N.A. Our shares of common stock are issued in
uncertificated form only, subject to limited
circumstances.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Preferred Stock</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Our
board of directors has the authority, without further action by our
stockholders, to issue up to 10,000,000 shares of preferred stock
in one or more series and to fix the rights, preferences,
privileges and restrictions thereof. These rights, preferences and
privileges could include dividend rights, conversion rights, voting
rights, terms of redemption, liquidation preferences, sinking fund
terms and the number of shares constituting any series or the
designation of such series, any or all of which may be greater than
the rights of common stock. The issuance of preferred stock by us
could adversely affect the voting power of holders of common stock
and the likelihood that such holders will receive dividend payments
and payments upon liquidation. In addition, the issuance of
preferred stock could have the effect of delaying, deferring or
preventing a change of control of our company or other corporate
action. No shares of preferred stock are outstanding, and we have
no present plan to issue any shares of preferred
stock.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Stock Options</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">As
of May 31, 2021 there were 2,766,186 shares of our common stock
issuable upon exercise of outstanding stock options, at a
weighted-average exercise prices of $2.16 per share.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Restricted Stock Options</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">As
of May 31, 2021, there were 132,076 shares of our common stock
issuable upon vesting of outstanding restricted stock
units.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788065">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DESCRIPTION OF <a name="DEB">D</a>EBT
SECURITIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
following description, together with the additional information we
include in any applicable prospectus supplement or free writing
prospectus, summarizes certain general terms and provisions of the
debt securities that we may offer under this prospectus. When we
offer to sell a particular series of debt securities, we will
describe the specific terms of the series in a supplement to this
prospectus. We will also indicate in the supplement to what extent
the general terms and provisions described in this prospectus apply
to a particular series of debt securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We may
issue debt securities either separately, or together with, or upon
the conversion or exercise of or in exchange for, other securities
described in this prospectus. Debt securities may be our senior,
senior subordinated or subordinated obligations and, unless
otherwise specified in a supplement to this prospectus, the debt
securities will be our direct, unsecured obligations and may be
issued in one or more series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
debt securities will be issued under an indenture between us and a
trustee. We have summarized select portions of the indenture below.
The summary is not complete. The form of the indenture has been
filed as an exhibit to the registration statement and you should
read the indenture for provisions that may be important to you. In
the summary below, we have included references to the section
numbers of the indenture so that you can easily locate these
provisions. Capitalized terms used in the summary and not defined
herein have the meanings specified in the indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">As used
in this section only, &#x201C;AEHR,&#x201D; &#x201C;Aehr Test,&#x201D;
&#x201C;we,&#x201D; &#x201C;our&#x201D; or &#x201C;us&#x201D; refer to
AEHR Test Systems, excluding our subsidiaries, unless expressly
stated or the context otherwise requires.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
terms of each series of debt securities will be established by or
pursuant to a resolution of our board of directors and set forth or
determined in the manner provided in a resolution of our board of
directors, in an officer&#x2019;s certificate or by a supplemental
indenture. (Section 2.2) The particular terms of each series of
debt securities will be described in a prospectus supplement
relating to such series (including any pricing supplement or term
sheet).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We can
issue an unlimited amount of debt securities under the indenture
that may be in one or more series with the same or various
maturities, at par, at a premium, or at a discount. (Section 2.1)
We will set forth in a prospectus supplement (including any pricing
supplement or term sheet) relating to any series of debt securities
being offered, the aggregate principal amount and the following
terms of the debt securities, if applicable:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the title and
ranking of the debt securities (including the terms of any
subordination provisions);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the price or prices
(expressed as a percentage of the principal amount) at which we
will sell the debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any limit on the
aggregate principal amount of the debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date or dates
on which the principal of the securities of the series is
payable;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the rate or rates
(which may be fixed or variable) per annum or the method used to
determine the rate or rates (including any commodity, commodity
index, stock exchange index or financial index) at which the debt
securities will bear interest, the date or dates from which
interest will accrue, the date or dates on which interest will
commence and be payable and any regular record date for the
interest payable on any interest payment date;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the place or places
where principal of, and interest, if any, on the debt securities
will be payable (and the method of such payment), where the
securities of such series may be surrendered for registration of
transfer or exchange, and where notices and demands to us in
respect of the debt securities may be delivered;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the period or
periods within which, the price or prices at which and the terms
and conditions upon which we may redeem the debt
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any obligation we
have to redeem or purchase the debt securities pursuant to any
sinking fund or analogous provisions or at the option of a holder
of debt securities and the period or periods within which, the
price or prices at which and in the terms</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">and
conditions upon which securities of the series shall be redeemed or
purchased, in whole or in part, pursuant to such
obligation;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the dates on which
and the price or prices at which we will repurchase debt securities
at the option of the holders of debt securities and other detailed
terms and provisions of these repurchase obligations;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the denominations
in which the debt securities will be issued, if other than
denominations of $1,000 and any integral multiple
thereof;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether the debt
securities will be issued in the form of certificated debt
securities or global debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the portion of
principal amount of the debt securities payable upon declaration of
acceleration of the maturity date, if other than the principal
amount;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the currency of
denomination of the debt securities, which may be United States
Dollars or any foreign currency, and if such currency of
denomination is a composite currency, the agency or organization,
if any, responsible for overseeing such composite
currency;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the designation of
the currency, currencies or currency units in which payment of
principal of, premium and interest on the debt securities will be
made;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">if payments of
principal of, premium or interest on the debt securities will be
made in one or more currencies or currency units other than that or
those in which the debt securities are denominated, the manner in
which the exchange rate with respect to these payments will be
determined;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the manner in which
the amounts of payment of principal of, premium, if any, or
interest on the debt securities will be determined, if these
amounts may be determined by reference to an index based on a
currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any provisions
relating to any security provided for the debt
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any addition to,
deletion of or change in the Events of Default described in this
prospectus or in the indenture with respect to the debt securities
and any change in the acceleration provisions described in this
prospectus or in the indenture with respect to the debt
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any addition to,
deletion of or change in the covenants described in this prospectus
or in the indenture with respect to the debt
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any depositaries,
interest rate calculation agents, exchange rate calculation agents
or other agents with respect to the debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the provisions, if
any, relating to conversion or exchange of any debt securities of
such series, including if applicable, the conversion or exchange
price and period, provisions as to whether conversion or exchange
will be mandatory, the events requiring an adjustment of the
conversion or exchange price and provisions affecting conversion or
exchange;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other terms of
the debt securities, which may supplement, modify or delete any
provision of the indenture as it applies to that series, including
any terms that may be required under applicable law or regulations
or advisable in connection with the marketing of the securities;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether any of our
direct or indirect subsidiaries will guarantee the debt securities
of that series, including the terms of subordination, if any, of
such guarantees. (Section 2.2)</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We may
issue debt securities that provide for an amount less than their
stated principal amount to be due and payable upon declaration of
acceleration of their maturity pursuant to the terms of the
indenture. We will provide you with information on the
federal</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">income
tax considerations and other special considerations applicable to
any of these debt securities in the applicable prospectus
supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">If we
denominate the purchase price of any of the debt securities in a
foreign currency or currencies or a foreign currency unit or units,
or if the principal of and any premium and interest on any series
of debt securities is payable in a foreign currency or currencies
or a foreign currency unit or units, we will provide you with
information on the restrictions, elections, general tax
considerations, specific terms and other information with respect
to that issue of debt securities and such foreign currency or
currencies or foreign currency unit or units in the applicable
prospectus supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Transfer and Exchange</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Each
debt security will be represented by either one or more global
securities registered in the name of The Depository Trust Company,
or the Depositary, or a nominee of the Depositary (we will refer to
any debt security represented by a global debt security as a
&#x201C;book-entry debt security&#x201D;), or a certificate issued in
definitive registered form (we will refer to any debt security
represented by a certificated security as a &#x201C;certificated
debt security&#x201D;) as set forth in the applicable prospectus
supplement. Except as set forth under the heading &#x201C;Global
Debt Securities and Book-Entry System&#x201D; below, book-entry debt
securities will not be issuable in certificated form.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Certificated Debt
Securities. You may transfer or exchange certificated debt
securities at any office we maintain for this purpose in accordance
with the terms of the indenture. (Section 2.4) No service charge
will be made for any transfer or exchange of certificated debt
securities, but we may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection with a
transfer or exchange. (Section 2.7)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">You may
effect the transfer of certificated debt securities and the right
to receive the principal of, premium and interest on certificated
debt securities only by surrendering the certificate representing
those certificated debt securities and either reissuance by us or
the trustee of the certificate to the new holder or the issuance by
us or the trustee of a new certificate to the new
holder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Global
Debt Securities and Book-Entry System. Each global debt security
representing book-entry debt securities will be deposited with, or
on behalf of, the Depositary, and registered in the name of the
Depositary or a nominee of the Depositary. Please see &#x201C;Global
Securities.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Covenants</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We will
set forth in the applicable prospectus supplement any restrictive
covenants applicable to any issue of debt securities. (Article
IV)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
No Protection in the Event of a Change of Control</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
we state otherwise in the applicable prospectus supplement, the
debt securities will not contain any provisions which may afford
holders of the debt securities protection in the event we have a
change in control or in the event of a highly leveraged transaction
(whether or not such transaction results in a change in control)
which could adversely affect holders of debt
securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Consolidation, Merger and Sale of Assets</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We may
not consolidate with or merge with or into, or convey, transfer or
lease all or substantially all of our properties and assets to any
person (a &#x201C;successor person&#x201D;) unless:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we are the
surviving entity or the successor person (if other than AEHR) is a
corporation, partnership, trust or other entity organized and
validly existing under the laws and expressly assumes our
obligations on the debt securities and under the indenture;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">immediately after
giving effect to the transaction, no Default or Event of Default,
shall have occurred and be continuing.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Notwithstanding the
above, any of our subsidiaries may consolidate with, merge into or
transfer all or part of its properties to us. (Section
5.1)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Events of Default</font></div>
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Event of
Default&#x201D; means with respect to any series of debt securities,
any of the following:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">default in the
payment of any interest upon any debt security of that series when
it becomes due and payable, and continuance of such default for a
period of 30 days (unless the entire amount of the payment is
deposited by us with the trustee or with a paying agent prior to
the expiration of the 30-day period);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">default in the
payment of principal of any security of that series at its
maturity;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">default in the
performance or breach of any other covenant or warranty by us in
the indenture (other than a covenant or warranty that has been
included in the indenture solely for the benefit of a series of
debt securities other than that series), which default continues
uncured for a period of 60 days after we receive written notice
from the trustee or AEHR and the trustee receive written notice
from the holders of not less than 25% in principal amount of the
outstanding debt securities of that series as provided in the
indenture;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">certain voluntary
or involuntary events of bankruptcy, insolvency or reorganization
of AEHR;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other Event of
Default provided with respect to debt securities of that series
that is described in the applicable prospectus supplement. (Section
6.1)</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">No
Event of Default with respect to a particular series of debt
securities (except as to certain events of bankruptcy, insolvency
or reorganization) necessarily constitutes an Event of Default with
respect to any other series of debt securities. (Section 6.1) The
occurrence of certain Events of Default or an acceleration under
the indenture may constitute an event of default under certain
indebtedness of ours or our subsidiaries outstanding from time to
time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We will
provide the trustee written notice of any Default or Event of
Default within 30 days of becoming aware of the occurrence of such
Default or Event of Default, which notice will describe in
reasonable detail the status of such Default or Event of Default
and what action we are taking or propose to take in respect
thereof. (Section 6.1)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">If an
Event of Default with respect to debt securities of any series at
the time outstanding occurs and is continuing, then the trustee or
the holders of not less than 25% in principal amount of the
outstanding debt securities of that series may, by a notice in
writing to us (and to the trustee if given by the holders), declare
to be due and payable immediately the principal of (or, if the debt
securities of that series are discount securities, that portion of
the principal amount as may be specified in the terms of that
series) and accrued and unpaid interest, if any, on all debt
securities of that series. In the case of an Event of Default
resulting from certain events of bankruptcy, insolvency or
reorganization, the principal (or such specified amount) of and
accrued and unpaid interest, if any, on all outstanding debt
securities will become and be immediately due and payable without
any declaration or other act on the part of the trustee or any
holder of outstanding debt securities. At any time after a
declaration of acceleration with respect to debt securities of any
series has been made, but before a judgment or decree for payment
of the money due has been obtained by the trustee, the holders of a
majority in principal amount of the outstanding debt securities of
that series may rescind and annul the acceleration if all Events of
Default, other than the non-payment of accelerated principal and
interest, if any, with respect to debt securities of that series,
have been cured or waived as provided in the indenture. (Section
6.2) We refer you to the prospectus supplement relating to any
series of debt securities that are discount securities for the
particular provisions relating to acceleration of a portion of the
principal amount of such discount securities upon the occurrence of
an Event of Default.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
indenture provides that the trustee may refuse to perform any duty
or exercise any of its rights or powers under the indenture unless
the trustee receives indemnity satisfactory to it against any cost,
liability or expense which might be incurred by it in performing
such duty or exercising such right or power. (Section 7.1(e))
Subject to certain rights of the trustee, the holders of a majority
in principal amount of the outstanding debt securities of any
series will have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the trustee
or exercising any trust or power conferred on the trustee with
respect to the debt securities of that series. (Section
6.12)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">No
holder of any debt security of any series will have any right to
institute any proceeding, judicial or otherwise, with respect to
the indenture or for the appointment of a receiver or trustee, or
for any remedy under the indenture, unless:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">that holder has
previously given to the trustee written notice of a continuing
Event of Default with respect to debt securities of that series;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the holders of not
less than 25% in principal amount of the outstanding debt
securities of that series have made written request, and offered
indemnity or security satisfactory to the trustee, to the trustee
to institute the proceeding as trustee, and the trustee has not
received from the holders of not less than a majority in principal
amount of the outstanding debt securities of that series a
direction inconsistent with that request and has failed to
institute the proceeding within 60 days. (Section 6.7)</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Notwithstanding any
other provision in the indenture, the holder of any debt security
will have an absolute and unconditional right to receive payment of
the principal of, premium and any interest on that debt security on
or after the due dates expressed in that debt security and to
institute suit for the enforcement of payment. (Section
6.8)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
indenture requires us, within 120 days after the end of our fiscal
year, to furnish to the trustee a statement as to compliance with
the indenture. (Section 4.3) If a Default or Event of Default
occurs and is continuing with respect to the securities of any
series and if it is known to a responsible officer of the trustee,
the trustee shall mail to each Securityholder of the securities of
that series notice of a Default or Event of Default within 90 days
after it occurs or, if later, after a responsible officer of the
trustee has knowledge of such Default or Event of Default. The
indenture provides that the trustee may withhold notice to the
holders of debt securities of any series of any Default or Event of
Default (except in payment on any debt securities of that series)
with respect to debt securities of that series if the trustee
determines in good faith that withholding notice is in the interest
of the holders of those debt securities. (Section 7.5)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Modification and Waiver</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We and
the trustee may modify, amend or supplement the indenture or the
debt securities of any series without the consent of any holder of
any debt security:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to cure any
ambiguity, defect or inconsistency;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to comply with
covenants in the indenture described above under the heading
&#x201C;Consolidation, Merger and Sale of
Assets&#x201D;;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to provide for
uncertificated securities in addition to or in place of
certificated securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to add guarantees
with respect to debt securities of any series or secure debt
securities of any series;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to surrender any of
our rights or powers under the indenture;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to add covenants or
events of default for the benefit of the holders of debt securities
of any series;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to comply with the
applicable procedures of the applicable depositary;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to make any change
that does not adversely affect the rights of any holder of debt
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to provide for the
issuance of and establish the form and terms and conditions of debt
securities of any series as permitted by the
indenture;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to effect the
appointment of a successor trustee with respect to the debt
securities of any series and to add to or change any of the
provisions of the indenture to provide for or facilitate
administration by more than one trustee; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to comply with
requirements of the SEC in order to effect or maintain the
qualification of the indenture under the Trust Indenture Act.
(Section 9.1)</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">We may
also modify and amend the indenture with the consent of the holders
of at least a majority in principal amount of the outstanding debt
securities of each series affected by the modifications or
amendments. We may not make any modification or amendment without
the consent of the holders of each affected debt security then
outstanding if that amendment will:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reduce the amount
of debt securities whose holders must consent to an amendment,
supplement or waiver;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reduce the rate of
or extend the time for payment of interest (including default
interest) on any debt security;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reduce the
principal of or premium on or change the fixed maturity of any debt
security or reduce the amount of, or postpone the date fixed for,
the payment of any sinking fund or analogous obligation with
respect to any series of debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reduce the
principal amount of discount securities payable upon acceleration
of maturity;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">waive a default in
the payment of the principal of, premium or interest on any debt
security (except a rescission of acceleration of the debt
securities of any series by the holders of at least a majority in
aggregate principal amount of the then outstanding debt securities
of that series and a waiver of the payment default that resulted
from such acceleration);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">make the principal
of or premium or interest on any debt security payable in currency
other than that stated in the debt security;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">make any change to
certain provisions of the indenture relating to, among other
things, the right of holders of debt securities to receive payment
of the principal of, premium and interest on those debt securities
and to institute suit for the enforcement of any such payment and
to waivers or amendments; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">waive a redemption
payment with respect to any debt security. (Section
9.3)</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Except
for certain specified provisions, the holders of at least a
majority in principal amount of the outstanding debt securities of
any series may on behalf of the holders of all debt securities of
that series waive our compliance with provisions of the indenture.
(Section 9.2) The holders of a majority in principal amount of the
outstanding debt securities of any series may on behalf of the
holders of all the debt securities of such series waive any past
default under the indenture with respect to that series and its
consequences, except a default in the payment of the principal of,
premium or any interest on any debt security of that series;
provided, however, that the holders of a majority in principal
amount of the outstanding debt securities of any series may rescind
an acceleration and its consequences, including any related payment
default that resulted from the acceleration. (Section
6.13)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Defeasance of Debt Securities and Certain Covenants in Certain
Circumstances</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">Legal Defeasance</font>. The indenture
provides that, unless otherwise provided by the terms of the
applicable series of debt securities, we may be discharged from any
and all obligations in respect of the debt securities of any series
(subject to certain exceptions). We will be so discharged upon the
irrevocable deposit with the trustee, in trust, of money and/or
U.S. government obligations or, in the case of debt securities
denominated in a single currency other than U.S. Dollars,
government obligations of the government that issued or caused to
be issued such currency, that, through the payment of interest and
principal in accordance with their terms, will provide money or
U.S. government obligations in an amount sufficient in the opinion
of a nationally recognized firm of independent public accountants
or investment bank to pay and discharge each installment of
principal, premium and interest on and any mandatory sinking fund
payments in respect of the debt securities of that series on the
stated maturity of those payments in accordance with the terms of
the indenture and those debt securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">This
discharge may occur only if, among other things, we have delivered
to the trustee an opinion of counsel stating that we have received
from, or there has been published by, the United States Internal
Revenue Service a ruling or, since the date of execution of the
indenture, there has been a change in the applicable United States
federal income tax law, in either case to the effect that, and
based thereon such opinion shall confirm that, the holders of the
debt securities of that series will not recognize income, gain or
loss for United States federal income tax purposes as a result of
the deposit, defeasance and discharge and will be subject to United
States federal income tax on the same amounts and in the same
manner and at the same times as would have been the case if the
deposit, defeasance and discharge had not occurred. (Section
8.3)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">Defeasance of Certain Covenants</font>. The
indenture provides that, unless otherwise provided by the terms of
the applicable series of debt securities, upon compliance with
certain conditions:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we may omit to
comply with the covenant described under the heading
&#x201C;Consolidation, Merger and Sale of Assets&#x201D; and certain
other covenants set forth in the indenture, as well as any
additional covenants which may be set forth in the applicable
prospectus supplement; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any omission to
comply with those covenants will not constitute a Default or an
Event of Default with respect to the debt securities of that series
(&#x201C;covenant defeasance&#x201D;).</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
conditions include:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">depositing with the
trustee money and/or U.S. government obligations or, in the case of
debt securities denominated in a single currency other than U.S.
Dollars, government obligations of the government that issued or
caused to be issued such currency, that, through the payment of
interest and principal in accordance with their terms, will provide
money in an amount sufficient in the opinion of a nationally
recognized firm of independent public accountants or investment
bank to pay and discharge each installment of principal of, premium
and interest on and any mandatory sinking fund payments in respect
of the debt securities of that series on the stated maturity of
those payments in accordance with the terms of the indenture and
those debt securities; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">delivering to the
trustee an opinion of counsel to the effect that the holders of the
debt securities of that series will not recognize income, gain or
loss for United States federal income tax purposes as a result of
the deposit and related covenant defeasance and will be subject to
United States federal income tax on the same amounts and in the
same manner and at the same times as would have been the case if
the deposit and related covenant defeasance had not occurred.
(Section 8.4)</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
No Personal Liability of Directors, Officers, Employees or
Securityholders</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">None of
our past, present or future directors, officers, employees or
securityholders, as such, will have any liability for any of our
obligations under the debt securities or the indenture or for any
claim based on, or in respect or by reason of, such obligations or
their creation. By accepting a debt security, each holder waives
and releases all such liability. This waiver and release is part of
the consideration for the issue of the debt securities. However,
this waiver and release may not be effective to waive liabilities
under U.S. federal securities laws, and it is the view of the SEC
that such a waiver is against public policy.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Governing Law</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
indenture and the debt securities, including any claim or
controversy arising out of or relating to the indenture or the
securities, will be governed by the laws of the State of New
York.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
indenture will provide that we, the trustee and the holders of the
debt securities (by their acceptance of the debt securities)
irrevocably waive, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding
arising out of or relating to the indenture, the debt securities or
the transactions contemplated thereby.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
indenture will provide that any legal suit, action or proceeding
arising out of or based upon the indenture or the transactions
contemplated thereby may be instituted in the federal courts of the
United States of America located in the City of New York or the
courts of the State of New York in each case located in the City of
New York, and we, the trustee and the holder of the debt securities
(by their acceptance of the debt securities) irrevocably submit to
the non-exclusive jurisdiction of such courts in any such suit,
action or proceeding. The indenture will further provide that
service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to
such party&#x2019;s address set forth in the indenture will be
effective service of process for any suit, action or other
proceeding brought in any such court. The indenture will further
provide that we, the trustee and the holders of the debt securities
(by their acceptance of the debt securities) irrevocably and
unconditionally waive any objection to the laying of venue of any
suit, action or other proceeding in the courts specified above and
irrevocably and unconditionally waive and agree not to plead or
claim any such suit, action or other proceeding has been brought in
an inconvenient forum. (Section 10.10)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">14</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788066">
<!--anchor--></a>DESCRIPTION OF <a name="DEP">D</a>EPOSITARY SHARES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We may,
at our option, elect to offer depositary shares rather than full
shares of preferred stock. Each depositary share will represent
ownership of and entitlement to all rights and preferences of a
fraction of a share of preferred stock of a specified series
(including dividend, voting, redemption and liquidation rights).
The applicable fraction will be specified in a prospectus
supplement. The shares of preferred stock represented by the
depositary shares will be deposited with a depositary named in the
applicable prospectus supplement, under a deposit agreement among
us, the depositary and the holders of the certificates evidencing
depositary shares, or depositary receipts. Depositary receipts will
be delivered to those persons purchasing depositary shares in the
offering. The depositary will be the transfer agent, registrar and
dividend disbursing agent for the depositary shares. Holders of
depositary receipts agree to be bound by the deposit agreement,
which requires holders to take certain actions such as filing proof
of residence and paying certain charges.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
summary of the terms of the depositary shares contained in this
prospectus does not purport to be complete and is subject to, and
qualified in its entirety by, the provisions of the deposit
agreement and our articles of incorporation and the certificate of
designation that are, or will be, filed with the SEC for the
applicable series of preferred stock.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Dividends</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
depositary will distribute all cash dividends or other cash
distributions received in respect of the series of preferred stock
represented by the depositary shares to the record holders of
depositary receipts in proportion to the number of depositary
shares owned by such holders on the relevant record date, which
will be the same date as the record date fixed by us for the
applicable series of preferred stock. The depositary, however, will
distribute only such amount as can be distributed without
attributing to any depositary share a fraction of one cent, and any
balance not so distributed will be added to and treated as part of
the next sum received by the depositary for distribution to record
holders of depositary receipts then outstanding.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In the
event of a distribution other than in cash, the depositary will
distribute property received by it to the record holders of
depositary receipts entitled thereto, in proportion, as nearly as
may be practicable, to the number of depositary shares owned by
such holders on the relevant record date, unless the depositary
determines (after consultation with us) that it is not feasible to
make such distribution, in which case the depositary may (with our
approval) adopt any other method for such distribution as it deems
equitable and appropriate, including the sale of such property (at
such place or places and upon such terms as it may deem equitable
and appropriate) and distribution of the net proceeds from such
sale to such holders.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Liquidation Preference</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In the
event of the liquidation, dissolution or winding up of the affairs
of AEHR, whether voluntary or involuntary, the holders of each
depositary share will be entitled to the fraction of the
liquidation preference accorded each share of the applicable series
of preferred stock as set forth in the applicable prospectus
supplement.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Redemption</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If the
series of preferred stock represented by the applicable series of
depositary shares is redeemable, such depositary shares will be
redeemed from the proceeds received by the depositary resulting
from the redemption, in whole or in part, of the preferred stock
held by the depositary. Whenever we redeem any preferred stock held
by the depositary, the depositary will redeem as of the same
redemption date the number of depositary shares representing the
shares of preferred stock so redeemed. The depositary will mail the
notice of redemption promptly upon receipt of such notice from us
and not less than 30 nor more than 60 days prior to the date fixed
for redemption of the preferred stock and the depositary shares to
the record holders of the depositary receipts.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Voting</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Promptly upon
receipt of notice of any meeting at which the holders of the series
of preferred stock represented by the applicable series of
depositary shares are entitled to vote, the depositary will mail
the information contained in such notice of meeting to the record
holders of the depositary receipts as of the record date for such
meeting. Each such record holder of depositary receipts will be
entitled to instruct the depositary as to the exercise of the
voting rights pertaining to the number of shares of preferred stock
represented by such record holder&#x2019;s depositary shares. The
depositary will endeavor, insofar as practicable, to vote such
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 abstain from voting any of
the preferred stock to the extent that it does not receive specific
instructions from the holders of depositary receipts.</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">15</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Withdrawal of Preferred Stock</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Upon
surrender of depositary receipts at the principal office of the
depositary and payment of any unpaid amount due the depositary, and
subject to the terms of the deposit agreement, the owner of the
depositary shares evidenced thereby is entitled to delivery of the
number of whole shares of preferred stock and all money and other
property, if any, represented by such depositary shares. Partial
shares of preferred stock will not be issued. 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 preferred stock to be withdrawn, the
depositary will deliver to such holder at the same time a new
depositary receipt evidencing such excess number of depositary
shares. Holders of preferred stock thus withdrawn will not
thereafter be entitled to deposit such shares under the deposit
agreement or to receive depositary receipts evidencing depositary
shares therefor.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Amendment and Termination of Deposit Agreement</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
form of depositary receipt evidencing the depositary shares and any
provision of the deposit agreement may at any time and from time to
time be amended by agreement between us and the depositary.
However, any amendment which materially and adversely alters the
rights of the holders (other than any change in fees) of depositary
shares will not be effective unless such amendment has been
approved by at least a majority of the depositary shares then
outstanding. No such amendment may impair the right, subject to the
terms of the deposit agreement, of any owner of any depositary
shares to surrender the depositary receipt evidencing such
depositary shares with instructions to the depositary to deliver to
the holder of the preferred stock and all money and other property,
if any, represented thereby, except in order to comply with
mandatory provisions of applicable law.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
deposit agreement will be permitted to be terminated by us upon not
less than 30 days prior written notice to the applicable depositary
if a majority of each series of preferred stock affected by such
termination consents to such termination, whereupon such depositary
will be required to deliver or make available to each holder of
depositary receipts, upon surrender of the depositary receipts held
by such holder, such number of whole or fractional shares of
preferred stock as are represented by the depositary shares
evidenced by such depositary receipts together with any other
property held by such depositary with respect to such depositary
receipts. In addition, the deposit agreement will automatically
terminate if (a) all outstanding depositary shares thereunder shall
have been redeemed, (b) there shall have been a final distribution
in respect of the related preferred stock in connection with any
liquidation, dissolution or winding-up of AEHR and such
distribution shall have been distributed to the holders of
depositary receipts evidencing the depositary shares representing
such preferred stock or (c) each share of the related preferred
stock shall have been converted into stock of AEHR not so
represented by depositary shares.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Charges of Depositary</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">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 initial issuance of the
depositary shares, and redemption of the preferred stock and all
withdrawals of preferred stock by owners of depositary shares.
Holders of depositary receipts will pay transfer, income and other
taxes and governmental charges and certain other charges as are
provided in the deposit agreement to be for their accounts. In
certain circumstances, the depositary may refuse to transfer
depositary shares, may withhold dividends and distributions and
sell the depositary shares evidenced by such depositary receipt if
such charges are not paid. The applicable prospectus supplement
will include information with respect to fees and charges, if any,
in connection with the deposit or substitution of the underlying
securities, the receipt and distribution of dividends, the sale or
exercise of rights, the withdrawal of the underlying security, and
the transferring, splitting or grouping of receipts. The applicable
prospectus supplement will also include information with respect to
the right to collect the fees and charges, if any, against
dividends received and deposited securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Miscellaneous</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
depositary will forward to the holders of depositary receipts all
notices, reports and proxy soliciting material from us which are
delivered to the depositary and which we are required to furnish to
the holders of the preferred stock. In addition, the depositary
will make available for inspection by holders of depositary
receipts at the principal office of the depositary, and at such
other places as it may from time to time deem advisable, any
notices, reports and proxy soliciting material received from us
which are received by the depositary as the holder of preferred
stock. The applicable prospectus supplement will include
information about the rights, if any, of holders of receipts to
inspect the transfer books of the depositary and the list of
holders of receipts.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">16</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Neither
the depositary nor AEHR assumes any obligation or will be subject
to any liability under the deposit agreement to holders of
depositary receipts other than for its negligence or willful
misconduct. Neither the depositary nor AEHR will be liable if
it</font> <font style="font-family: Times New Roman; font-size: 13px">is prevented or
delayed by law or any circumstance beyond its control in performing
its obligations under the deposit agreement. The obligations of
AEHR 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. AEHR and the depositary may
rely on written advice of counsel or accountants, on information
provided by holders of the depositary receipts or other persons
believed in good faith to be competent to give such information and
on documents believed to be genuine and to have been signed or
presented by the proper party or parties.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In the
event the depositary shall receive conflicting claims, requests or
instructions from any holders of depositary receipts, on the one
hand, and us, on the other hand, the depositary shall be entitled
to act on such claims, requests or instructions received from
us.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Resignation and Removal of Depositary</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">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 for resignation or removal and must be a
bank or trust company having its principal office in the United
States and having a combined capital and surplus of at least
$150,000,000.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">17</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DESCRIPTION OF <a name="WAR">W</a>ARRANTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We may
issue warrants for the purchase of shares of our common stock or
preferred stock or of debt securities. We may issue warrants
independently or together with other securities, and the warrants
may be attached to or separate from any offered securities. Each
series of warrants will be issued under a separate warrant
agreement to be entered into between us and the investors or a
warrant agent. The following summary of material provisions of the
warrants and warrant agreements are subject to, and qualified in
their entirety by reference to, all the provisions of the warrant
agreement and warrant certificate applicable to a particular series
of warrants. The terms of any warrants offered under a prospectus
supplement may differ from the terms described below. We urge you
to read the applicable prospectus supplement and any related free
writing prospectus, as well as the complete warrant agreements and
warrant certificates that contain the terms of the
warrants.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">The
particular terms of any issue of warrants will be described in the
prospectus supplement relating to the issue. Those terms may
include:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the number of
shares of common stock or preferred stock purchasable upon the
exercise of warrants to purchase such shares and the price at which
such number of shares may be purchased upon such
exercise;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the designation,
stated value and terms (including, without limitation, liquidation,
dividend, conversion and voting rights) of the series of preferred
stock purchasable upon exercise of warrants to purchase preferred
stock;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the principal
amount of debt securities that may be purchased upon exercise of a
debt warrant and the exercise price for the warrants, which may be
payable in cash, securities or other property;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date, if any,
on and after which the warrants and the related debt securities,
preferred stock or common stock will be separately
transferable;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the terms of any
rights to redeem or call the warrants;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date on which
the right to exercise the warrants will commence and the date on
which the right will expire;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">United States
Federal income tax consequences applicable to the warrants;
and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any additional
terms of the warrants, including terms, procedures, and limitations
relating to the exchange, exercise and settlement of the
warrants.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">Holders
of equity warrants will not be entitled:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to vote, consent or
receive dividends;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">receive notice as
shareholders with respect to any meeting of shareholders for the
election of our directors or any other matter; or</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">exercise any rights
as shareholders of AEHR.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">Each
warrant will entitle its holder to purchase the principal amount of
debt securities or the number of shares of preferred stock or
common stock at the exercise price set forth in, or calculable as
set forth in, the applicable prospectus supplement. Unless we
otherwise specify in the applicable prospectus supplement, holders
of the warrants may exercise the warrants at any time up to the
specified time on the expiration date that we set forth in the
applicable prospectus supplement. After the close of business on
the expiration date, unexercised warrants will become
void.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px">A
holder of warrant certificates may exchange them for new warrant
certificates of different denominations, present them for
registration of transfer and exercise them at the corporate trust
office of the warrant agent or any other office indicated in the
applicable prospectus supplement. Until any warrants to purchase
debt securities are exercised, the holder of the warrants will not
have any rights of holders of the debt securities that can be
purchased upon exercise, including any rights to receive payments
of principal, premium or interest on the underlying debt securities
or to enforce covenants in the applicable indenture. Until any
warrants to purchase common stock or preferred stock are exercised,
the holders of the warrants will not have any rights of holders of
the underlying common stock or preferred stock, including any
rights to receive dividends or payments upon any liquidation,
dissolution or winding up on the common stock or preferred stock,
if any.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788068">
<!--anchor--></a>DESCRIPTION OF <a name="SUB">S</a>UBSCRIPTION RIGHTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">We
may issue subscription rights to purchase our common stock,
preferred stock or debt securities. These subscription rights may
be offered independently or together with any other security
offered hereby and may or may not be transferable by the
stockholder receiving the subscription rights in such offering. In
connection with any offering of subscription rights, we may enter
into a standby arrangement with one or more underwriters or other
purchasers pursuant to which the underwriters or other purchasers
may be required to purchase any securities remaining unsubscribed
for after such offering.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
prospectus supplement relating to any subscription rights we offer,
if any, will, to the extent applicable, include specific terms
relating to the offering, including some or all of the
following:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
price, if any, for the subscription rights;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
exercise price payable for our common stock, preferred stock or
debt securities upon the exercise of the</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">subscription
rights;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
number of subscription rights to be issued to each
stockholder;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
number and terms of our common stock, preferred stock or debt
securities which may be purchased per each</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">subscription
right;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
extent to which the subscription rights are
transferable;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">any
other terms of the subscription rights, including the terms,
procedures and limitations relating to the exchange</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">and
exercise of the subscription rights;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
date on which the right to exercise the subscription rights shall
commence, and the date on which the</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">subscription
rights shall expire;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
extent to which the subscription rights may include an
over-subscription privilege with respect to</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">unsubscribed
securities or an over-allotment privilege to the extent the
securities are fully subscribed; and</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">if
applicable, the material terms of any standby underwriting or
purchase arrangement which may be entered</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">into by
AEHR in connection with the offering of subscription
rights.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
description in the applicable prospectus supplement of any
subscription rights we offer will not necessarily be complete and
will be qualified in its entirety by reference to the applicable
subscription rights certificate, which will be filed with the SEC
if we offer subscription rights. We urge you to read the applicable
subscription rights certificate and any applicable prospectus
supplement in their entirety.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</div>
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<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
DESCRIPTION OF <a name="UNI">U</a>NITS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We may
issue units consisting of any combination of the other types of
securities offered under this prospectus in one or more series. We
may evidence each series of units by unit certificates that we will
issue under a separate agreement. We may enter into unit agreements
with a unit agent. Each unit agent will be a bank or trust company
that we select. We will indicate the name and address of the unit
agent in the applicable prospectus supplement relating to a
particular series of units.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
following description, together with the additional information
included in any applicable prospectus supplement, summarizes the
general features of the units that we may offer under this
prospectus. You should read any prospectus supplement and any free
writing prospectus that we may authorize to be provided to you
related to the series of units being offered, as well as the
complete unit agreements that contain the terms of the units.
Specific unit agreements will contain additional important terms
and provisions and we will file as an exhibit to the registration
statement of which this prospectus is a part, or will incorporate
by reference from another report that we file with the SEC, the
form of each unit agreement relating to units offered under this
prospectus.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If we
offer any units, certain terms of that series of units will be
described in the applicable prospectus supplement, including,
without limitation, the following, as applicable:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the title of the
series of units;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">identification and
description of the separate constituent securities comprising the
units;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the price or prices
at which the units will be issued;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date, if any,
on and after which the constituent securities comprising the units
will be separately transferable;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a discussion of
certain United States federal income tax considerations applicable
to the units; and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other terms of
the units and their constituent securities.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788069">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="GLO">G</a>LOBAL SECURITIES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Book-Entry, Delivery and Form</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
we indicate differently in any applicable prospectus supplement or
free writing prospectus, the securities initially will be issued in
book-entry form and represented by one or more global notes or
global securities, or, collectively, global securities. The global
securities will be deposited with, or on behalf of, The Depository
Trust Company, New York, New York, as depositary, or DTC, and
registered in the name of Cede &amp; Co., the nominee of DTC.
Unless and until it is exchanged for individual certificates
evidencing securities under the limited circumstances described
below, a global security may not be transferred except as a whole
by the depositary to its nominee or by the nominee to the
depositary, or by the depositary or its nominee to a successor
depositary or to a nominee of the successor
depositary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">DTC has
advised us that it is:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a limited-purpose
trust company organized under the New York Banking
Law;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a &#x201C;banking
organization&#x201D; within the meaning of the New York Banking
Law;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a member of the
Federal Reserve System;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a &#x201C;clearing
corporation&#x201D; within the meaning of the New York Uniform
Commercial Code; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a &#x201C;clearing
agency&#x201D; registered pursuant to the provisions of Section 17A
of the Exchange Act.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">DTC
holds securities that its participants deposit with DTC. DTC also
facilitates the settlement among its participants of securities
transactions, such as transfers and pledges, in deposited
securities through electronic computerized book-entry changes in
participants&#x2019; accounts, thereby eliminating the need for
physical movement of securities certificates. &#x201C;Direct
participants&#x201D; in DTC include securities brokers and dealers,
including underwriters, banks, trust companies, clearing
corporations and other organizations. DTC is a wholly-owned
subsidiary of The Depository Trust &amp; Clearing Corporation, or
DTCC. DTCC is the holding company for DTC, National Securities
Clearing Corporation and Fixed Income Clearing Corporation, all of
which are registered clearing agencies. DTCC is owned by the users
of its regulated subsidiaries. Access to the DTC system is also
available to others, which we sometimes refer to as indirect
participants, that clear through or maintain a custodial
relationship with a direct participant, either directly or
indirectly. The rules applicable to DTC and its participants are on
file with the SEC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s records. The ownership interest of the actual purchaser
of a security, which we sometimes refer to as a beneficial owner,
is in turn recorded on the direct and indirect participants&#x2019;
records. Beneficial owners of securities will not receive written
confirmation from DTC of their purchases. However, beneficial
owners are expected to receive written confirmations providing
details of their transactions, as well as periodic statements of
their holdings, from the direct or indirect participants through
which they purchased securities. Transfers of ownership interests
in global securities are to be accomplished by entries made on the
books of participants acting on behalf of beneficial owners.
Beneficial owners will not receive certificates representing their
ownership interests in the global securities, except under the
limited circumstances described below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">To
facilitate subsequent transfers, all global securities deposited by
direct participants with DTC will be registered in the name of
DTC&#x2019;s partnership nominee, Cede &amp; Co., or such other name
as may be requested by an authorized representative of DTC. The
deposit of securities with DTC and their registration in the name
of Cede &amp; Co. or such other nominee will not change the
beneficial ownership of the securities. DTC has no knowledge of the
actual beneficial owners of the securities. DTC&#x2019;s records
reflect only the identity of the direct participants to whose
accounts the securities are credited, which may or may not be the
beneficial owners. The participants are responsible for keeping
account of their holdings on behalf of their
customers.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">So long
as the securities are in book-entry form, you will receive payments
and may transfer securities only through the facilities of the
depositary and its direct and indirect participants. We will
maintain an office or agency in the location specified in the
prospectus supplement for the applicable securities, where notices
and demands in respect of the securities and the indenture may be
delivered to us and where certificated securities may be
surrendered for payment, registration of transfer or
exchange.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Conveyance of
notices and other communications by DTC to direct participants, by
direct participants to indirect participants and by direct
participants and indirect participants to beneficial owners will be
governed by arrangements among them, subject to any legal
requirements in effect from time to time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Redemption notices
will be sent to DTC. If less than all of the securities of a
particular series are being redeemed, DTC&#x2019;s practice is to
determine by lot the amount of the interest of each direct
participant in the securities of such series to be
redeemed.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Neither
DTC nor Cede &amp; Co. (or such other DTC nominee) will consent or
vote with respect to the securities. Under its usual procedures,
DTC will mail an omnibus proxy to us as soon as possible after the
record date. The omnibus proxy assigns the consenting or voting
rights of Cede &amp; Co. to those direct participants to whose
accounts the securities of such series are credited on the record
date, identified in a listing attached to the omnibus
proxy.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">So long
as securities are in book-entry form, we will make payments on
those securities to the depositary or its nominee, as the
registered owner of such securities, by wire transfer of
immediately available funds. If securities are issued in definitive
certificated form under the limited circumstances described below
and unless if otherwise provided in the description of the
applicable securities herein or in the applicable prospectus
supplement, we will have the option of making payments by check
mailed to the addresses of the persons entitled to payment or by
wire transfer to bank accounts in the United States designated in
writing to the applicable trustee or other designated party at
least 15 days before the applicable payment date by the persons
entitled to payment, unless a shorter period is satisfactory to the
applicable trustee or other designated party.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Redemption
proceeds, distributions and dividend payments on the securities
will be made to Cede &amp; Co., or such other nominee as may be
requested by an authorized representative of DTC. DTC&#x2019;s
practice is to credit direct participants&#x2019; accounts upon
DTC&#x2019;s receipt of funds and corresponding detail information
from us on the payment date in accordance with their respective
holdings shown on DTC records. Payments by participants to
beneficial owners will be governed by standing instructions and
customary practices, as is the case with securities held for the
account of customers in bearer form or registered in &#x201C;street
name.&#x201D; Those payments will be the responsibility of
participants and not of DTC or us, subject to any statutory or
regulatory requirements in effect from time to time. Payment of
redemption proceeds, distributions and dividend payments to Cede
&amp; Co., or such other nominee as may be requested by an
authorized representative of DTC, is our responsibility,
disbursement of payments to direct participants is the
responsibility of DTC, and disbursement of payments to the
beneficial owners is the responsibility of direct and indirect
participants.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Except
under the limited circumstances described below, purchasers of
securities will not be entitled to have securities registered in
their names and will not receive physical delivery of securities.
Accordingly, each beneficial owner must rely on the procedures of
DTC and its participants to exercise any rights under the
securities and the indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
laws of some jurisdictions may require that some purchasers of
securities take physical delivery of securities in definitive form.
Those laws may impair the ability to transfer or pledge beneficial
interests in securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">DTC may
discontinue providing its services as securities depositary with
respect to the securities at any time by giving reasonable notice
to us. Under such circumstances, in the event that a successor
depositary is not obtained, securities certificates are required to
be printed and delivered.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">As
noted above, beneficial owners of a particular series of securities
generally will not receive certificates representing their
ownership interests in those securities. However, if:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">DTC notifies us
that it is unwilling or unable to continue as a depositary for the
global security or securities representing such series of
securities or if DTC ceases to be a clearing agency registered
under the Exchange Act at a time when it is required to be
registered and a successor depositary is not appointed within 90
days of the notification to us or of our becoming aware of
DTC&#x2019;s ceasing to be so registered, as the case may
be;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we determine, in
our sole discretion, not to have such securities represented by one
or more global securities; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an Event of Default
has occurred and is continuing with respect to such series of
securities,</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">we will
prepare and deliver certificates for such securities in exchange
for beneficial interests in the global securities. Any beneficial
interest in a global security that is exchangeable under the
circumstances described in the preceding sentence will be
exchangeable for securities in definitive certificated form
registered in the names that the depositary directs. It is expected
that these directions will be</font> <font style="font-family: Times New Roman; font-size: 13px">based upon
directions received by the depositary from its participants with
respect to ownership of beneficial interests in the global
securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Euroclear and Clearstream</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">If so
provided in the applicable prospectus supplement, you may hold
interests in a global security through Clearstream Banking S.A.,
which we refer to as &#x201C;Clearstream,&#x201D; or Euroclear Bank
S.A./N.V., as operator of the Euroclear System, which we refer to
as &#x201C;Euroclear,&#x201D; either directly if you are a
participant in Clearstream or Euroclear or indirectly through
organizations which are participants in Clearstream or Euroclear.
Clearstream and Euroclear will hold interests on behalf of their
respective participants through customers&#x2019; securities
accounts in the names of Clearstream and Euroclear, respectively,
on the books of their respective U.S. depositaries, which in turn
will hold such interests in customers&#x2019; securities accounts in
such depositaries&#x2019; names on DTC&#x2019;s books.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Clearstream and
Euroclear are securities clearance systems in Europe. Clearstream
and Euroclear hold securities for their respective participating
organizations and facilitate the clearance and settlement of
securities transactions between those participants through
electronic book-entry changes in their accounts, thereby
eliminating the need for physical movement of
certificates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Payments,
deliveries, transfers, exchanges, notices and other matters
relating to beneficial interests in global securities owned through
Euroclear or Clearstream must comply with the rules and procedures
of those systems. Transactions between participants in Euroclear or
Clearstream, on one hand, and other participants in DTC, on the
other hand, are also subject to DTC&#x2019;s rules and
procedures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Investors will be
able to make and receive through Euroclear and Clearstream
payments, deliveries, transfers and other transactions involving
any beneficial interests in global securities held through those
systems only on days when those systems are open for business.
Those systems may not be open for business on days when banks,
brokers and other institutions are open for business in the United
States.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Cross-market
transfers between participants in DTC, on the one hand, and
participants in Euroclear or Clearstream, on the other hand, will
be effected through DTC in accordance with the DTC&#x2019;s rules on
behalf of Euroclear or Clearstream, as the case may be, by their
respective U.S. depositaries; however, such cross-market
transactions will require delivery of instructions to Euroclear or
Clearstream, as the case may be, by the counterparty in such system
in accordance with the rules and procedures and within the
established deadlines (European time) of such system. Euroclear or
Clearstream, as the case may be, will, if the transaction meets its
settlement requirements, deliver instructions to its U.S.
depositary to take action to effect final settlement on its behalf
by delivering or receiving interests in the global securities
through DTC, and making or receiving payment in accordance with
normal procedures for same-day fund settlement. Participants in
Euroclear or Clearstream may not deliver instructions directly to
their respective U.S. depositaries.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Due to
time zone differences, the securities accounts of a participant in
Euroclear or Clearstream purchasing an interest in a global
security from a direct participant in DTC will be credited, and any
such crediting will be reported to the relevant participant in
Euroclear or Clearstream, during the securities settlement
processing day (which must be a business day for Euroclear or
Clearstream) immediately following the settlement date of DTC. Cash
received in Euroclear or Clearstream as a result of sales of
interests in a global security by or through a participant in
Euroclear or Clearstream to a direct participant in DTC will be
received with value on the settlement date of DTC but will be
available in the relevant Euroclear or Clearstream cash account
only as of the business day for Euroclear or Clearstream following
DTC&#x2019;s settlement date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Other</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
information in this section of this prospectus concerning DTC,
Clearstream, Euroclear and their respective book-entry systems has
been obtained from sources that we believe to be reliable, but we
do not take responsibility for this information. This information
has been provided solely as a matter of convenience. The rules and
procedures of DTC, Clearstream and Euroclear are solely within the
control of those organizations and could change at any time.
Neither we nor the trustee nor any agent of ours or of the trustee
has any control over those entities and none of us takes any
responsibility for their activities. You are urged to contact DTC,
Clearstream and Euroclear or their respective participants directly
to discuss those matters. In addition, although we expect that DTC,
Clearstream and Euroclear will perform the foregoing procedures,
none of them is under any obligation to perform or continue to
perform such procedures and such procedures may be discontinued at
any time. Neither we nor any agent of ours will have any
responsibility for the performance or nonperformance by DTC,
Clearstream and Euroclear or their respective participants of these
or any other rules or procedures governing their respective
operations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">23</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788070"><!--anchor--></a><a name="PLA">P</a>LAN OF DISTRIBUTION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
We may sell the securities from time to time pursuant to
underwritten public offerings, negotiated transactions, block
trades or a combination of these methods or through underwriters or
dealers, through agents and/or directly to one or more purchasers.
The securities may be distributed from time to time in one or more
transactions:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at a fixed price or
prices, which may be changed;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at market prices
prevailing at the time of sale;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at prices related
to such prevailing market prices; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at negotiated
prices.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Each time that we sell securities covered by this prospectus, we
will provide a prospectus supplement or supplements that will
describe the method of distribution and set forth the terms and
conditions of the offering of such securities, including the
offering price of the securities and the proceeds to us, if
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Offers to purchase the securities being offered by this prospectus
may be solicited directly. Agents may also be designated to solicit
offers to purchase the securities from time to time. Any agent
involved in the offer or sale of our securities will be identified
in a prospectus supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
If a dealer is utilized in the sale of the securities being offered
by this prospectus, the securities will be sold to the dealer, as
principal. The dealer may then resell the securities to the public
at varying prices to be determined by the dealer at the time of
resale.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
If an underwriter is utilized in the sale of the securities being
offered by this prospectus, an underwriting agreement will be
executed with the underwriter at the time of sale and the name of
any underwriter will be provided in the prospectus supplement that
the underwriter will use to make resales of the securities to the
public. In connection with the sale of the securities, we or the
purchasers of securities for whom the underwriter may act as agent,
may compensate the underwriter in the form of underwriting
discounts or commissions. The underwriter may sell the securities
to or through dealers, and those dealers may receive compensation
in the form of discounts, concessions or commissions from the
underwriters and/or commissions from the purchasers for which they
may act as agent. Unless otherwise indicated in a prospectus
supplement, an agent will be acting on a best efforts basis and a
dealer will purchase securities as a principal, and may then resell
the securities at varying prices to be determined by the
dealer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Any compensation paid to underwriters, dealers or agents in
connection with the offering of the securities, and any discounts,
concessions or commissions allowed by underwriters to participating
dealers will be provided in the applicable prospectus supplement.
Underwriters, dealers and agents participating in the distribution
of the securities may be deemed to be underwriters within the
meaning of the Securities Act of 1933, as amended, and any
discounts and commissions received by them and any profit realized
by them on resale of the securities may be deemed to be
underwriting discounts and commissions. We may enter into
agreements to indemnify underwriters, dealers and agents against
civil liabilities, including liabilities under the Securities Act,
or to contribute to payments they may be required to make in
respect thereof and to reimburse those persons for certain
expenses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; background-color: #FFFFFF">Any common stock will
be listed on the</font> <font style="background-color: #FFFFFF">Nasdaq Global Capital Market, but any
other securities may</font> <font style="color: #000000; background-color: #FFFFFF">or may not be listed on
a national securities exchange. To facilitate the offering of
securities, certain persons participating in the offering may
engage in transactions that stabilize, maintain or otherwise affect
the price of the securities. This may include over-allotments or
short sales of the securities, which involve the sale by persons
participating in the offering of more securities than were sold to
them. In these circumstances, these persons would cover such
over-allotments or short positions by making purchases in the open
market or by exercising their over-allotment option, if any. In
addition, these persons may stabilize or maintain the price of the
securities by bidding for or purchasing securities in the open
market or by imposing penalty bids, whereby selling concessions
allowed to dealers participating in the offering may be reclaimed
if securities sold by them are repurchased in connection with
stabilization transactions. The effect of these transactions may be
to stabilize or maintain the market price of the securities at a
level above that which might otherwise prevail in the open market.
These transactions may be discontinued at any
time.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
We may engage in at the market offerings into an existing trading
market in accordance with Rule 415(a)(4) under the Securities Act.
In addition, we may enter into derivative transactions with third
parties, or sell securities not covered by this prospectus to third
parties in privately negotiated transactions. If the applicable
prospectus supplement so indicates, in connection with those
derivatives, the third parties may sell securities covered by this
prospectus and the applicable prospectus supplement, including in
short sale</font>
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
transactions. If so, the third party may use securities pledged by
us or borrowed from us or others to settle those sales or to close
out any related open borrowings of stock, and may use securities
received from us in settlement of those derivatives to close out
any related open borrowings of stock. The third party in such sale
transactions will be an underwriter and, if not identified in this
prospectus, will be named in the applicable prospectus supplement
(or a post-effective amendment). In addition, we may otherwise loan
or pledge securities to a financial institution or other third
party that in turn may sell the securities short using this
prospectus and an applicable prospectus supplement. Such financial
institution or other third party may transfer its economic short
position to investors in our securities or in connection with a
concurrent offering of other securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
The specific terms of any lock-up provisions in respect of any
given offering will be described in the applicable prospectus
supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
The underwriters, dealers and agents may engage in transactions
with us, or perform services for us, in the ordinary course of
business for which they receive compensation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788071">
<!--anchor--></a></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="LEG">L</a>EGAL MATTERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Latham
&amp; Watkins LLP will pass upon certain legal matters relating to
the issuance and sale of the securities offered hereby on behalf of
AEHR Test Systems. Additional legal matters may be passed upon for
us or any underwriters, dealers or agents, by counsel that we will
name in the applicable prospectus supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc80788072"><!--anchor--></a><a name="EXP">E</a>XPERTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
consolidated financial statements of AEHR Test Systems as of May
31, 2021 and 2020 and for each of the three years in the period
ended May 31, 2021 incorporated in this prospectus by reference to
the Annual Report on Form 10-K for the year ended May 31, 2021,
have been so incorporated in reliance on the report of BPM LLP, an
independent registered public accounting firm.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Such
consolidated financial statements are, and audited consolidated
financial statements to be included in subsequently filed documents
will be, incorporated by reference in reliance upon the reports of
BPM LLP relating to such consolidated financial statements to the
extent covered by consents filed with the Securities and Exchange
Commission, given on the authority of said firm as experts in
auditing and accounting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #DE1A1E; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The information in this prospectus is not complete and may be
changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is
effective. This preliminary prospectus is not an offer to sell nor
does it seek an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #DE1A1E; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Subject to Completion, dated September 3, 2021.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">PROSPECTUS</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Up to $25,000,000 of Shares</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Common Stock</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
entered into an Equity Distribution Agreement, or sales agreement,
with Craig-Hallum Capital Group LLC, or Craig-Hallum, relating to
shares of our common stock offered by this prospectus. In
accordance with the terms of the Sales Agreement, we may offer and
sell shares of our common stock having an aggregate offering price
of up to $25,000,000 from time to time through Craig-Hallum acting
as agent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
common stock is listed on the Nasdaq Capital Market under the
symbol &#x201C;AEHR.&#x201D; On September 2, 2021, the last reported
sale price of our common stock on the Nasdaq Capital Market was
$7.53 per share.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Sales
of our common stock, if any, under this prospectus may be made in
sales deemed to be &#x201C;at-the-market&#x201D; equity offerings as
defined in Rule 415 promulgated under the Securities Act of 1933,
as amended, or the Securities Act, including sales made directly on
or through the Nasdaq Capital Market, the existing trading market
for our common stock, sales made to or through a market maker other
than on an exchange or otherwise, in negotiated transactions at
market prices prevailing at the time of sale or at prices related
to such prevailing market prices, and/or any other method permitted
by law, including in privately negotiated transactions.
Craig-Hallum will act as sales agent on a best efforts basis and
use commercially reasonable efforts to sell on our behalf all of
the shares of common stock requested to be sold by us, consistent
with its normal trading and sales practices, on mutually agreed
terms between Craig-Hallum and us. There is no arrangement for
funds to be received in any escrow, trust or similar
arrangement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Craig-Hallum will
be entitled to compensation at a commission rate of up to 3.0% of
the gross sales price per share sold.<font style="font-size: 13px">&#xA0;</font>In connection with the sale of our
common stock on our behalf, Craig-Hallum will be deemed to be an
&#x201C;underwriter&#x201D; within the meaning of the Securities Act
and the compensation of Craig-Hallum will be deemed to be
underwriting commissions or discounts.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Investing
in our common stock involves a high degree of risk. Before making
an investment decision, please read the information under the
heading &#x201C;Risk Factors&#x201D; beginning on page
S-10 of
this prospectus and in the documents incorporated by reference into
this prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
Craig-Hallum</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
date of this prospectus is , 2021.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TABLE OF CONTENTS</font></div>
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<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#ABOU"><font style="font-family: Times New Roman; font-size: 13px;">ABOUT THIS SALES
AGREEMENT PROSPECTUS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#ABOU"><font style="font-family: Times New Roman; font-size: 13px;">S-1<br></font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MARK"><font style="font-family: Times New Roman; font-size: 13px;">MARKET INDUSTRY
AND OTHER DATA</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<a href="#MARK"><font style="font-family: Times New Roman; font-size: 13px;">S-2<br>
</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PROS"><font style="font-family: Times New Roman; font-size: 13px;">PROSPECTUS
SUMMARY</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PROS"><font style="font-family: Times New Roman; font-size: 13px;">S-3<br></font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#RISK"><font style="font-family: Times New Roman; font-size: 13px;">RISK
FACTORS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#RISK"><font style="font-family: Times New Roman; font-size: 13px;">S-10</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CAUT"><font style="font-family: Times New Roman; font-size: 13px;">CAUTIONARY NOTE
REGARDING FORWARD LOOKING STATEMENTS&#xA0; ..</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right"><a href="#CAUT"><font style="font-family: Times New Roman; font-size: 13px">S-11</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#USEP"><font style="font-family: Times New Roman; font-size: 13px;">USE OF
PROCEEDS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#USEP"><font style="font-family: Times New Roman; font-size: 13px;">S-12</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DILU"><font style="font-family: Times New Roman; font-size: 13px;">DILUTION</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DILU"><font style="font-family: Times New Roman; font-size: 13px;">S-13</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#LEGA"><font style="font-family: Times New Roman; font-size: 13px;">LEGAL
MATTERS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#LEGA"><font style="font-family: Times New Roman; font-size: 13px;">S-15</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXPE"><font style="font-family: Times New Roman; font-size: 13px;">EXPERTS</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXPE"><font style="font-family: Times New Roman; font-size: 13px;">S-15</font></a></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#WHER"><font style="font-family: Times New Roman; font-size: 13px;">WHERE YOU CAN FIND
MOR INFORMATION</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#WHER"><font style="font-family: Times New Roman; font-size: 13px;">S-15</font></a></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#INCO"><font style="font-family: Times New Roman; font-size: 13px;">INCORPORATION BY
REFERENCE</font></a></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#INCO"><font style="font-family: Times New Roman; font-size: 13px;">S-15<br></font></a></div>
</td>
</tr></table>
</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="ABOU">A</a>BOUT THIS SALES AGREEMENT
PROSPECTUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus is part of a registration statement that we have filed
with the U.S. Securities and Exchange Commission, or the SEC,
utilizing a &#x201C;shelf&#x201D; registration process. By using a
shelf registration statement, we may offer shares of our common
stock having an aggregate offering price of up to $25,000,000 from
time to time under this prospectus at prices and on terms to be
determined by market conditions at the time of
offering.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
provide information to you about this offering of shares of our
common stock in two separate documents that are bound together: (1)
this sales agreement prospectus, which describes the specific
details regarding this offering; and (2) the accompanying base
prospectus, which provides general information, some of which may
not apply to this offering. Generally, when we refer to this
&#x201C;prospectus,&#x201D; we are referring to both documents
combined. If information in this sales agreement prospectus is
inconsistent with the accompanying base prospectus, you should rely
on this prospectus. However, if any statement in one of these
documents is inconsistent with a statement in another document
having a later date&#x2014;for example, a document incorporated by
reference in this prospectus&#x2014;the statement in the document
having the later date modifies or supersedes the earlier statement
as our business, financial condition, results of operations and
prospects may have changed since the earlier dates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">You
should rely only on the information contained in, or incorporated
by reference into, this prospectus and in any free writing
prospectus that we may authorize for use in connection with this
offering. We have not, and Craig-Hallum, has not authorized any
other person to provide you with different information. If anyone
provides you with different or inconsistent information, you should
not rely on it. We are not, and Craig-Hallum is not, making an
offer to sell or soliciting an offer to buy our securities in any
jurisdiction where an offer or solicitation is not authorized or in
which the person making that offer or solicitation is not qualified
to do so or to anyone to whom it is unlawful to make an offer or
solicitation. You should assume that the information appearing in
this prospectus, the documents incorporated by reference into this
prospectus, and in any free writing prospectus that we may
authorize for use in connection with this offering, is accurate
only as of the date of those respective documents. Our business,
financial condition, results of operations and prospects may have
changed since those dates. You should read this prospectus, the
documents incorporated by reference into this prospectus, and any
free writing prospectus that we may authorize for use in connection
with this offering, in their entirety before making an investment
decision. You should also read and consider the information in the
documents to which we have referred you in the section of this
prospectus entitled &#x201C;Where You Can Find More Information;
Incorporation by Reference.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We are
offering to sell, and seeking offers to buy, shares of common stock
only in jurisdictions where offers and sales are permitted. The
distribution of this prospectus and the offering of the common
stock in certain jurisdictions may be restricted by law. Persons
outside the United States who come into possession of this
prospectus must inform themselves about, and observe any
restrictions relating to, the offering of the common stock and the
distribution of this prospectus outside the United States. This
prospectus does not constitute, and may not be used in connection
with, an offer to sell, or a solicitation of an offer to buy, any
securities offered by this prospectus by any person in any
jurisdiction in which it is unlawful for such person to make such
an offer or solicitation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">When we
refer to &#x201C;AEHR,&#x201D; &#x201C;Aehr Test,&#x201D;
&#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;us&#x201D; and the
&#x201C;Company&#x201D; in this prospectus, we mean AEHR Test Systems
and its consolidated subsidiaries, unless otherwise specified. When
we refer to &#x201C;you,&#x201D; we mean the holders of common stock
of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Aehr
Test Systems&#x2122;, AEHR&#x2122; and our logo are some of our
trademarks used in this prospectus. This prospectus also includes
trademarks, tradenames and service marks that are the property of
other organizations. Solely for convenience, our trademarks and
tradenames referred to in this prospectus appear without the &#xAE;
or &#x2122; symbols, but those references are not intended to
indicate, in any way, that we will not assert, to the fullest
extent under applicable law, our rights, or the right of the
applicable licensor to these trademarks and
tradenames.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="MARK">M</a>ARKET, INDUSTRY AND OTHER
DATA</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus, including the information incorporated by reference,
contains estimates, projections and other information concerning
our industry, our business, and the markets for semiconductor
testing, as well as data regarding market research, estimates and
forecasts prepared by our management. Information that is based on
estimates, forecasts, projections, market research or similar
methodologies is inherently subject to uncertainties and actual
events or circumstances may differ materially from events and
circumstances that are assumed in this information. Unless
otherwise expressly stated, we obtained this industry, business,
market and other data from reports, research surveys, studies and
similar data prepared by market research firms and other third
parties, industry, medical and general publications, government
data and similar sources. In some cases, we do not expressly refer
to the sources from which this data is derived. In that regard,
when we refer to one or more sources of this type of data in any
paragraph, you should assume that other data of this type appearing
in the same paragraph is derived from the same sources, unless
otherwise expressly stated or the context otherwise
requires.</font></div>
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<a name="PROS">P</a>ROSPECTUS SUMMARY</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This summary does not contain all of the information you should
consider before buying our common stock. You should read the entire
prospectus carefully, especially the &#x201C;Risk Factors&#x201D;
section beginning on page S-10 and our consolidated financial
statements and the related notes appearing at the end of this
prospectus, before deciding to invest in our common
stock.</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Unless the context requires otherwise, references in this
prospectus to &#x201C;AEHR,&#x201D; &#x201C;Aehr Test,&#x201D;
&#x201C;we,&#x201D; &#x201C;us&#x201D; and &#x201C;our&#x201D; refer to
AEHR Test Systems, and our consolidated subsidiary.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Overview</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Aehr
Test was incorporated in the state of California on May 25, 1977.
We develop, manufacture and sell solutions that are designed to
reduce the cost of testing and to perform reliability screening and
stress testing, burn-in or cycling, of homogeneous and
heterogeneous logic and memory semiconductor integrated circuits,
sensors, power and optical devices. These solutions can be used to
simultaneously perform parallel testing and burn-in of packaged
devices, singulated bare die or semiconductor devices while still
in wafer form. The expanding automotive, mobility, networking, and
telecommunications markets require semiconductor devices that meet
increased quality and reliability specifications. To meet these
needs, device manufacturers are increasing capacity and performing
additional testing and burn-in of their products, creating
opportunities for Aehr Test products in package and wafer-level
testing. Leveraging its expertise as a long-time leading provider
of burn-in equipment, and having installed over 2,500 systems
worldwide, the Company has developed and introduced several
innovative product families, including the ABTSTM and FOXTM family
of systems, the WaferPakTM Contactor and the DiePak&#xAE; Carrier
for making electrical and thermal contact with devices under test,
and WaferPak Aligners and DiePak Autoloaders for handling and
alignment of devices into the corresponding WaferPaks and DiePaks.
The ABTS family of packaged part burn-in and test systems can
perform test during burn-in of complex devices, such as digital
signal processors, microprocessors, microcontrollers, memory and
systems-on-a-chip, and offers individual temperature control for
high-power advanced logic devices while in a packaged form. The FOX
family of systems are parallel test and burn-in systems designed to
contact all devices on one or more wafers or panels of devices
simultaneously, thus enabling cost effective full wafer parallel
test and burn-in. The FOX systems are also used for parallel test
and burn-in of singulated die or very small multi-IC modules. The
WaferPak Contactor includes a full-wafer probe card for use in
testing wafers in FOX systems. The DiePak Carrier is a reusable,
temporary package that enables IC manufacturers to perform
cost-effective test and burn-in of singulated bare die or very
small multi-IC modules.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Industry Background</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Semiconductor
manufacturing is a complex, multi-step process, and defects or
weaknesses that may result in the failure of an IC may be
introduced at any process step. Failures may occur immediately or
at any time during the operating life of an IC, sometimes after
several months of normal use. Semiconductor manufacturers rely on
testing and reliability screening to identify and eliminate defects
that occur during the manufacturing process.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Testing
and reliability screening involve multiple steps. The first set of
tests is typically performed by semiconductor device manufacturers
before the processed semiconductor wafer is cut into individual
die, in order to avoid the cost of packaging defective die into
their packages. This &#x201C;wafer probe&#x201D; testing can be
performed on one or many die at a time, including testing the
entire wafer at once. Most leading-edge microprocessors,
microcontrollers, digital signal processors, memory ICs, sensors,
power and optical devices (such as vertical-cavity surface-emitting
lasers, or VCSELs) then undergo an extensive reliability screening
and stress testing procedure known as burn-in or cycling, depending
on the application. This can either be done at the wafer level,
before the die are packaged, or at the package level, after the die
are packaged. The burn-in process screens for early failures by
operating the device at elevated voltages and temperatures, at up
to 150 degrees Celsius (302 degrees Fahrenheit) or higher.
Depending upon the application, the burn-in times can range
anywhere from minutes to hours or even days. A typical burn-in
system can process thousands of devices simultaneously. After
burn-in, the devices undergo a final test process using automatic
test equipment, or testers. For example, this cycling process
screens silicon carbide semiconductor devices used in electric
vehicle engine controller inverters and their corresponding
on-board battery chargers for failure to meet current carrying,
power loss and leakage specifications, as well as endurance
requirements.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Markets</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s semiconductor test and reliability qualification
solutions address multiple test and burn-in segments including
silicon carbide devices for electric vehicles, silicon photonics
markets that include data center infrastructure and worldwide 5G
infrastructure, 2D/3D sensor markets related to consumer
electronics and automotive applications, and the data storage and
memory markets.</font></div>
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Silicon Carbide</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Silicon
carbide power semiconductors have emerged as the preferred
technology for battery electric vehicle power conversion in
on-board and off-board electric vehicle battery chargers, and the
electric power conversion and control of the electric engines.
These devices reduce power loss by as much as greater than 75% over
power silicon alternatives like IGBT (Insulated-Gate Bipolar
Transistor) devices, which has essentially changed the entire
market dynamic. With this development, the Company sees most, if
not every automotive company that is working on electric vehicles,
moving to silicon carbide-based powertrain and charging systems in
the near future.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Aehr&#x2019;s
FOX-XP test and burn-in system allows for one of the key
reliability screening tests to be completed on an entire wafer full
of devices, testing all of them at one time, while also testing and
monitoring every device for failures during the burn-in process to
provide critical information on those devices. This is an
enormously valuable capability, as it allows its customers to
screen devices that would otherwise fail after they are packaged
into multi-die modules where the yield impact is 10 times or even
100 times as costly. The Company&#x2019;s FOX-P family of products
are very cost-effective solutions for ensuring the critical quality
and reliability of devices in this market, where performance and
reliability can not only mean increased battery life, but also
assurance against failure of a vehicle whose power semiconductor
fails in the power train.</font></div>
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Silicon Photonics</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
silicon photonics market is seeing increasing deployment of devices
used in the expansion of bandwidth and infrastructure to meet the
explosive growth of data center and 5G infrastructure.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
rapid growth of integrated optical devices in data centers and data
center interconnect infrastructure, mobile devices, automotive
applications, and wearable biosensor markets is driving
substantially higher requirements for initial quality and long-term
reliability, and they are increasing with every new product
generation.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Silicon
photonics devices are highly integrated silicon-based
semiconductors that have embedded or integrated the non-silicon
based laser transmitters and receivers to enable a smaller, lower
cost, higher reliable alternative to traditional fiber optic
transceivers currently used in data center and telecommunication
infrastructure. These require a process step in manufacturing
called stabilization where the devices are subjected to high
temperatures and power to stabilize their output power. The
Company&#x2019;s solution makes it feasible to burn-in integrated
silicon photonics devices while still in wafer form without adding
the cost to the transceiver printed circuit board and other
mechanical infrastructure of the final transceiver module, and that
has both yield and significant cost savings. In the case of silicon
photonics, the laser devices are bonded directly to a silicon-based
device that has all the logic multiplexing and de-multiplexing, and
other high-speed communication subsystems, all integrated into a
silicon-based integrated circuit.</font></div>
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Mobile 2D and 3D Sensors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sensors
used in mobile devices such as smartphones, tablets, wearables such
as watches and fitness bands, and audio devices have become
pervasive. Initially, sensors on smartphones allowed basic
functions we have all come to expect such as touchscreens,
rotational sensors, and fingerprint sensors, but have gotten more
complex with added capabilities such as 3D facial recognition and
time of flight distance measurements. We will see the addition of
health monitoring sensors, 3D measurement capability, and other
advanced sensors in the future. As sensors become more pervasive
and add critical new functionality to devices, it becomes more and
more important that the data collected be accurate and reliable,
which we believe will drive more and more requirements for our
solutions for production test and burn-in of these
sensors.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
addition, the rapid growth and increasing demand for reliability in
automotive sensor technologies is a key market driver for the
Company. These technologies include ADAS (Advanced Driver
Assistance Systems) capabilities such as collision avoidance
systems using laser, LIDAR (Light Detection and Ranging), and RADAR
(Radio Detection and Ranging) or other sensing technologies. More
and more new vehicles now include as standard capabilities
collision avoidance systems that detect obstacles and monitor the
vehicle&#x2019;s surroundings to notify the driver of dangerous
conditions and take evasive action. In addition to autonomous
vehicles that require extremely high reliability of the devices in
these systems, more and more vehicles around the world are
embedding these systems and sensors into their everyday driving
features. The Company sees the rising tide of the increasing number
of embedded sensors and electrical and optical systems in vehicles
as a key driver of the increasing market need for more and more
reliable semiconductors. This, in turn, is increasing the need for
100% production test and burn-in of devices in order to lower the
infant mortality rate and ensure that these devices and systems
operate over the life of the vehicles.</font></div>
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Data Storage and Memory</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company also sees the data storage and memory markets as critical
new opportunities for its systems where these end markets and
customers require devices to have extremely high levels of quality
and long-term reliability.</font></div>
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Products</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company manufactures and markets full wafer contact test systems,
test during burn-in systems, test fixtures and related
accessories.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">All
of the Company&#x2019;s systems are platform-based systems with a
portfolio of current, voltage, digital and thermal capabilities,
allowing them to be configured with optional features to meet
customer requirements. Systems can be configured for use in
production applications, where capacity, throughput and price are
most important, or for reliability engineering and quality
assurance applications, where performance and flexibility, such as
extended temperature ranges, are essential.</font></div>
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<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Full Wafer Contact Systems</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
FOX-XP test and burn-in system, introduced in July 2016, is
designed for devices in wafer, singulated die, and module form that
require test and burn-in times typically measured in hours to days.
The FOX-XP system can test and burn-in up to 18 wafers at a time.
For high reliability applications, such as automotive, mobile
devices, networking, telecommunications, sensors, power and
solid-state devices, the FOX-XP system is a cost-effective solution
for producing tested and burned-in die for use in multi-chip
packages. Using Known-Good Die, or KGD, which are fully burned-in
and tested die, in multi-chip/heterogeneous packages helps assure
the reliability of the final product and lowers costs by increasing
the yield of high-cost multi-chip packages. Wafer-level burn-in and
test enables lower cost production of KGD for multi-chip modules,
3-D stacked packages and systems-in-a-package. The FOX-P platform
has been extended for burn-in and test of small multi-die modules
by using DiePak Carriers. The DiePak Carrier with its multi-module
sockets and high wattage dissipation capabilities has a capacity of
hundreds of die or modules, much higher than the capacity of a
traditional burn-in system with traditional single-device sockets
and heat sinks. This capability was introduced in March
2017.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
FOX-NP was introduced in January 2019 and is a low-cost entry-level
system to provide a configuration and price point for companies to
do initial production qualification and new product introduction,
enabling an easier transition to the FOX-XP system for high volume
production test. The FOX-NP system is 100% compatible with the
FOX-XP system and is configurable with up to two slot assemblies
per system compared to up to 18 slot assemblies in the FOX-XP
system.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
FOX-CP was introduced in February 2019 and is a low-cost
single-wafer compact test and reliability verification solution for
logic, memory, power and photonic devices. The FOX-CP reduces test
cost by functionally testing wafers during reliability screening to
identify failing logic, memory, power or photonic die before the
die are integrated into their final package, and is optimal for
test times ranging from minutes to a few hours or where multiple
touchdowns are required to test the entire wafer. The FOX-CP
includes an integrated prober which is equipped with optics for
automatic pattern recognition so that the wafer is aligned properly
for the testing process. It complements the capabilities of the
FOX-XP and FOX-NP systems, which are optimal when the test time is
measured in hours or days and the full wafer can be tested in a
single touchdown.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">The FOX-1P full wafer parallel test system,
introduced in October 2014, is designed for massively parallel
testing of devices at wafer level. The FOX-1P system is designed to
make electrical contact to and test all of the die on a wafer in a
single touchdown. The FOX-1P test head and WaferPak Contactor are
compatible with industry-standard 300 mm wafer probers, which
provide the wafer handling and alignment automation for the FOX-1P
system. The FOX-1P</font><font style="font-size: 13px">&#xA0;</font><font style="color: #000000">pattern
generator is designed to functionally test industry-standard memory
devices such as flash and DRAMs, and it is optimized to test memory
or logic ICs that incorporate design for testability, or DFT, and
built-in self-test, or BIST. The FOX-1P universal per-pin
architecture is designed to provide per-pin electronics and
per-device power supplies and is tailored to full-wafer functional
test. The Company believes that the FOX-1P system can significantly
reduce the cost of testing IC wafers. The Company&#x2019;s FOX-1P
system was partially funded through a development agreement with a
leading semiconductor manufacturer. The Company received the first
production order of this new system and shipped the first system in
July 2016.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">One
of the key components of the FOX systems is the patented WaferPak
Contactor. The WaferPak Contactor contains a full-wafer
single-touchdown probe card which is easily removable from the
system. Traditional probe cards often are only able to contact only
a portion of the wafer, requiring multiple touchdowns to test the
entire wafer. Traditional probe cards also require the use of a
dedicated wafer prober handler for each wafer in order to press the
wafer up to make contact with the probe card. The need for a wafer
prober per wafer is a significant cost adder to the cost of testing
a wafer, and also creates the need for significant clean room space
to facility the footprint of a wafer prober per wafer. The unique
design of the WaferPak as well as the FOX-XP and FOX-NP systems
remove the need for a dedicated wafer prober per wafer. A single
FOX-XP system with a set of WaferPak Contactors can test up to 18
wafers at a time in the same footprint as a single-wafer wafer
prober and test system offered by Aehr&#x2019;s competitors.
The</font></div>
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</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
WaferPak Contactor is intended to accommodate a wide range of
contactor technologies so that the contactor technology can evolve
along with the changing requirements of the customer&#x2019;s
wafers. The WaferPak Contactors are custom designed for each device
type, each of which has a typical lifetime of two to seven years,
depending on the device life cycle. Therefore, multiple sets of
WaferPak Contactors could be purchased over the life of a FOX
system.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Another
key component of the FOX-XP and FOX-NP systems is the patented
DiePak Carrier. The DiePak Carrier, which is easily removable from
the system, contains many multi-module or die sockets with very
fine-pitch probes. Traditional sockets contact only a single
device, requiring multiple large numbers of sockets and burn-in
boards to test a production lot of devices. The unique design
accommodates a wide range of socket sizes and densities so that the
DiePak Carrier technology can evolve along with the changing
requirements of the customer&#x2019;s devices. The DiePak Carriers
are custom designed for each device type, each of which has a
typical lifetime of two to seven years, depending on the device
life cycle. Therefore, multiple sets of DiePak Carriers could be
purchased over the life of a FOX-XP or FOX-NP system.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Another
key component of our FOX-XP and FOX-NP and test solution is the
WaferPak Aligner. The WaferPak Aligner performs alignment of the
customer&#x2019;s wafer to the WaferPak Contactor so that the wafer
can be tested and burned-in by the FOX-XP and FOX-NP systems. The
Company offers an automated aligner for high volume production
applications, which can support several FOX-XP or FOX-NP systems,
and a manual aligner for low volume production or engineering
applications.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Similar
to the WaferPak Aligner for WaferPak Contactors, the Company offers
the DiePak Loader for DiePak Carriers. The DiePak Loader performs
automatic loading of the customer&#x2019;s modules to the DiePak
Carrier so that the modules can be tested and burned-in by the
FOX-XP and FOX-NP system. Typically, one DiePak Loader can support
several FOX-XP or FOX-NP systems.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
sales of full wafer contact product lines, systems, WaferPak
Contactors, DiePaks Carriers and services for fiscal 2021, 2020 and
2019 were $15.0 million, $19.8 million, and $14.6 million,
respectively, and accounted for approximately 90%, 89% and 69% of
the Company&#x2019;s net sales in fiscal 2021, 2020 and 2019,
respectively.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Systems for Packaged Parts</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Test
during burn-in, or TDBI, systems consist of several subsystems:
pattern generation and test electronics, control software, network
interface and environmental chamber. The test pattern generator
allows duplication of most of the functional tests performed by a
traditional tester. Pin electronics at each burn-in board, or BIB,
position are designed to provide accurate signals to the ICs being
tested and detect whether a device is failing the
test.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Devices
being tested are placed on BIBs and loaded into environmental
chambers which typically operate at temperatures from 25 degrees
Celsius (77 degrees Fahrenheit) up to 150 degrees Celsius (302
degrees Fahrenheit). Using our optional chambers, our systems can
produce temperatures as low as -55 degrees Celsius (-67 degrees
Fahrenheit). A single BIB can hold up to several hundred ICs, and a
production chamber holds up to 72 BIBs, resulting in thousands of
memory or logic devices being tested in a single
system.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">The Advanced Burn-in and Test System, or ABTS, was
introduced in fiscal 2008. Several updates to the ABTS system have
been made since its introduction, including the ABTS-P system
released in 2012. The ABTS family of products is based on a
hardware and software architecture that is intended to address not
only today&#x2019;s devices, but also future devices for many years
to come. The ABTS system can test and burn-in both high-power logic
and low-power</font><font style="font-size: 13px">&#xA0;</font><font style="color: #000000">ICs. It
can be configured to provide individual device temperature control
for devices up to 70W or more and with up to 320 I/O
channels.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
sales of packaged part product lines, systems and services for
fiscal 2021, 2020 and 2019 were $1.6 million, $2.5 million, and
$6.4 million, respectively, and accounted for approximately 10%,
11% and 31% of the Company&#x2019;s net sales in fiscal 2021, 2020
and 2019, respectively.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Customers</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company markets and sells its products throughout the world to
semiconductor manufacturers, semiconductor contract assemblers,
electronics manufacturers and burn-in and test service
companies.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sales
to the Company&#x2019;s five largest customers accounted for
approximately 84%, 87%, and 80% of its net sales in fiscal 2021,
2020 and 2019, respectively. During fiscal 2021, Advanced
Semiconductor Engineering, Inc., ON Semiconductor Korea, Ltd., or
ON Semiconductor, Intel Corporation, or Intel, and Inphi
International Pte. Ltd, or Inphi, accounted for approximately 24%,
23%, 20% and 10%, respectively, of the Company&#x2019;s net sales.
During fiscal 2020, Intel, ON Semiconductor and STMicroelectronics,
Inc., or STMicroelectronics, accounted for approximately 43%, 16%
and 15%, respectively, of the Company&#x2019;s net sales. During
fiscal</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2019, Intel, Texas Instruments Incorporated, or Texas Instruments,
Cypress Semiconductor Corporation, or Cypress Semiconductor, and
STMicroelectronics accounted for approximately 36%, 14%, 12% and
10%, respectively, of the Company&#x2019;s net sales. No other
customers accounted for more than 10% of the Company&#x2019;s net
sales for any of these periods. The Company expects that sales of
its products to a limited number of customers will continue to
account for a high percentage of net sales for the foreseeable
future. In addition, sales to particular customers may fluctuate
significantly from quarter to quarter. Such fluctuations may result
in changes in utilization of the Company&#x2019;s facilities and
resources. The loss of or reduction or delay in orders from a
significant customer or a delay in collecting or failure to collect
accounts receivable from a significant customer could materially
and adversely affect the Company&#x2019;s business, financial
condition and operating results.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Marketing, Sales and Customer Support</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company has sales and service operations in the United States,
Philippines and Taiwan, dedicated service resources in Germany,
China and South Korea, and has established a network of
distributors and sales representatives in certain key parts of the
world. In fiscal 2020, the Company moved to a sales representative
distributorship model for sales in Japan and Germany, substantially
closing its subsidiary in Japan, see Note 17,
&#x201C;Restructuring,&#x201D; of the Notes to Consolidated Financial
Statements, and eliminating the direct sales staff at its Germany
subsidiary. See &#x201C;REVENUE RECOGNITION&#x201D; in Item 7 under
&#x201C;Management&#x2019;s Discussion and Analysis of Financial
Condition and Results of Operations&#x201D; for a further discussion
of the Company&#x2019;s relationship with distributors, and its
effects on revenue recognition.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s customer service and support program includes
system installation, system repair, applications engineering
support, spare parts inventories, customer training and
documentation. The Company has applications engineering and field
service personnel located near and sometimes co-located at our
customers and includes resources at the corporate headquarters in
Fremont, California, at customer locations in Texas, at the
Company&#x2019;s subsidiaries in Germany and Philippines, at its
branch office in Taiwan, and also through 3rd party agreements in
China and South Korea. The Company&#x2019;s distributors provide
applications and field service support in other parts of the world.
The Company customarily provides a warranty on its products. The
Company offers service contracts on its systems directly and
through its subsidiaries, distributors and representatives. The
Company believes that maintaining a close relationship with
customers and providing them with ongoing engineering support
improves customer satisfaction and will provide the Company with a
competitive advantage in selling its products to the
Company&#x2019;s customers.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Backlog</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">At
May 31, 2021, the Company&#x2019;s backlog was $1.6 million compared
with $2.5 million at May 31, 2020. The Company&#x2019;s backlog
consists of product orders for which confirmed purchase orders have
been received and which are scheduled for shipment within 12
months. Due to the possibility of customer changes in delivery
schedules or cancellations and potential delays in product
shipments or development projects, the Company&#x2019;s backlog as
of a particular date may not be indicative of net sales for any
succeeding period.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Research and Product Development</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company historically has devoted a significant portion of its
financial resources to research and development programs and
expects to continue to allocate significant resources to these
efforts. Certain research and development expenditures related to
non-recurring engineering milestones have been transferred to cost
of goods sold, reducing research and development expenses. The
Company&#x2019;s research and development expenses during fiscal
2021, 2020 and 2019 were $3.7 million, $3.4 million and $4.2
million, respectively.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company conducts ongoing research and development to design new
products and to support and enhance existing product lines.
Building upon the expertise gained in the development of its
existing products, the Company has developed the FOX family of
systems for performing test and burn-in of entire processed wafers,
and burn-in of devices in singulated die and module form, including
the FOX-NP and FOX-CP systems released during fiscal 2019. The
Company is developing enhancements to our packaged parts and wafer
level burn-in products, intended to improve the capability and
performance for testing and burn-in of future generation devices
and provide the flexibility in a wide variety of
applications.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Manufacturing</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Company assembles its products from components and parts
manufactured by others, including environmental chambers, power
supplies, metal fabrications, printed circuit assemblies, ICs,
burn-in sockets, high-density interconnects, wafer contactors and
interconnect substrates. The Company&#x2019;s strategy is to use
in-house manufacturing only when necessary to protect a proprietary
process or when a significant improvement in quality, cost or lead
time can be achieved and relies on subcontractors to
manufacture</font> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">many
of the components and subassemblies used in its products. Final
assembly and testing are performed at the Company&#x2019;s principal
manufacturing facility located in Fremont, California.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">S-7</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: inherit; font-size: inherit;">
<tr>
<td style="width: 1%; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 98%; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
<div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Risks Related to Our Business</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Our
ability to implement our current business strategy is subject to
numerous risks, including those described in the section entitled
&#x201C;Risk Factors&#x201D; immediately following this prospectus
summary. These risks include, among others:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
effects of the COVID-19 pandemic have disrupted, and may continue
to significantly disrupt, our operations, including our ability to
manufacture and supply products and perform research and
development activities, and our customers&#x2019; usage of our
products, all of which have had and may continue to have a material
and adverse effect on our business, future revenues and financial
condition. We are unable to predict the extent to which the
pandemic and related impacts will continue to adversely impact our
business operations, financial performance, results of operations
and the achievement of our strategic objectives.</font></div>
</div>
</div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px"><br></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">We
generate a large portion of our sales from a small number of
customers. If we were to lose one or more of our large customers,
operating results could suffer dramatically.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
semiconductor equipment industry is intensely competitive. In each
of the markets we serve, we face competition from established
competitors and potential new entrants, many of which have greater
financial, engineering, manufacturing and marketing resources than
us.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">We
rely on increasing market acceptance for our FOX system, and we may
not be successful in attracting new customers or maintaining our
existing customers.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">A
substantial portion of our net sales is generated by relatively
small volume, high value transactions.</font></div>
</div>
</div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px"><br></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Our
industry is subject to rapid technological change and our ability
to remain competitive depends on our ability to introduce new
products in a timely manner.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">A
decrease in customer device failure rates may result in a decrease
in demand for our products.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 60px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Future
changes in semiconductor technologies may make our products
obsolete.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 7px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Corporate Information</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">We
filed our certificate of incorporation with the Secretary of State
of California on May 25, 1977. Our principal executive offices are
located at 400 Kato Terrace, Fremont, California 94539 and our
telephone number is (510) 623-9400. Our website address is
www.aehr.com. The information on, or that can be accessed through,
our website is not part of this prospectus. We have included our
website address as an inactive textual reference only.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">AEHR,
Aehr Test and the AEHR Test Systems logo are our trademarks. Each
of the other trademarks, trade names, or service marks appearing in
this prospectus belongs to its respective holder.</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
</td>
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<div><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
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&#xA0;<br></div>
<br>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">S-8</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: inherit; font-size: inherit;">
<tr>
<td style="width: 1%; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 98%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: center"><font>&#xA0; <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">THE
OFFERING</font></font></div>
</td>
<td style="width: 1%; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 98%;">
<div style="text-align: center"><font>&#xA0; <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: inherit; font-size: inherit;">
<tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%;">
<div><font><font style="font-family: Times New Roman; font-size: 13px">Common stock
offered by us</font></font></div>
</td>
<td style="width: 58%;">
<div><font><font style="font-family: Times New Roman; font-size: 13px">Shares of our
common stock having an aggregate offering price of up to
$25,000,000.</font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%;">
<div><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="width: 58%;">
<div><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div><font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Common stock to be
outstanding after this offering</font></font></font></div>
</td>
<td style="width: 58%;">
<div><font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Up to 27,045,281
shares (as more fully described in the notes following this table),
assuming sales of 3,320,053 shares of our common stock in this
offering at an offering price of $7.53 per share, which was the
last reported sale price of our common stock on the Nasdaq Capital
Market on September 2, 2021. The actual number of shares issued
will vary depending on the sales price under this
offering.</font></font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div><font>&#xA0;&#xA0;<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></font></div>
</td>
<td style="width: 58%;">
<div><font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div><font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Manner of
offering</font> &#xA0;</font></font></font></div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;At-the-market&#x201D;
offering that may be made from time to time through our sales
agent, Craig-Hallum. See &#x201C;Plan of Distribution&#x201D; on page
S-14.</font></div>
<font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
&#xA0;</font></font></font></div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div><font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Use of
Proceeds</font> &#xA0;</font> &#xA0;</font></font></font></div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
intend to use the net proceeds from this offering, if any, for
general corporate purposes, which may include, among other things,
increasing our working capital and funding research and
development, commercial activities, and capital expenditures. See
&#x201C;Use of Proceeds&#x201D; on page S-12.</font></div>
</div>
<font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
&#xA0;</font> &#xA0;</font></font></font></div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Risk
Factors</font><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
&#xA0;</font> &#xA0;</font></font></font></div>
</div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">
You should read the &#x201C;Risk Factors&#x201D; section of this
prospectus and in the documents incorporated by reference in this
prospectus for a discussion of factors to consider before deciding
to purchase shares of our common stock.</font> &#xA0;</font></div>
</div>
<font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
<font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
&#xA0;</font> &#xA0;</font></font></font></div>
</div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">
&#xA0;</font> &#xA0;</font></div>
</div>
<font></font></div>
</td>
<td style="width: 1%; border-right: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 40%; vertical-align: top;">
<div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Symbol on the
Nasdaq Capital Market</font> &#xA0;</font> <font>&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
&#xA0;&#xA0;</font><br></font></font></font></div>
</div>
</td>
<td style="width: 58%;">
<div><font></font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;AEHR&#x201D;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></font></div>
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<font></font></div>
</td>
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<div><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-family: inherit; font-size: inherit;">
<tr>
<td style="width: 1%; border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 98%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
<div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
number of shares of common stock shown above to be outstanding
after this offering is based on 23,725,228 shares outstanding as of
May 31, 2021, and excludes, in each case as of May 31,
2021:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">2,766,186 shares of
common stock issuable upon the exercise of outstanding stock
options having a weighted-average exercise price of $2.16 per
share;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">132,076 shares of
common stock issuable upon vesting of outstanding restricted stock
units;</font></div>
</div>
</div>
<div> <font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">1,834,579 shares of
common stock reserved for issuance pursuant to future awards under
our 2016 Equity Incentive Plan, as well as any automatic increases
in the number of shares of our common stock reserved for future
issuance under this plan; and<br></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">436,035 shares of
common stock reserved for future issuance under our Amended and
Restated 2006 Emplyee Stock Purchase Plan, as well as any automatic
increases in the number of shares of our common stock reserved for
future issuance under this plan.<br></font></div>
</div>
</div>
<div> <font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise stated, all information contained in this prospectus
reflects an assumed public offering price of $7.53 per share, which
was the last reported sale price of our common stock on the Nasdaq
Capital Market on September 2, 2021.</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="RISK">R</a>ISK FACTORS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
You should consider carefully the risks described below and
discussed under the section captioned &#x201C;Risk Factors&#x201D;
contained in our annual report on Form 10-K for the year ended
May&#xA0;31, 2021 and in our quarterly reports for the quarterly
periods ended February 28, 2021, November 30, 2020 and August 31,
2021, as updated by our subsequent filings under the Securities
Exchange Act of 1934, as amended, or the Exchange Act, each of
which is incorporated by reference in this prospectus in their
entirety, together with other information in this prospectus, and
the information and documents incorporated by reference in this
prospectus, and any free writing prospectus that we have authorized
for use in connection with this offering before you make a decision
to invest in our common stock. If any of the following events
actually occur, our business, operating results, prospects or
financial condition could be materially and adversely affected.
This could cause the trading price of our common stock to decline
and you may lose all or part of your investment. The risks
described below are not the only ones that we face. Additional
risks not presently known to us or that we currently deem
immaterial may also affect our business operations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risks Relating to this Offering</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Our management team may invest or spend the proceeds of this
offering in ways with which you may not agree or in ways which may
not yield a significant return.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
management will have broad discretion over the use of proceeds from
this offering. The net proceeds from this offering will be used for
general corporate purposes, which may include, among other things,
increasing our working capital and funding research and
development, commercial activities, and capital expenditures. Our
management will have considerable discretion in the application of
the net proceeds, and you will not have the opportunity, as part of
your investment decision, to assess whether the proceeds are being
used appropriately. The net proceeds may be used for corporate
purposes that do not increase our operating results or enhance the
value of our common stock.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
You may experience immediate and substantial dilution in the net
tangible book value per share of the common stock you
purchase.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
price per share of our common stock being offered may be higher
than the net tangible book value per share of our common stock
outstanding prior to this offering. Assuming that an aggregate of
3,320,053 shares are sold at a price of $7.53 per share, the last
reported sale price of our common stock on the Nasdaq Capital
Market on September 2, 2021, for aggregate proceeds of $25,000,000
in this offering, and after deducting commissions and estimated
aggregate offering expenses payable by us, you will suffer
immediate and substantial dilution of $6.27 per share, representing
the difference between the as adjusted net tangible book value per
share of our common stock as of May 31, 2021 after giving effect to
this offering and the assumed offering price. See the section
entitled &#x201C;Dilution&#x201D; below for a more detailed
discussion of the dilution you will incur if you purchase common
stock in this offering.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
You may experience future dilution as a result of future equity
offerings.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In
order to raise additional capital, we may in the future offer
additional shares of our common stock or other securities
convertible into or exchangeable for our common stock. We cannot
assure you that we will be able to sell shares or other securities
in any other offering at a price per share that is equal to or
greater than the price per share paid by investors in this
offering, and investors purchasing shares or other securities in
the future could have rights superior to existing stockholders. The
price per share at which we sell additional shares of our common
stock or other securities convertible into or exchangeable for our
common stock in future transactions may be higher or lower than the
price per share in this offering. As of May 31, 2021, approximately
1,915,287 shares of common stock that are either subject to
outstanding options, issuable upon vesting of outstanding
restricted stock units, reserved for future issuance under our
equity incentive plans or subject to outstanding warrants are
eligible for sale in the public market to the extent permitted by
the provisions of various vesting schedules and Rule 144 and Rule
701 under the Securities Act.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="CAUT">C</a>AUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus contains forward-looking statements that involve risks
and uncertainties. All statements other than statements of
historical facts contained in this prospectus are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as &#x201C;may,&#x201D;
&#x201C;could,&#x201D; &#x201C;will,&#x201D; &#x201C;would,&#x201D;
&#x201C;should,&#x201D; &#x201C;expect,&#x201D; &#x201C;plan,&#x201D;
&#x201C;anticipate,&#x201D; &#x201C;believe,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;intend,&#x201D;
&#x201C;predict,&#x201D; &#x201C;seek,&#x201D;
&#x201C;contemplate,&#x201D; &#x201C;potential&#x201D; or
&#x201C;continue&#x201D; or the negative of these terms or other
comparable terminology. These forward-looking statements include,
but are not limited to, statements about:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our future research
and development programs;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the implementation
of our business model, strategic plans for our business, product
candidates and technology;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the scope of
protection we are able to establish and maintain for intellectual
property rights covering our product candidates and
technology;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">estimates of our
expenses, future revenues, capital requirements and our needs for
additional financing;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our use of proceeds
from this offering;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our financial
performance; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">developments
relating to our competitors and our industry.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Any
forward-looking statements in this prospectus reflect our current
views with respect to future events or to our future financial
performance and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Factors that may cause actual results
to differ materially from current expectations include, among other
things, those listed under &#x201C;Risk Factors&#x201D; and elsewhere
in this prospectus. Given these risks and uncertainties, you should
not place undue reliance on these forward-looking statements.
Except as required by law, we assume no obligation to update or
revise these forward-looking statements for any reason, even if new
information becomes available in the future.</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="USEP">U</a>SE OF PROCEEDS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
amount of proceeds from this offering will depend upon the number
of shares of our common stock sold and the market price at which
they are sold. There can be no assurance that we will be able to
sell any shares under or fully utilize the sales agreement with
Craig-Hallum as a source of financing. We intend to use the net
proceeds, if any, from this offering for general corporate
purposes, which may include, among other things, increasing our
working capital and funding research and development, commercial
activities and capital expenditures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
amounts and timing of our actual expenditures will depend on
numerous factors as well as the amount of cash used in our
operations. We therefore cannot estimate with certainty the amount
of net proceeds to be used for the purposes described above. We may
find it necessary or advisable to use the net proceeds for other
purposes, and we will have broad discretion in the application of
the net proceeds. Pending the uses described above, we plan to
invest the net proceeds from this offering in short-term,
investment-grade, interest-bearing securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="DILU">D</a>ILUTION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our net
tangible book value as of May 31, 2021 was approximately
$9,843,000, or $0.41 per share. Net tangible book value per share
is determined by dividing our total tangible assets, less total
liabilities, by the number of shares of our common stock
outstanding as of May 31, 2021. Dilution in net tangible book value
per share represents the difference between the amount per share
paid by purchasers of shares of common stock in this offering and
the as adjusted net tangible book value per share of our common
stock immediately after giving effect to this
offering.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">After
giving effect to the sale of our common stock in the aggregate
amount of $25.0 million in this offering at an assumed offering
price of $7.53, the last reported sale price of our common stock on
the Nasdaq Capital Market on September 2, 2021, and after deducting
commissions and estimated aggregate offering expenses payable by
us, our as adjusted net tangible book value as of May 31, 2021
would have been approximately $34,073,067, or $1.26 per share. This
represents an immediate increase in net tangible book value of
$0.84 per share to existing stockholders and immediate dilution in
net tangible book value of $6.27 per share to new investors
purchasing our common stock in this offering. The following table
illustrates this dilution on a per share basis:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:inherit;margin-right:0px;margin-top:0px;margin-left:0px;width:100%;margin-bottom:0px;font-size:inherit;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Assumed public
offering price per share</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7.53</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Net tangible book
value per share as of May 31, 2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.41</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Increase per share
attributable to new investors</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.84</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">As adjusted net
tangible book value per share after this offering</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.26</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Dilution per share
to new investors</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6.27</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
shares sold in this offering, if any, will be sold from time to
time at various prices. An increase of $1.00 per share in the price
at which the shares are sold from the assumed offering price of
$7.53 per share shown in the table above, assuming all of our
common stock in the aggregate amount of $25.0 million is sold at
that price, would increase our as adjusted net tangible book value
per share after the offering to $1.28 per share and would increase
the dilution in net tangible book value per share to new investors
to $7.25 per share, after deducting commissions and estimated
aggregate offering expenses payable by us. A decrease of $1.00 per
share in the price at which the shares are sold from the assumed
offering price of $7.53 per share shown in the table above,
assuming all of our common stock in the aggregate amount of $25.0
million is sold at that price, would increase our as adjusted net
tangible book value per share after the offering to $1.24 per share
and would decrease the dilution in net tangible book value per
share to new investors to $5.29 per share, after deducting
commissions and estimated aggregate offering expenses payable by
us. This information is supplied for illustrative purposes
only.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">To the
extent that outstanding options or warrants are exercised or
outstanding restricted stock units vest, investors purchasing our
common stock in this offering will experience further dilution. In
addition, we may choose to raise additional capital due to market
conditions or strategic considerations even if we believe we have
sufficient funds for our current or future operating plans. To the
extent that we raise additional capital through the sale of equity
or convertible debt securities, the issuance of these securities
could result in further dilution to our stockholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
above discussion and table are based on 23,725,228 shares of common
stock outstanding as of May 31, 2021, and exclude as of that
date:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">2,766,186 shares of
common stock issuable upon the exercise of outstanding stock
options having a weighted-average exercise price of $2.16 per
share;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">132,076 shares of
common stock issuable upon vesting of outstanding restricted stock
units;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">1,834,579 shares of
common stock reserved for issuance pursuant to future awards under
our 2016 Equity Incentive Plan, as well as any automatic increases
in the number of shares of our common stock reserved for future
issuance under this plan; and<br></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">436,035 shares of
common stock reserved for future issuance under <font style="font-family: Times New Roman; font-size: 13px">our Amended and
Restated 2006 Emplyee Stock Purchase Plan</font>, as well as any
automatic increases in the number of shares of our common stock
reserved for future issuance under this plan.<br></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">S-13</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PLAN OF DISTRIBUTION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
entered into an Equity Distribution Agreement, or sales agreement
with Craig-Hallum under which we may issue and sell shares of our
common stock having an aggregate gross sales price of up to
$25,000,000 from time to time through Craig-Hallum acting as agent.
The sales agreement has been filed as an exhibit to our
registration statement on Form S-3 of which this prospectus forms a
part.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Upon
delivery of a placement notice and subject to the terms and
conditions of the sales agreement, Craig-Hallum may sell our common
stock by any method permitted by law deemed to be an
&#x201C;at-the-market&#x201D; offering as defined in Rule 415
promulgated under the Securities Act, including sales made directly
on the Nasdaq Capital Market, on any other existing trading market
for our common stock or to or through a market maker. Craig-Hallum
may also sell our common stock by any other method permitted by
law, including in privately negotiated transactions. We may
instruct Craig-Hallum not to sell common stock if the sales cannot
be effected at or above the price designated by us from time to
time. We or Craig-Hallum may suspend the offering of common stock
upon notice and subject to other conditions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We will
pay Craig-Hallum commissions, in cash, for its services in acting
as agent in the sale of our common stock. Craig-Hallum will be
entitled to compensation at a commission rate of up to 3.0% of the
gross sales price per share sold. Because there is no minimum
offering amount required as a condition to close this offering, the
actual total public offering amount, commissions and proceeds to
us, if any, are not determinable at this time. We have also agreed
to reimburse Craig-Hallum for certain specified expenses, including
the fees and disbursements of its legal counsel, in an amount not
to exceed $45,000 plus $5,000 quarterly for ongoing diligence
requirements, including ongoing legal fees, following the execution
date and during the term of the sales agreement. We estimate that
the total expenses for the offering, excluding discounts and
commissions payable to Craig-Hallum under the terms of the sales
agreement, will be approximately $19,933.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Settlement for
sales of common stock will occur on the third business day
following the date on which any sales are made, or on some other
date that is agreed upon by us and Craig-Hallum in connection with
a particular transaction, in return for payment of the net proceeds
to us. Sales of our common stock as contemplated in this prospectus
will be settled through the facilities of The Depository Trust
Company or by such other means as we and Craig-Hallum may agree
upon. There is no arrangement for funds to be received in an
escrow, trust or similar arrangement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Craig-Hallum will
use its commercially reasonable efforts, consistent with its sales
and trading practices, to solicit offers to purchase the common
stock shares under the terms and subject to the conditions set
forth in the sales agreement. In connection with the sale of the
common stock on our behalf, Craig-Hallum will be deemed to be an
&#x201C;underwriter&#x201D; within the meaning of the Securities Act
and the compensation of Craig-Hallum will be deemed to be
underwriting commissions or discounts. We have agreed to provide
indemnification and contribution to Craig-Hallum against certain
civil liabilities, including liabilities under the Securities
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
offering of our common stock pursuant to the sales agreement will
terminate upon the earlier of (1)&#xA0;the sale of all shares of
our common stock subject to the sales agreement, or
(2)&#xA0;termination of the sales agreement as permitted therein.
We and Craig-Hallum may each terminate the sales agreement at any
time upon ten days&#x2019; prior notice.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Any
portion of the $25,000,000 included in this sales agreement
prospectus that is not previously sold or included in an active
placement notice pursuant to the sales agreement is available for
sale in other offerings pursuant to the base prospectus, and if no
shares are sold under the sales agreement, the full $75,000,000 of
securities may be sold in other offerings pursuant to the base
prospectus and a corresponding prospectus supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Craig-Hallum and
its affiliates may in the future provide various investment
banking, commercial banking and other financial services for us and
our affiliates, for which services they may in the future receive
customary fees. To the extent required by Regulation&#xA0;M,
Craig-Hallum will not engage in any market making activities
involving our common stock while the offering is ongoing under this
prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus in electronic format may be made available on a website
maintained by Craig-Hallum and Craig-Hallum may distribute this
prospectus electronically.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">S-14</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="LEGA">L</a>EGAL MATTERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Latham
&amp; Watkins LLP will pass upon certain legal matters relating to
the issuance and sale of the securities offered hereby on behalf of
AEHR Test Systems. Certain legal matters in connection with this
offering will be passed upon for Craig-Hallum by Faegre Drinker
Biddle &amp; Reath LLP.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="EXPE">E</a>XPERTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
consolidated financial statements of AEHR Test Systems as of May
31, 2021 and 2020 and for each of the three years in the period
ended May 31, 2021 incorporated in this prospectus by reference to
the Annual Report on Form 10-K for the year ended May 31, 2021,
have been so incorporated in reliance on the report of BPM LLP, an
independent registered public accounting firm.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px;">
<font style="font-family: Times New Roman; font-size: 13px">Such
consolidated financial statements are, and audited consolidated
financial statements to be included in subsequently filed documents
will be, incorporated by reference in reliance upon the reports of
BPM LLP relating to such consolidated financial statements to the
extent covered by consents filed with the Securities and Exchange
Commission, given on the authority of said firm as experts in
auditing and accounting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman">
<a name="WHER">W</a>HERE YOU CAN FIND MORE
INFORMATION</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
filed with the SEC a registration statement on Form S-3 under the
Securities Act, of which this prospectus forms a part. The rules
and regulations of the SEC allow us to omit from this prospectus
certain information included in the registration statement. For
further information about us and the securities we are offering
under this prospectus, you should refer to the registration
statement and the exhibits and schedules filed with the
registration statement. With respect to the statements contained in
this prospectus regarding the contents of any agreement or any
other document, in each instance, the statement is qualified in all
respects by the complete text of the agreement or document, a copy
of which has been filed as an exhibit to the registration
statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We file
reports, proxy statements and other information with the SEC under
the Exchange Act. You may read and copy this information from the
Public Reference Room of the SEC, 100 F Street, N.E., Room 1580,
Washington, D.C. 20549, at prescribed rates. You may obtain
information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. The SEC also maintains an
Internet website that contains reports, proxy statements and other
information about issuers, like us, that file electronically with
the SEC. The address of that website is&#xA0;<font style="font-style: italic">www.sec.gov</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INFORMATION <a name="INCO">I</a>NCORPORATED BY
REFERENCE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The SEC
allows us to &#x201C;incorporate by reference&#x201D; the information
we file with them which means that we can disclose important
information to you by referring you to those documents instead of
having to repeat the information in this prospectus. The
information incorporated by reference is considered to be part of
this prospectus, and later information that we file with the SEC
will automatically update and supersede this information. We
incorporate by reference the documents listed below and any future
information filed (rather than furnished) with the SEC under
Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act between the
date of this prospectus and the termination of this offering,
provided, however, that we are not incorporating any information
furnished under Item&#xA0;2.02 or Item&#xA0;7.01 of any current
report on Form 8-K:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our Annual Report
on Form 10-K for the year ended May 31, 2021, filed with the SEC on
August 27, 2021.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 13px">&#x25CF;&#xA0;&#xA0;&#xA0;&#xA0;<br></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The description of
our Common Stock contained in Exhibit 4.3 to our Annual Report on
Form 10-K filed with the SEC on August 27, 2021 and any amendment
or report filed with the SEC for the purpose of updating the
description.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">These
documents may also be accessed on our website at&#xA0;www.aehr.com.
Except as otherwise specifically incorporated by reference in this
prospectus, information contained in, or accessible through, our
website is not a part of this prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We will
furnish without charge to you, upon written or oral request, a copy
of any or all of the documents incorporated by reference, including
exhibits to these documents by writing or telephoning us at the
following address:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">AEHR
TEST SYSTEMS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">400
KATO TERRACE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">FREMONT,
CALIFORNIA 94539</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(510)
623-9400</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">S-15</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 24px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="aehr_s3002.jpg"></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Up to $25,000,000 of Shares</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Common Stock</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
PROSPECTUS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 24px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
&#xA0;Craig-Hallum</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;,
2021</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART II</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INFORMATION NOT REQUIRED IN PROSPECTUS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
Item 14.</font>&#xA0;&#xA0;&#xA0;&#xA0;<br></font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-weight: bold; font-family: Times New Roman">
Other Expenses of Issuance and Distribution</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
following is an estimate of the expenses (all of which are to be
paid by the registrant) that we may incur in connection with the
securities being registered hereby.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">SEC registration
fee</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,183</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">FINRA filing
fee</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11,750</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Printing
expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Legal fees and
expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Accounting fees and
expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Blue Sky,
qualification fees and expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Transfer agent fees
and expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Trustee fees and
expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Depositary fees and
expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Warrant agent fees
and expenses</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Miscellaneous</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)<!--rule below paragraph-->
<!--rule below paragraph--></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;padding-bottom:4px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)<!--rule below paragraph-->
<!--rule below paragraph--></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 24px"><font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">These fees are
calculated based on the securities offered and the number of
issuances and accordingly cannot be estimated at this
time.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
Item 15.</font>&#xA0;&#xA0;<br></font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-weight: bold; font-family: Times New Roman">
Indemnification of Directors and Officers</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Section
317 of the California Corporations Code allows for indemnification
of officers, directors, and other corporate agents in terms
sufficiently broad to indemnify such persons under certain
circumstances for liabilities (including reimbursement for expenses
incurred) arising under the Securities Act. Article IV of the
Registrant&#x2019;s restated articles of incorporation (Exhibit No.
3.1 of the Registrant&#x2019;s Registration Statement on Form S-1
filed with the SEC on June 11, 1997) and Article VI of the
Registrant&#x2019;s amended and restated bylaws (Exhibit No. 3.2
previously filed with the Registrant&#x2019;s Current Report on Form
8-K filed with the SEC on September 11, 2019) provide for
indemnification of the Registrant&#x2019;s directors, officers,
employees and other agents to the extent and under the
circumstances permitted by the California Corporations
Code.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
Registrant has entered into indemnification agreements with its
directors and executive officers that provide, in general, that
Registrant will indemnify them to the fullest extent permitted by
law in connection with their service to Registrant or on
Registrant&#x2019;s behalf. The Registrant intends to enter into
indemnification agreements with any new directors and executive
officers in the future.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
above discussion of Section 317 of the California Corporations
Code, our restated articles of incorporation, our Amended and
Restated Bylaws and our indemnification agreements is not intended
to be exhaustive and is qualified in its entirety by the actual
provisions of our restated articles of incorporation and amended
and restated bylaws, the California Corporations Code and the
indemnification agreements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">See
also the undertakings set out in response to Item 17
herein.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">II-1</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
Item
16.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-weight: bold; font-family: Times New Roman">
Exhibits</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Exhibit</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Number</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%;">
<font style="font-size: 11px">
<!--Rule Below Paragraph--></font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 90%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Description</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Underwriting Agreement.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/1040470/0000912057-97-020105-index.html">
<font style="font-family: Times New Roman; font-size: 13px">3.1</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Restated
Articles of Incorporation of AEHR Test Systems (incorporated by
reference to the Company&#x2019;s Registration Statement on Form S-1
Filed June 11, 1997 (File No. 333-28987)).</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/1040470/000165495419010578/aehr_ex31.htm">
<font style="font-family: Times New Roman; font-size: 13px">3.2</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amended
and Restated Bylaws of AEHR Test Systems (incorporated by reference
to the Company&#x2019;s Current Report on Form 8-K filed September
11, 2019 (File No. 000-22893)).</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.1</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
Registration Rights Agreement by and among the Company and
the</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="color: #000000; font-size: 13px">Investors
(as defined therein), dated as of September 22, 2016 (incorporated
by reference to Exhibit 10.2 previously filed with the
Company&#x2019;s Current Report on Form 8-K filed September 28, 2016
(File No. 000-22893)).</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.2</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Specimen Certificate Representing Common Stock (incorporated by
reference to the Company&#x2019;s Current Report on Form 8-K filed
April 14, 2015 (File No. 000-22893)).</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="aehr_ex43.htm"><font style="font-family: Times New Roman; font-size: 13px">4.3</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Indenture.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.4*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
Form of Note.</div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.5*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Deposit Agreement.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.6*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Warrant.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.7*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Warrant Agreement.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.8*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Subscription Agreement.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.9*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form of
Unit Agreement.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="aehr_ex51.htm"><font style="font-family: Times New Roman; font-size: 13px">5.1</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Opinion
of Latham &amp; Watkins LLP.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="aehr_ex51.htm"><font style="font-family: Times New Roman; font-size: 13px">23.1</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Consent
of Latham &amp; Watkins LLP (included in Exhibit 5.1).</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="aehr_232.htm"><font style="font-family: Times New Roman; font-size: 13px">23.2</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Consent
of BPM LLP, independent registered public accounting
firm.</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 8%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#poa"><font style="font-family: Times New Roman; font-size: 13px">24.1</font></a></div>
</td>
<td style="vertical-align: bottom; width: 2%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Powers
of Attorney (incorporated by reference to the signature page
hereto).</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 92%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: 0px; margin-right: auto; width: 100%;">
<tr style="background-color: #cceeff">
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.1*</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Statement of
Eligibility on Form T-1 under the Trust Indenture Act of 1939, as
amended, of a trustee, as trustee under the indenture filed as
Exhibit 4.3 above.<br></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">*</font></div>
</td>
<td style="vertical-align: top; width: 99%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To be
filed by amendment or incorporated by reference in connection with
the offering of the securities.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
Item 17.</font>&#xA0;<br></font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-weight: bold; font-family: Times New Roman">
Undertakings</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(a) The
undersigned registrant hereby undertakes:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(1) To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration
statement:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(i) To
include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">II-2</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(ii) To
reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more
than 20 percent change in the maximum aggregate offering price set
forth in the &#x201C;Calculation of Registration Fee&#x201D; table in
the effective registration statement; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)
To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">provided</font>, <font style="font-style: italic">however</font>, that paragraphs (a)(1)(i),
(a)(1)(ii), and (a)(1)(iii) above do not apply if the information
required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the
Commission by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in the registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is a part of
the registration statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(2)
That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(3) To
remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the
termination of the offering.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(5)
That, for the purpose of determining liability under the Securities
Act of 1933 to any purchaser:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(A)
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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by section 10(a) of the Securities Act of 1933
shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is
first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which
that prospectus relates, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering
thereof. <font style="font-style: italic">Provided</font>,
<font style="font-style: italic">however</font>, that no statement
made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the
registration statement or made in any such document immediately
prior to such effective date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(6)
That, for the purpose of determining liability of the registrant
under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">The
undersigned registrant undertakes that in a primary offering of
securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used
to sell the</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">II-3</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">securities to the
purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(i) Any
preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule
424;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)
Any free writing prospectus relating to the offering prepared by or
on behalf of the undersigned registrant or used or referred to by
the undersigned registrant;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)
The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the
undersigned registrant; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 72px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(iv)
Any other communications that is an offer in the offering made by
the undersigned registrant to the purchaser.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(b) The
undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each
filing of the registrant&#x2019;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&#x2019;s
annual report pursuant to section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
<font style="font-style: italic">bona fide</font> offering
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(h)
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">II-4</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">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
Fremont, California, on September 3, 2021.</font></div>
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<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">AEHR
TEST SYSTEMS</font></div>
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<br></td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ <font style="font-family: Times New Roman; font-size: 13px">Gayn
Erickson</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Gayn
Erickson</font></font></div>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">President
and Chief Executive Officer</font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="poa">P</a>OWER OF ATTORNEY</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Each of
the undersigned officers and directors of the registrant hereby
severally constitutes and appoints Gayn Erickson and Kenneth B.
Spink, and each of them singly (with full power to each of them to
act alone), as his or her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution in each
of them, for him or her and in his or her name, place and stead,
and in any and all capacities, to file and sign any and all
amendments, including post-effective amendments, to this
registration statement and any other registration statement for the
same offering that is to be effective under Rule 462(b) of the
Securities Act of 1933, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite
and necessary to be done in connection therewith and about the
premises as fully to all intents and purposes as he or she might or
could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes,
may lawfully do or cause to be done by virtue hereof. This power of
attorney shall be governed by and construed with the laws of the
State of California and applicable federal securities
laws.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Act of 1933, as amended, this
registration statement has been signed below by the following
persons on behalf of the registrant in the capacities and on the
dates indicated.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Signature</font></div>
</td>
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</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Title</font></div>
</td>
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</td>
<td rowspan="1" style="vertical-align: top; width: 30%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Date</font></div>
</td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">Gayn
Erickson</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">President, Chief
Executive Officer and Director (Principal Executive
Officer)</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">September 3,
2021</font></font></div>
</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Gayn
Erickson</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">Kenneth
B. Spink</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Vice President of
Finance and Chief Financial Officer (Principal Financial and
Accounting Officer)</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">September 3,
2021</font></font></div>
</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Kenneth B.
Spink</font></font></div>
</td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">Fariba
Danesh</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; white-space: nowrap;">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">September 3,
2021</font></font></td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Fariba
Danesh</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
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<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<br></font></div>
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<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit; margin: 0px auto 0px 0px; width: 100%;">
<tr>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="width: 30%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">Laura
Oliphant</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Director</font></font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">September 3,
2021</font></font></font></div>
</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Laura
Oliphant</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
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</td>
<td style="width: 5%; vertical-align: top;">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chairman</font></div>
</td>
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<td style="vertical-align: top; width: 30%; white-space: nowrap;">
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</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Rhea J.
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<td style="width: 5%; vertical-align: top;">
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<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">September 3,
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</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
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Rosati</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<td style="width: 5%; vertical-align: top;">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Director</font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
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</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<td style="vertical-align: top; width: 30%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
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<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Director</font></div>
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<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: top; width: 30%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">September 3,
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</td>
</tr><tr>
<td style="width: 30%; vertical-align: top;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Howard T.
Slayen</font></font></div>
</td>
<td style="width: 5%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>aehr_ex43.htm
<DESCRIPTION>FORM OF INDENTURE
<TEXT>
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<head>
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<font style="font-weight: bold">&#xA0; <font style="font-family: Times New Roman; font-size: 13px">Exhibit
4.3</font><br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
AEHR TEST SYSTEMS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INDENTURE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dated
as of ___________, 2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
[_________]</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trustee</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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TABLE OF CONTENTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td colspan="2" style="vertical-align: bottom; width: 90%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline"><font style="font-family: Times New Roman; font-size: 13px">Page</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="2" style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
I. DEFINITIONS AND INCORPORATION BY REFERENCE</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
1.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Definitions.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
1.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
Definitions.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
1.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incorporation
by Reference of Trust Indenture Act.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
1.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rules
of Construction.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
II. THE SECURITIES</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Issuable
in Series.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Establishment
of Terms of Series of Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Execution
and Authentication.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Registrar
and Paying Agent.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Paying
Agent to Hold Money in Trust.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securityholder
Lists.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.7.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Transfer
and Exchange.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.8.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mutilated,
Destroyed, Lost and Stolen Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.9.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Outstanding
Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.10.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Treasury
Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.11.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Temporary
Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.12.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cancellation.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.13.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Defaulted
Interest.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.14.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Global
Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
2.15.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CUSIP
Numbers.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
III. REDEMPTION</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
3.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Notice
to Trustee.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
3.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Selection
of Securities to be Redeemed.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
3.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Notice
of Redemption.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
3.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Effect
of Notice of Redemption.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
3.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deposit
of Redemption Price.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
3.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
Redeemed in Part.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
IV. COVENANTS</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
4.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Payment
of Principal and Interest.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
4.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SEC
Reports.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
4.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Compliance
Certificate.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
4.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Stay,
Extension and Usury Laws.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
V. SUCCESSORS</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
5.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">When
Company May Merge, Etc.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
5.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Successor
Corporation Substituted.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr></table>
</div>
<div style="null"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">i</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="null"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="2" style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
VI. DEFAULTS AND REMEDIES</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Events
of Default.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Acceleration
of Maturity; Rescission and Annulment.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Collection
of Indebtedness and Suits for Enforcement by Trustee.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trustee
May File Proofs of Claim.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trustee
May Enforce Claims Without Possession of Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Application
of Money Collected.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.7.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Limitation
on Suits.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.8.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unconditional
Right of Holders to Receive Principal and Interest.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.9.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Restoration
of Rights and Remedies.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.10.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rights
and Remedies Cumulative.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.11.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Delay
or Omission Not Waiver.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.12.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Control
by Holders.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.13.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Waiver
of Past Defaults.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
6.14.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Undertaking
for Costs.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
VII. TRUSTEE</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Duties
of Trustee.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rights
of Trustee.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Individual
Rights of Trustee.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trustee&#x2019;s
Disclaimer.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Notice
of Defaults.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Reports
by Trustee to Holders.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.7.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Compensation
and Indemnity.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.8.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Replacement
of Trustee.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.9.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Successor
Trustee by Merger, Etc.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.10.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Eligibility;
Disqualification.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
7.11.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Preferential
Collection of Claims Against Company.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
VIII. SATISFACTION AND DISCHARGE; DEFEASANCE</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
8.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Satisfaction
and Discharge of Indenture.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">31</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
8.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Application
of Trust Funds; Indemnification.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
8.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Legal
Defeasance of Securities of any Series.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
8.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Covenant
Defeasance.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">34</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
8.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Repayment
to Company.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
8.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Reinstatement.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="2" style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
IX. AMENDMENTS AND WAIVERS</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Without
Consent of Holders.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">With
Consent of Holders.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">36</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Limitations.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Compliance
with Trust Indenture Act.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Revocation
and Effect of Consents.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Notation
on or Exchange of Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Section
9.7.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trustee
Protected.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
X. MISCELLANEOUS</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trust
Indenture Act Controls.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Notices.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr></table>
</div>
<div style="null"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">ii</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="null"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Communication
by Holders with Other Holders.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.4.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certificate
and Opinion as to Conditions Precedent.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.5.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Statements
Required in Certificate or Opinion.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.6.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rules
by Trustee and Agents.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.7.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Legal
Holidays.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.8.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">No
Recourse Against Others.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.9.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Counterparts.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.10.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Governing
Law; Waiver of Jury Trial; Consent to Jurisdiction.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.11.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">No
Adverse Interpretation of Other Agreements.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.12.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Successors.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.13.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Severability.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.14.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Table
of Contents, Headings, Etc.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.15.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
in a Foreign Currency.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.16.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Judgment
Currency.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.17.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Force
Majeure.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
10.18.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.A.
Patriot Act.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="2" style="vertical-align: bottom; width: 90%;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
XI. SINKING FUNDS</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
11.1.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Applicability
of Article.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
11.2.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Satisfaction
of Sinking Fund Payments with Securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Section
11.3.&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 77%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Redemption
of Securities for Sinking Fund.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">45</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">iii</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-variant: small-caps; font-family: Times New Roman; font-size: 16px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-variant: small-caps; font-family: Times New Roman; font-size: 16px">
AEHR TEST SYSTEMS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Reconciliation
and tie between Trust Indenture Act of 1939 and</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indenture,
dated as of ____________, 2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 310(a)(1)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(2)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(3)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(4)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(5)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 311(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 312(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 313(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)(1)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)(2)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)(1)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(d)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 314(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
4.2, 10.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)(1)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)(2)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)(3)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(d)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(e)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(f)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Not Applicable</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 315(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(c)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(d)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(e)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6.14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 316(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(1)(A)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6.12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(1)(B)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6.13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6.8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 317(a)(1)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(a)(2)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
6.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(b)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2.5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA7; 318(a)</font></div>
</td>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.1</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 15%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Note:
This reconciliation and tie shall not, for any purpose, be deemed
to be part of the Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">iv</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Indenture dated as
of __________, 2021 between AEHR Test Systems, a company
incorporated under the laws of California (the &#x201C;<font style="font-style: italic">Company</font>&#x201D;), and [______]
(&#x201C;<font style="font-style: italic">Trustee</font>&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
I.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">DEFINITIONS
AND INCORPORATION BY REFERENCE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 1.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc80865885"><!--anchor--></a><font style="text-decoration: underline">Definitions.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Additional Amounts</font>&#x201D; means any
additional amounts which are required hereby or by any Security,
under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified
herein or therein and which are owing to such Holders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Affiliate</font>&#x201D; 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, &#x201C;control&#x201D;
(including, with correlative meanings, the terms &#x201C;controlled
by&#x201D; and &#x201C;under common control with&#x201D;), 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Agent</font>&#x201D; means any Registrar,
Paying Agent or Notice Agent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Board of Directors</font>&#x201D; means the
board of directors of the Company or any duly authorized committee
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Board Resolution</font>&#x201D; means a copy of
a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been adopted by the Board of Directors or
pursuant to authorization by the Board of Directors and to be in
full force and effect on the date of the certificate and delivered
to the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Business Day</font>&#x201D; means any day
except a Saturday, Sunday or a legal holiday in The City of New
York, New York (or in connection with any payment, the place of
payment) on which banking institutions are authorized or required
by law, regulation or executive order to close.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Capital Stock</font>&#x201D; means any and all
shares, interests, participations, rights or other equivalents
(however designated) of corporate stock.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Company</font>&#x201D; means the party named as
such above until a successor replaces it and thereafter means the
successor.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Company Order</font>&#x201D; means a written
order signed in the name of the Company by an Officer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Corporate Trust Office</font>&#x201D; means the
office of the Trustee at which at any particular time its corporate
trust business related to this Indenture shall be principally
administered.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Default</font>&#x201D; means any event which
is, or after notice or passage of time or both would be, an Event
of Default.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Depositary</font>&#x201D; 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,
&#x201C;Depositary&#x201D; as used with respect to the Securities of
any Series shall mean the Depositary with respect to the Securities
of such Series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Discount Security</font>&#x201D; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Dollars</font>&#x201D; and &#x201C;<font style="font-style: italic">$</font>&#x201D; means the currency of The
United States of America.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Exchange Act</font>&#x201D; means the
Securities Exchange Act of 1934, as amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Foreign Currency</font>&#x201D; means any
currency or currency unit issued by a government other than the
government of The United States of America.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Foreign Government Obligations</font>&#x201D;
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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">&#x201C;GAAP&#x201D;</font> means generally
accepted accounting principles 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Global Security</font>&#x201D; or
&#x201C;<font style="font-style: italic">Global
Securities</font>&#x201D; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Holder</font>&#x201D; or &#x201C;<font style="font-style: italic">Securityholder</font>&#x201D; means a person in
whose name a Security is registered.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Indenture</font>&#x201D; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">interest</font>&#x201D; with respect to any
Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Maturity</font>,&#x201D; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Officer</font>&#x201D; means the Chief
Executive Officer, President, the Chief Financial Officer, the
Treasurer or any Assistant Treasurer, the Secretary or any
Assistant Secretary, and any Vice President of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Officer&#x2019;s Certificate</font>&#x201D;
means a certificate signed by any Officer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Opinion of Counsel</font>&#x201D; means a
written opinion of legal counsel who is acceptable to the Trustee.
The counsel may be an employee of or counsel to the Company. The
opinion may contain customary limitations, conditions and
exceptions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">person</font>&#x201D; means any individual,
corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">principal</font>&#x201D; of a Security means
the principal of the Security plus, when appropriate, the premium,
if any, on, and any Additional Amounts in respect of, the
Security.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Responsible Officer</font>&#x201D; means any
officer of the Trustee in its Corporate Trust Office having
responsibility for administration of this Indenture and also means,
with respect to a particular corporate trust matter, any other
officer to whom any corporate trust matter is referred because of
his or her knowledge of and familiarity with a particular
subject.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">SEC</font>&#x201D; means the Securities and
Exchange Commission.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Securities</font>&#x201D; means the debentures,
notes or other debt instruments of the Company of any Series
authenticated and delivered under this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Series</font>&#x201D; or &#x201C;<font style="font-style: italic">Series of Securities</font>&#x201D; means each
series of debentures, notes or other debt instruments of the
Company created pursuant to Sections 2.1 and 2.2
hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Stated Maturity</font>&#x201D; when used with
respect to any Security, means the date specified in such Security
as the fixed date on which the principal of such Security or
interest is due and payable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Subsidiary</font>&#x201D; of any specified
person means any corporation, association or other business entity
of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or
indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">TIA</font>&#x201D; means the Trust Indenture
Act of 1939 (15 U.S. Code &#xA7;&#xA7; 77aaa-77bbbb) as in effect
on the date of this Indenture; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that in the event the
Trust Indenture Act of 1939 is amended after such date,
&#x201C;TIA&#x201D; means, to the extent required by any such
amendment, the Trust Indenture Act as so amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Trustee</font>&#x201D; means the person named
as the &#x201C;Trustee&#x201D; 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 &#x201C;Trustee&#x201D; shall mean or include each person
who is then a Trustee hereunder, and if at any time there is more
than one such person, &#x201C;Trustee&#x201D; as used with respect to
the Securities of any Series shall mean the Trustee with respect to
Securities of that Series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">U.S. Government Obligations</font>&#x201D;
means securities which are direct obligations of, or guaranteed by,
The United States of America for the payment of which its full
faith and credit is pledged and which are not callable or
redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank or trust company as
custodian with respect to any such U.S. Government Obligation or a
specific payment of interest on or principal of any such U.S.
Government Obligation held by such custodian for the account of the
holder of a depositary receipt, <font style="font-style: italic">provided</font> that (except as required by
law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S.
Government Obligation evidenced by such depositary
receipt.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 1.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Other Definitions</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 90%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: bottom; width: 74%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline"><font style="font-family: Times New Roman; font-size: 13px">TERM</font></font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">DEFINED
IN</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
SECTION</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%"><br></td>
<td style="vertical-align: top; width: 26%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Bankruptcy
Law</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Custodian</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Event
of Default</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Judgment
Currency</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.16</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Legal
Holiday</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.7</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">mandatory
sinking fund payment</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">New
York Banking Day</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.16</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Notice
Agent</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">optional
sinking fund payment</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Paying
Agent</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Registrar</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Required
Currency</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.16</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Specified
Courts</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.10</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">successor
person</font>&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.1</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 1.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Incorporation by Reference of Trust
Indenture Act</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 36px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Commission</font>&#x201D; means the
SEC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 36px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">indenture securities</font>&#x201D; means the
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 36px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">indenture security holder</font>&#x201D; means
a Securityholder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 36px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">indenture to be qualified</font>&#x201D; means
this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 36px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">indenture trustee</font>&#x201D; or
&#x201C;<font style="font-style: italic">institutional
trustee</font>&#x201D; means the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 96px; margin-right: 36px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">obligor</font>&#x201D; on the indenture
securities means the Company and any successor obligor upon the
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 1.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Rules of
Construction</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
the context otherwise requires:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">a term has the
meaning assigned to it;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">an accounting term
not otherwise defined has the meaning assigned to it in accordance
with GAAP;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">or</font>&#x201D; is not
exclusive;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">words in the
singular include the plural, and in the plural include the
singular; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">provisions apply to
successive events and transactions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
II.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">THE
SECURITIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Issuable in
Series</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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, a supplemental indenture or an
Officer&#x2019;s Certificate detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution. In
the case of Securities of a Series to be issued from time to time,
the Board Resolution, Officer&#x2019;s Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to
authority granted under a Board Resolution may provide for the
method by which specified terms (such as interest rate, maturity
date, record date or date from which interest shall accrue) are to
be determined. Securities may differ between Series in respect of
any matters, provided that all Series of Securities shall be
equally and ratably entitled to the benefits of the
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Establishment of Terms of Series of
Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s
Certificate:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the title (which
shall distinguish the Securities of that particular Series from the
Securities of any other Series) and ranking (including the terms of
any subordination provisions) of the Series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the price or prices
(expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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 2.7, 2.8, 2.11, 3.6 or
9.6);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the date or dates
on which the principal of the Securities of the Series is
payable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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 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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.7.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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
may be redeemed, in whole or in part, at the option of the
Company;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.8.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.9.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.10.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">if other than
denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be
issuable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.11.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the forms of the
Securities of the Series and whether the Securities will be
issuable as Global Securities;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.12.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.13.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.14.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.15.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.16.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.17.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the provisions, if
any, relating to any security provided for the Securities of the
Series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.18.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.19.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">any addition to,
deletion of or change in the covenants set forth in Articles IV or
V which applies to Securities of the Series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.20.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">any Depositaries,
interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other
than those appointed herein;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.21.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the provisions, if
any, relating to conversion or exchange of any Securities of such
Series, including if applicable, the conversion or exchange price,
the conversion or exchange period, provisions as to whether
conversion or exchange will be mandatory, at the option of the
Holders thereof or at the option of the Company, the events
requiring an adjustment of the conversion price or exchange price
and provisions affecting conversion or exchange if such Series of
Securities are redeemed;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.22.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.2.23.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">whether any of the
Company&#x2019;s direct or indirect Subsidiaries will guarantee the
Securities of that Series, including the terms of subordination, if
any, of such guarantees.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s
Certificate referred to above.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Execution and
Authentication</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">An
Officer shall sign the Securities for the Company by manual,
facsimile or electronic signature.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Certificate, upon receipt by the Trustee of a
Company Order. Each Security shall be dated the date of its
authentication.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Certificate
delivered pursuant to Section 2.2, except as provided in Section
2.8.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Prior
to the issuance of Securities of any Series, the Trustee shall have
received and (subject to Section 7.2) shall be fully protected in
relying on: (a) the Board Resolution, supplemental indenture hereto
or Officer&#x2019;s Certificate 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&#x2019;s Certificate complying with
Section 10.4, and (c) an Opinion of Counsel complying with Section
10.4.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee shall have the right 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 by its board of directors or
trustees, executive committee or a trust committee of directors
and/or vice-presidents or a committee of Responsible Officers shall
determine that such action would expose the Trustee to personal
liability to Holders of any then outstanding Series of
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Registrar and Paying
Agent</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company shall maintain, with respect to each Series of Securities,
at the place or places specified with respect to such Series
pursuant to Section 2.2, an office or agency where Securities of
such Series may be presented or surrendered for payment
(&#x201C;<font style="font-style: italic">Paying
Agent</font>&#x201D;), where Securities of such Series may be
surrendered for registration of transfer or exchange
(&#x201C;<font style="font-style: italic">Registrar</font>&#x201D;)
and where notices and demands to or upon the Company in respect of
the Securities of such Series and this Indenture may be delivered
(&#x201C;<font style="font-style: italic">Notice
Agent</font>&#x201D;). 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, Paying Agent or Notice Agent. If at any
time the Company shall fail to maintain any such required
Registrar, Paying Agent or Notice Agent or shall fail to furnish
the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that any appointment
of the Trustee as the Notice Agent shall exclude the appointment of
the Trustee or any office of the Trustee as an agent to receive the
service of legal process on the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may also from time to time designate one or more
co-registrars, additional paying agents or additional notice agents
and may from time to time rescind such designations; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that no such
designation or rescission shall in any manner relieve the Company
of its obligations to maintain a Registrar, Paying Agent and Notice
Agent in each place so specified pursuant to Section 2.2 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, additional paying agent or additional notice agent.
The term &#x201C;<font style="font-style: italic">Registrar</font>&#x201D; includes any
co-registrar; the term &#x201C;<font style="font-style: italic">Paying Agent</font>&#x201D; includes any
additional paying agent; and the term &#x201C;<font style="font-style: italic">Notice Agent</font>&#x201D; includes any
additional notice agent. The Company or any of its Affiliates may
serve as Registrar or Paying Agent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company hereby appoints the Trustee the initial Registrar, Paying
Agent and Notice Agent for each Series unless another Registrar,
Paying Agent or Notice Agent, as the case may be, is appointed
prior to the time Securities of that Series are first
issued.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Paying Agent to Hold Money in
Trust</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 Series of Securities, and will
notify the Trustee in writing of any default by the Company in
making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to
the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company or a
Subsidiary of the Company) shall have no further liability for the
money. If the Company or a Subsidiary of the Company acts as Paying
Agent, it shall segregate and hold in a separate trust fund for the
benefit of Securityholders of any Series 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Securityholder
Lists</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 &#xA7; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.7.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Transfer and
Exchange</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s request. No
service charge shall be made for any registration of transfer or
exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 15 days immediately
preceding the sending of a notice of redemption of Securities of
that Series selected for redemption and ending at the close of
business on the day such notice is sent, 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.8.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Mutilated, Destroyed, Lost and Stolen
Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If
there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of
any Security and (ii) such security or indemnity bond as may be
required by each of them to hold itself and any of its agents
harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon receipt of a Company
Order the Trustee shall authenticate and make available for
delivery, in lieu of any such destroyed, lost or stolen Security, a
new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously
outstanding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Upon
the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the
Trustee) connected therewith.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Every
new Security of any Series issued pursuant to this Section 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 2.9.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Outstanding
Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest
on a Global Security effected by the Trustee in accordance with the
provisions hereof and those described in this Section as not
outstanding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If a
Security is replaced pursuant to Section 2.8, it ceases to be
outstanding until the Trustee receives proof satisfactory to it
that the replaced Security is held by a bona fide
purchaser.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may purchase or otherwise acquire the Securities, whether
by open market purchases, negotiated transactions or otherwise. A
Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security (but see Section 2.10
below).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
2.10.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Treasury
Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 relying on any such request,
demand, authorization, direction, notice, consent or waiver only
Securities of a Series that a Responsible Officer of the Trustee
knows are so owned shall be so disregarded.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
2.11.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Temporary
Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
2.12.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Cancellation</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall destroy such canceled Securities (subject
to the record retention requirement of the Exchange Act and the
Trustee) and deliver a certificate of such cancellation to the
Company upon written request of the Company. The Company may not
issue new Securities to replace Securities that it has paid or
delivered to the Trustee for cancellation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
2.13.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Defaulted
Interest</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If the
Company defaults in a payment of interest on a Series of
Securities, it shall pay the defaulted interest, plus, to the
extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a
subsequent special record date. The Company shall fix the record
date and payment date. At least ten days before the special record
date, the Company shall send 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
2.14.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Global Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">2.14.1.</font>&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Terms of Securities</font>. A Board
Resolution, a supplemental indenture hereto or an Officer&#x2019;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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">2.14.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Transfer and Exchange</font>.
Notwithstanding any provisions to the contrary contained in Section
2.7 of the Indenture and in addition thereto, any Global Security
shall be exchangeable pursuant to Section 2.7 of the Indenture for
Securities registered in the names of Holders other than the
Depositary for such Security or its nominee only if (i) such
Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for such Global Security or if at any time
such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a
successor Depositary registered as a clearing agency under the
Exchange Act within 90 days of such event or (ii) the Company
executes and delivers to the Trustee an Officer&#x2019;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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as provided in this Section 2.14.2, a Global Security may not be
transferred except as a whole by the Depositary with respect to
such Global Security to a nominee of such Depositary, by a nominee
of such Depositary to such Depositary or another nominee of such
Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor
Depositary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.14.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Legends</font>. Any Global Security
issued hereunder shall bear a legend in substantially the following
form:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;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.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, so long as the Depository Trust Company
(&#x201C;DTC&#x201D;) is the Depositary, each Global Note registered
in the name of DTC or its nominee shall bear a legend in
substantially the following form:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;UNLESS THIS
GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(&#x201C;DTC&#x201D;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
&amp; CO., HAS AN INTEREST HEREIN.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.14.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Acts of Holders</font>. The
Depositary, as a Holder, may appoint agents and otherwise authorize
participants to give or take any request, demand, authorization,
direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.14.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Payments</font>. 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">2.14.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Consents, Declaration and
Directions</font>. 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 the Depositary with
respect to such Global Security, for purposes of obtaining any
consents, declarations, waivers or directions required to be given
by the Holders pursuant to this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
2.15.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">CUSIP Numbers</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company in issuing the Securities may use &#x201C;CUSIP&#x201D;
numbers (if then generally in use), and, if so, the Trustee shall
use &#x201C;CUSIP&#x201D; numbers in notices of redemption as a
convenience to Holders; <font style="text-decoration: underline">provided</font> 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
III.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">REDEMPTION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 3.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Notice to Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 the Series of Securities to be redeemed. The Company shall give
the notice at least 15 days before the redemption date, unless a
shorter period is satisfactory to the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">14</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 3.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Selection of Securities to be
Redeemed</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise indicated for a particular Series by a Board Resolution,
a supplemental indenture hereto or an Officer&#x2019;s Certificate,
if less than all the Securities of a Series are to be redeemed, the
Securities of the Series to be redeemed will be selected as
follows: (a) if the Securities are in the form of Global
Securities, in accordance with the procedures of the Depositary,
(b) if the Securities are listed on any national securities
exchange, in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are
listed, or (c) if not otherwise provided for under clause (a) or
(b) in the manner that the Trustee deems fair and appropriate,
including by lot or other method, unless otherwise required by law
or applicable stock exchange requirements, subject, in the case of
Global Securities, to the applicable rules and procedures of the
Depositary. The Securities to be redeemed shall be selected from
Securities of the Series outstanding not previously called for
redemption. Portions of the principal of Securities of the Series
that have denominations larger than $1,000 may be selected for
redemption. Securities of the Series and portions of them it
selected for redemption shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series
issuable in other denominations pursuant to Section 2.2.10, the
minimum principal denomination for each Series and the authorized
integral multiples thereof. 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 3.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Notice of
Redemption</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officer&#x2019;s Certificate, at
least 15 days but not more than 60 days before a redemption date,
the Company shall send or cause to be sent by first-class mail or
electronically, in accordance with the procedures of the
Depositary, a notice of redemption to each Holder whose Securities
are to be redeemed.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
notice shall identify the Securities of the Series to be redeemed
and shall state:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the redemption
date;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the redemption
price;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the name and
address of the Paying Agent;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">if any Securities
are being redeemed in part, the portion of the principal amount of
such Securities to be redeemed and that, after the redemption date
and upon surrender of such Security, a new Security or Securities
in principal amount equal to the unredeemed portion of the original
Security shall be issued in the name of the Holder thereof upon
cancellation of the original Security;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">that Securities of
the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(g)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the CUSIP number,
if any; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(h)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">any other
information as may be required by the terms of the particular
Series or the Securities of a Series being redeemed.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">At the
Company&#x2019;s request, the Trustee shall give the notice of
redemption in the Company&#x2019;s name and at its expense,
provided, however, that the Company has delivered to the Trustee,
at least 10 days (unless a shorter time shall be acceptable to the
Trustee) prior to the notice date, an Officer&#x2019;s Certificate
requesting that the Trustee give such notice and setting forth the
information to be stated in such notice.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 3.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Effect of Notice of
Redemption</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Once
notice of redemption is sent 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&#x2019;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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 3.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Deposit of Redemption
Price</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">On or
before 11:00 a.m., New York City time, on the redemption date, the
Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all
Securities to be redeemed on that date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 3.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Securities Redeemed in
Part</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Upon
surrender of a Security that is redeemed in part, the Trustee shall
authenticate for the Holder a new Security of the same Series and
the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
IV.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">COVENANTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 4.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Payment of Principal and
Interest</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 11:00 a.m., New York City time, on the applicable
payment date, the Company shall deposit with the Paying Agent money
sufficient to pay the principal of and interest, if any, on the
Securities of each Series in accordance with the terms of such
Securities and this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 4.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">SEC Reports</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">To the
extent any Securities of a Series are outstanding, the Company
shall deliver to the Trustee within 15 days after it files them
with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of
the foregoing as the SEC may by rules and regulations prescribe)
which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act. The Company also shall
comply with the other provisions of TIA &#xA7; 314(a). Reports,
information and documents filed with the SEC via the EDGAR system
will be deemed to be delivered to the Trustee as of the time of
such filing via EDGAR for purposes of this Section
4.2.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Delivery of
reports, information and documents to the Trustee under this
Section 4.2 is for informational purposes only and the
Trustee&#x2019;s receipt of the foregoing shall not constitute
constructive or actual notice of any information contained therein
or determinable from information contained therein, including the
Company&#x2019;s compliance with any of the covenants hereunder (as
to which the Trustee is entitled to rely exclusively on
Officer&#x2019;s Certificates). All such reports, information or
documents referred to in this Section 4.2 that the Company files
with the SEC via the SEC&#x2019;s EDGAR system shall be deemed to be
filed with the Trustee and transmitted to Holders at the time such
reports, information or documents are filed via the EDGAR system
(or any successor system).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 4.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Compliance
Certificate</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Certificate stating
that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining
whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each
such Officer signing such certificate, that to the best of his/her
knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events
of Default of which the Officer may have knowledge).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 4.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Stay, Extension and Usury
Laws</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
V.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SUCCESSORS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 5.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">When Company May Merge,
Etc</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company shall not consolidate with or merge with or into, or
convey, transfer or lease all or substantially all of its
properties and assets to, any person (a &#x201C;<font style="font-style: italic">successor person</font>&#x201D;)
unless:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company is the
surviving entity or the successor person (if other than the
Company) is a corporation, partnership, trust or other entity
organized and validly existing under the laws of any U.S. domestic
jurisdiction and expressly assumes the Company&#x2019;s obligations
on the Securities and under this Indenture; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">immediately after
giving effect to the transaction, no Default or Event of Default,
shall have occurred and be continuing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company shall deliver to the Trustee prior to the consummation of
the proposed transaction an Officer&#x2019;s Certificate to the
foregoing effect and an Opinion of Counsel stating that the
proposed transaction and any supplemental indenture comply with
this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Certificate nor an Opinion of Counsel
shall be required to be delivered in connection
therewith.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 5.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Successor Corporation
Substituted</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Upon
any consolidation or merger, or any sale, lease, conveyance or
other disposition of all or substantially all of the assets of the
Company in accordance with Section 5.1, the successor corporation
formed by such consolidation or into or with which the Company is
merged or to which such sale, lease, conveyance or other
disposition is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor person has been
named as the Company herein; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that the predecessor
Company in the case of a sale, conveyance or other disposition
(other than a lease) shall be released from all obligations and
covenants under this Indenture and the Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
VI.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">DEFAULTS
AND REMEDIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Events of Default</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">Event of Default</font>,&#x201D; 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&#x2019;s Certificate, it is
provided that such Series shall not have the benefit of said Event
of Default:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">default in the
payment of 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 11:00 a.m., New York City time, on the 30<font style="font-size: 70%; vertical-align: top">th</font> day of such
period); or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">default in the
payment of principal of any Security of that Series at its
Maturity; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">default in the
performance or breach of any covenant or warranty of the Company in
this Indenture (other than defaults pursuant to paragraph (a) or
(b) above or pursuant to a covenant or warranty 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 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of that Series a written notice
specifying such default or breach and requiring it to be remedied
and stating that such notice is a &#x201C;Notice of Default&#x201D;
hereunder; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company
pursuant to or within the meaning of any Bankruptcy
Law:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">commences a
voluntary case,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">consents
to the entry of an order for relief against it in an involuntary
case,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">consents
to the appointment of a Custodian of it or for all or substantially
all of its property,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(iv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">makes
a general assignment for the benefit of its creditors,
or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">generally is unable
to pay its debts as the same become due; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">a court of
competent jurisdiction enters an order or decree under any
Bankruptcy Law that:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">is for relief
against the Company in an involuntary case,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">appoints
a Custodian of the Company or for all or substantially all of its
property, or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">orders
the liquidation of the Company,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">and the
order or decree remains unstayed and in effect for 60 days;
or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Certificate, in accordance with Section
2.2.18.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
term &#x201C;<font style="font-style: italic">Bankruptcy
Law</font>&#x201D; means title 11, U.S. Code or any similar Federal
or State law for the relief of debtors. The term
&#x201C;<font style="font-style: italic">Custodian</font>&#x201D;
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will provide the Trustee written notice of any Default or
Event of Default within 30 days of becoming aware of the occurrence
of such Default or Event of Default, which notice will describe in
reasonable detail the status of such Default or Event of Default
and what action the Company is taking or proposes to take in
respect thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Acceleration of Maturity; Rescission
and Annulment</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 <font style="font-style: italic">ipso facto</font> become and
be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">No such
rescission shall affect any subsequent Default or impair any right
consequent thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Collection of Indebtedness and Suits
for Enforcement by Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company covenants that if:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">default is made in
the payment of principal of any Security at the Maturity thereof,
or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">default is made in
the deposit of any sinking fund payment, if any, when and as due by
the terms of a Security,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
then,</font> the Company will, upon demand of the Trustee, pay to
it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and
interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and any
overdue interest at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection,
including the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Trustee May File Proofs of
Claim</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">In case
of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or of
such other obligor or their creditors, the Trustee (irrespective of
whether the principal of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or
otherwise,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to file and prove a
claim for the whole amount of principal and interest owing and
unpaid in respect of the Securities and to file such other papers
or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation,
reasonable expenses, disbursements and advances of the Trustee, its
agents and counsel) and of the Holders allowed in such judicial
proceeding, and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to collect and
receive any moneys or other property payable or deliverable on any
such claims and to distribute the same,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount
due it for the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.7.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Trustee May Enforce Claims Without
Possession of Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">All
rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in
any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision
for the payment of the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">Application
of Money Collected.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">First:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;To
the payment of all amounts due the Trustee under Section 7.7;
and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Second:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Third:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;To
the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.7.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Limitation on
Suits</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">such Holder has
previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that
Series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Holders of not
less than 25% in principal amount of the outstanding Securities of
that Series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Trustee for 60
days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding;
and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.8.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Unconditional Right of Holders to
Receive Principal and Interest</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Notwithstanding any
other provision in this Indenture, the Holder of any Security shall
have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security
on the Maturity of such Security, including the Stated Maturity
expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the
consent of such Holder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 6.9.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Restoration of Rights and
Remedies</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
6.10.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Rights and Remedies
Cumulative</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities in Section 2.8, no
right or remedy herein conferred upon or reserved to the Trustee or
to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not, to the extent permitted
by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
6.11.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Delay or Omission Not
Waiver</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
6.12.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Control by
Holders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">such direction
shall not be in conflict with any rule of law or with this
Indenture,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Trustee may
take any other action deemed proper by the Trustee which is not
inconsistent with such direction,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
6.13.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Waiver of Past
Defaults</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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, by written notice to the
Trustee and the Company, 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 or impair any right consequent
thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
6.14.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Undertaking for
Costs</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the 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).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
VII.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">TRUSTEE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Duties of Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">(a)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s own affairs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">Except during the
continuance of an Event of Default:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee need
perform only those duties that are specifically set forth in this
Indenture and no others.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Certificates or
Opinions of Counsel furnished to the Trustee and conforming to the
requirements of this Indenture; <font style="text-decoration: underline">however</font>, in the case of any
such Officer&#x2019;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&#x2019;s
Certificates and Opinions of Counsel to determine whether or not
they conform to the form requirements of this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">This paragraph does
not limit the effect of paragraph (b) of this Section.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">Every provision of
this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except
to the extent required by law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(g)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(h)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Paying Agent,
the Registrar and any authenticating agent shall be entitled to the
protections and immunities as are set forth in paragraphs (e), (f)
and (g) of this Section and in Section 7.2, each with respect to
the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Rights of Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">(a)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee may rely on and shall be protected in acting or refraining
from acting upon any document (whether in its original or facsimile
form) believed by it to be genuine and to have been signed or
presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">Before the Trustee
acts or refrains from acting, it may require an Officer&#x2019;s
Certificate or an Opinion of Counsel or both. The Trustee shall not
be liable for any action it takes or omits to take in good faith in
reliance on such Officer&#x2019;s Certificate or Opinion of
Counsel.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s conduct does not
constitute willful misconduct or negligence.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Trustee may
consult with counsel and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder
without willful misconduct or negligence, and in reliance
thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any
of the Holders of Securities unless such Holders shall have offered
to the Trustee security or indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(g)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(h)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such
a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities generally
or the Securities of a particular Series and this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(j)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Individual Rights of
Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the
Company or an Affiliate of the Company with the same rights it
would have if it were not Trustee. Any Agent may do the same with
like rights. The Trustee is also subject to Sections 7.10 and
7.11.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Trustee&#x2019;s
Disclaimer</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s use of the proceeds from the Securities, and it
shall not be responsible for any statement in the Securities other
than its authentication.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Notice of
Defaults</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If a
Default or Event of Default occurs and is continuing with respect
to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send 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 its corporate trust committee or a committee of its
Responsible Officers in good faith determines that withholding the
notice is in the interests of Securityholders of that
Series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Reports by Trustee to
Holders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Within
60 days after each anniversary of this Indenture, the Trustee shall
transmit by mail to all Securityholders, as their names and
addresses appear on the register kept by the Registrar, a brief
report dated as of such anniversary date, in accordance with, and
to the extent required under, TIA &#xA7; 313.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.7.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Compensation and
Indemnity</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;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&#x2019;s agents and counsel.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company shall indemnify each of the Trustee and any predecessor
Trustee (including for the cost of defending itself) against any
cost, expense or liability, including taxes (other than taxes based
upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the
performance of its duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations
hereunder, unless and to the extent that the Company is materially
prejudiced thereby. The Company shall defend the claim and the
Trustee shall cooperate in the defense. The Trustee may have one
separate counsel and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any
settlement made without its consent, which consent will not be
unreasonably withheld. This indemnification shall apply to
officers, directors, employees, shareholders and agents of the
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company need not reimburse any expense or indemnify against any
loss or liability incurred by the Trustee or by any officer,
director, employee, shareholder or agent of the Trustee through
willful misconduct or negligence.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">To
secure the Company&#x2019;s payment obligations in this Section, 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">When
the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.1(d) or (e) occurs, the expenses and
the compensation for the services are intended to constitute
expenses of administration under any Bankruptcy Law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
provisions of this Section shall survive the termination of this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.8.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Replacement of
Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">A
resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor
Trustee&#x2019;s acceptance of appointment as provided in this
Section.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee may resign 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. The Company may remove the Trustee with respect to
Securities of one or more Series if:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Trustee fails
to comply with Section 7.10;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">a Custodian or
public officer takes charge of the Trustee or its property;
or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Trustee becomes
incapable of acting.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If a
successor Trustee with respect to the Securities of any one or more
Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of at least a majority in principal amount of the
Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 7.9.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Successor Trustee by Merger,
Etc</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If the
Trustee consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further
act shall be the successor Trustee, subject to Section
7.10.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
7.10.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Eligibility;
Disqualification</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">This
Indenture shall always have a Trustee who satisfies the
requirements of TIA &#xA7; 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 &#xA7;
310(b).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
7.11.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Preferential Collection of Claims
Against Company</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee is subject to TIA &#xA7; 311(a), excluding any creditor
relationship listed in TIA &#xA7; 311(b). A Trustee who has
resigned or been removed shall be subject to TIA &#xA7; 311(a) to
the extent indicated.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
VIII.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SATISFACTION
AND DISCHARGE; DEFEASANCE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 8.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Satisfaction and Discharge of
Indenture</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">This
Indenture shall upon Company Order be discharged with respect to
the Securities of any Series and cease to be of further effect as
to all Securities of such Series (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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">either</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">all Securities of
such Series theretofore authenticated and delivered (other than
Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for
cancellation; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">all
such Securities of such Series not theretofore delivered to the
Trustee for cancellation:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;have
become due and payable by reason of sending a notice of redemption
or otherwise, or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;will
become due and payable at their Stated Maturity within one year,
or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;have
been called for redemption or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company, or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(4)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;are
deemed paid and discharged pursuant to Section 8.3, as
applicable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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, which
amount shall be sufficient for the purpose of paying and
discharging each installment of principal (including mandatory
sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of
principal or interest are due;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company has
paid or caused to be paid all other sums payable hereunder by the
Company; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company has
delivered to the Trustee an Officer&#x2019;s Certificate and an
Opinion of Counsel, each stating that all conditions precedent
provided for relating to the satisfaction and discharge
contemplated by this Section have been complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 clause (a) of this
Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5
shall survive.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 8.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Application of Trust Funds;
Indemnification</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">(a)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the provisions of Section 8.5, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received
by the Trustee in respect of U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the persons entitled thereto, of the
principal and interest for whose payment such money has been
deposited with or received by the Trustee or to make mandatory
sinking fund payments or analogous payments as contemplated by
Sections 8.1, 8.3 or 8.4.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations
or Foreign Government Obligations deposited pursuant to Sections
8.1, 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of
Holders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">31</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 8.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Legal Defeasance of Securities of any
Series</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 subparagraph (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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the rights of
Holders of Securities of such Series to receive, from the trust
funds described in subparagraph (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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the provisions of
Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6;
and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the rights, powers,
trusts and immunities of the Trustee hereunder and the
Company&#x2019;s obligations in connection therewith;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">provided
that, the following conditions shall have been
satisfied:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company shall
have irrevocably deposited or caused to be deposited (except as
provided in Section 8.2(c)) with the Trustee as trust funds
specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities (i) 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, will provide (and
without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants or
investment bank expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of
principal of and interest, on and any mandatory sinking fund
payments in respect of all the Securities of such Series on the
dates such installments of principal or interest and such sinking
fund payments are due;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(g)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company shall
have delivered to the Trustee an Officer&#x2019;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 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 Federal
income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to Federal income tax on the same
amount and in the same manner and at the same times as would have
been the case if such deposit, defeasance and discharge had not
occurred;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(h)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company shall
have delivered to the Trustee an Officer&#x2019;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</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company shall
have delivered to the Trustee an Officer&#x2019;s Certificate and an
Opinion of Counsel, each stating that all conditions precedent
provided for relating to the defeasance contemplated by this
Section have been complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 8.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Covenant
Defeasance</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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, 4.3, 4.4
and 5.1 and, unless otherwise specified therein, any additional
covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer&#x2019;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&#x2019;s Certificate delivered pursuant to Section 2.2 and
designated as an Event of Default shall not constitute a Default or
Event of Default hereunder, with respect to the Securities of such
Series, but, except as specified above, the remainder of this
Indenture and such Securities will be unaffected thereby; provided
that the following conditions shall have been
satisfied:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">with reference to
this Section 8.4, the Company has irrevocably 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, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day
before the due date of any payment of money, an amount in cash,
sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank
expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal
(including mandatory sinking fund or analogous payments) of and
interest on all the Securities of such Series on the dates such
installments of principal or interest are due;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the Company shall
have delivered to the Trustee an Officers&#x2019; Certificate and an
Opinion of Counsel to the effect that the Holders of the Securities
of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit and covenant
defeasance and will be subject to Federal income tax on the same
amount and in the same manner and at the same times as would have
been the case if such deposit and covenant defeasance had not
occurred;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
have delivered to the Trustee an Officer&#x2019;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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
have delivered to the Trustee an Officer&#x2019;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 have been complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 8.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Repayment to
Company</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to applicable abandoned property law, the Trustee and the Paying
Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed
for two years. After that, Securityholders entitled to the money
must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another
person.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">34</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 8.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Reinstatement</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that if the Company
has made any payment of principal of or interest on or any
Additional Amounts with respect to any Securities because of the
reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such
payment from the money or U.S. Government Obligations held by the
Trustee or Paying Agent after payment in full to the
Holders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
IX.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">AMENDMENTS
AND WAIVERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.1.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Without Consent of
Holders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to cure any
ambiguity, defect or inconsistency;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to comply with
Article V;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to provide for
uncertificated Securities in addition to or in place of
certificated Securities;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to add guarantees
with respect to Securities of any Series or secure Securities of
any Series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to surrender any of
the Company&#x2019;s rights or powers under this
Indenture;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to add covenants or
events of default for the benefit of the holders of Securities of
any Series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(g)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to comply with the
applicable procedures of the applicable depositary;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(h)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to make any change
that does not adversely affect the rights of any
Securityholder;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to provide for the
issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this
Indenture;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(j)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to evidence and
provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more Series and to
add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(k)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">to comply with
requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.2.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">With Consent of
Holders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 becomes
effective, the Company shall send to the Holders of Securities
affected thereby, a notice briefly describing the supplemental
indenture or waiver. Any failure by the Company to send such
notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture or
waiver.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.3.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Limitations</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Without
the consent of each Securityholder affected, an amendment or waiver
may not:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">reduce the
principal amount of Securities whose Holders must consent to an
amendment, supplement or waiver;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">reduce the rate of
or extend the time for payment of interest (including default
interest) on any Security;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">reduce the
principal or change the Stated Maturity of any Security or reduce
the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">reduce the
principal amount of Discount Securities payable upon acceleration
of the maturity thereof;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(e)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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 outstanding Securities of such Series and a
waiver of the payment default that resulted from such
acceleration);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">36</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(f)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">make the principal
of or interest, if any, on any Security payable in any currency
other than that stated in the Security;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(g)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">make any change in
Sections 6.8, 6.13 or 9.3 (this sentence); or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(h)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">waive a redemption
payment with respect to any Security, provided that such redemption
is made at the Company&#x2019;s option.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.4.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Compliance with Trust Indenture
Act</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.5.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Revocation and Effect of
Consents</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s Security, even if notation of the
consent is not made on any Security. However, any such Holder or
subsequent Holder may revoke the consent as to his Security or
portion of a Security if the Trustee receives the notice of
revocation before the date of the supplemental indenture or the
date the waiver becomes effective.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 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&#x2019;s Security.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or
permitted to be taken pursuant to this Indenture. If a record date
is fixed, then notwithstanding the second immediately preceding
paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those persons, shall be
entitled to give such consent or to revoke any consent previously
given or take any such action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be
valid or effective for more than 120 days after such record
date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.6.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Notation on or Exchange of
Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 receipt of
a Company Order in accordance with Section 2.3 new Securities of
that Series that reflect the amendment or waiver.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section 9.7.</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Trustee Protected</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 be entitled to receive, and (subject to Section 7.1)
shall be fully protected in relying upon, an Officer&#x2019;s
Certificate or an Opinion of Counsel or both complying with Section
10.4. The Trustee shall sign all supplemental indentures upon
delivery of such an Officer&#x2019;s Certificate or Opinion of
Counsel or both, except that the Trustee need not sign any
supplemental indenture that adversely affects its rights, duties,
liabilities or immunities under this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
X.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">MISCELLANEOUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.1.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Trust Indenture Act
Controls</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.2.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Notices</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Any
notice or communication by the Company or the Trustee to the other,
or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail
(registered or certified, return receipt requested), facsimile
transmission, email or overnight air courier guaranteeing next day
delivery, to the others&#x2019; address:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">if to
the Company:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">AEHR
Test Systems</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">400
Kato Terrace</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fremont, California
94539</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attention: Kenneth
Spink</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Telephone: (510)
623-9400</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">with a
copy to:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">Latham
&amp; Watkins LLP</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">140
Scott Drive</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Menlo
Park, California 94025</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attention: Jack
Sheridan</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Telephone: (650)
328-4600</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">if to
the Trustee:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[_____]</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attention:
[____]</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Telephone:
[____]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">with a
copy to:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[_____]</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attention:
[____]</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Telephone:
[____]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or
communications.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Any
notice or communication to a Securityholder shall be sent
electronically or by first-class mail to his, her or its address
shown on the register kept by the Registrar, in accordance with the
procedures of the Depositary. Failure to send a notice or
communication to a Securityholder of any Series or any defect in it
shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If a
notice or communication is sent or published in the manner provided
above, within the time prescribed, it is duly given, whether or not
the Securityholder receives it.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">If the
Company sends a notice or communication to Securityholders, it
shall send a copy to the Trustee and each Agent at the same
time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.3.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Communication by Holders with Other
Holders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Securityholders of
any Series may communicate pursuant to TIA &#xA7; 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 &#xA7; 312(c).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.4.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Certificate and Opinion as to
Conditions Precedent</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">an Officer&#x2019;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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">an Opinion of
Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">39</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.5.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Statements Required in Certificate or
Opinion</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 &#xA7; 314(a)(4)) shall comply
with the provisions of TIA &#xA7; 314(e) and shall
include:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">a statement that
the person making such certificate or opinion has read such
covenant or condition;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">a statement that,
in the opinion of such person, such person has made such
examination or investigation as is necessary to enable such person
to express an informed opinion as to whether or not such covenant
or condition has been complied with; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">a statement as to
whether or not, in the opinion of such person, such condition or
covenant has been complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.6.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Rules by Trustee and
Agents</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.7.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Legal Holidays</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">A
&#x201C;<font style="font-style: italic">Legal Holiday</font>&#x201D;
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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.8.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">No Recourse Against
Others</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">A
director, officer, employee or stockholder (past or present), as
such, of the Company shall not have any liability for any
obligations of the Company under the Securities or the Indenture or
for any claim based on, in respect of or by reason of such
obligations or their creation. Each Securityholder by accepting a
Security waives and releases all such liability. The waiver and
release are part of the consideration for the issue of the
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.9.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Counterparts</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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
electronic format (e.g., &#x201C;.pdf&#x201D; or &#x201C;.tif&#x201D;)
transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of
the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or electronic format (e.g.,
&#x201C;.pdf&#x201D; or &#x201C;.tif&#x201D;) shall be deemed to be
their original signatures for all purposes.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">40</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise provided herein or in any other Securities, the words
&#x201C;execute&#x201D;, &#x201C;execution&#x201D;,
&#x201C;signed&#x201D;, and &#x201C;signature&#x201D; and words of
similar import used in or related to any document to be signed in
connection with this Indenture, any Securities or any of the
transactions contemplated hereby (including amendments, waivers,
consents and other modifications) shall be deemed to include
electronic signatures and the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature in ink or the use
of a paper-based recordkeeping system, as applicable, to the
fullest extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and
any other similar state laws based on the Uniform Electronic
Transactions Act, provided that, notwithstanding anything herein to
the contrary, the Trustee is not under any obligation to agree to
accept electronic signatures in any form or in any format unless
expressly agreed to by such Trustee pursuant to procedures approved
by such Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.10.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Governing Law; Waiver of Jury Trial;
Consent to Jurisdiction</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY
ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES,
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK<font style="font-family: Times New Roman">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">THE
COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE
SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Any
legal suit, action or proceeding arising out of or based upon this
Indenture or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America located in
the City of New York or the courts of the State of New York in each
case located in the City of New York (collectively, the
&#x201C;<font style="font-style: italic">Specified
Courts</font>&#x201D;), and each party irrevocably submits to the
nonexclusive jurisdiction of such courts in any such suit, action
or proceeding. Service of any process, summons, notice or document
by mail (to the extent allowed under any applicable statute or rule
of court) to such party&#x2019;s address set forth above shall be
effective service of process for any suit, action or other
proceeding brought in any such court. The Company, the Trustee and
the Holders (by their acceptance of the Securities) each hereby
irrevocably and unconditionally waive any objection to the laying
of venue of any suit, action or other proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to
plead or claim any such suit, action or other proceeding has been
brought in an inconvenient forum.</font></div>
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</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.11.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">No Adverse Interpretation of Other
Agreements</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.12.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Successors</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.13.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Severability</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.14.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Table of Contents, Headings,
Etc</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
Table of Contents, Cross Reference Table, 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.15.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Securities in a Foreign
Currency</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise specified in a Board Resolution, a supplemental indenture
hereto or an Officer&#x2019;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&#x2019;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 &#x201C;Currency Rates&#x201D; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.16.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Judgment Currency</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 &#x201C;<font style="font-style: italic">Required Currency</font>&#x201D;) into a
currency in which a judgment will be rendered (the
&#x201C;<font style="font-style: italic">Judgment
Currency</font>&#x201D;), the rate of exchange used shall be the
rate at which in accordance with normal banking procedures the
Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York
Banking Day, then the rate of exchange used shall be the rate at
which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with
the Judgment Currency on the New York Banking Day preceding the day
on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender,
any recovery pursuant to any judgment (whether or not entered in
accordance with subsection (a)), in any currency other than the
Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) 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. For purposes of the foregoing, &#x201C;<font style="font-style: italic">New York Banking Day</font>&#x201D; means any
day except a Saturday, Sunday or a legal holiday in The City of New
York on which banking institutions are authorized or required by
law, regulation or executive order to close.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.17.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Force Majeure</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
10.18.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">U.S.A. Patriot
Act</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">The
parties hereto acknowledge that in accordance with Section 326 of
the U.S.A. Patriot Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for
the Trustee to satisfy the requirements of the U.S.A. Patriot
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
XI.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SINKING
FUNDS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
11.1.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Applicability of
Article</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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, except as
otherwise permitted or required by any form of Security of such
Series issued pursuant to this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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
&#x201C;<font style="font-style: italic">mandatory sinking fund
payment</font>&#x201D; and any other amount provided for by the
terms of Securities of such Series is herein referred to as an
&#x201C;<font style="font-style: italic">optional sinking fund
payment</font>.&#x201D; 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
11.2.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Satisfaction of Sinking Fund Payments
with Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">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 (1) 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 (2) 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 such Series of Securities (except pursuant to any
mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions
pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officer&#x2019;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, <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">Section
11.3.</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Redemption of Securities for Sinking
Fund</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">Not
less than 45 days (unless otherwise indicated in the Board
Resolution, supplemental indenture hereto or Officer&#x2019;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&#x2019;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&#x2019;s Certificate or supplemental indenture
in respect of a particular Series of Securities) before each such
sinking fund payment date the Securities to be redeemed upon such
sinking fund payment date will be selected in the manner specified
in Section 3.2 and the Company shall send or cause to be sent a
notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in and in
accordance with Section 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed as of the day and year first above
written.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 336px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">AEHR
TEST SYSTEMS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 336px">
<div style="display: table-row">
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<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: justify; margin-left: 360px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Its:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: left; margin-left: 336px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[_____], as
Trustee</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: justify; margin-left: 360px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Its:</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>aehr_ex51.htm
<DESCRIPTION>OPINION OF LATHAM & WATKINS LLP
<TEXT>
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<div><font>&#xA0;</font>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><img src="aehr_ex51001.jpg">
<div><font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
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<div><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
3, 2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">AEHR
Test Systems</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">400
Kato Terrace</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fremont,
California 94539</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">Re:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Registration Statement on Form S-3</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
acted as special counsel to AEHR Test Systems, a California
corporation (the &#x201C;<font style="font-weight: bold; font-style: italic">Company</font>&#x201D;), in
connection with its filing on the date hereof with the Securities
and Exchange Commission (the &#x201C;<font style="font-weight: bold; font-style: italic">Commission</font>&#x201D;)
of a registration statement on Form S-3 (the &#x201C;<font style="font-weight: bold; font-style: italic">Registration
Statement</font>&#x201D;), including a base prospectus (the
&#x201C;<font style="font-weight: bold; font-style: italic">Base
Prospectus</font>&#x201D;), which provides that it will be
supplemented by one or more prospectus supplements (each such
prospectus supplement, together with the Base Prospectus, a
&#x201C;<font style="font-weight: bold; font-style: italic">Prospectus</font>&#x201D;),
under the Securities Act of 1933, as amended (the
&#x201C;<font style="font-weight: bold; font-style: italic">Act</font>&#x201D;),
relating to the registration (a) for issue and sale by the Company
of up to $75,000,000 aggregate offering amount of (i) shares of the
Company&#x2019;s common stock, $0.01 par value per share
(&#x201C;<font style="font-weight: bold; font-style: italic">Common
Stock</font>&#x201D;), (ii) shares of one or more series of the
Company&#x2019;s preferred stock, $0.01&#xA0;par value per share
(&#x201C;<font style="font-weight: bold; font-style: italic">Preferred
Stock</font>&#x201D;), (iii) one or more series of the
Company&#x2019;s debt securities (collectively, &#x201C;<font style="font-weight: bold; font-style: italic">Debt
Securities</font>&#x201D;) to be issued under an indenture to be
entered into between the Company, as issuer, and a trustee (a form
of which is included as Exhibit 4.3 to the Registration Statement)
and one or more board resolutions, supplements thereto or
officer&#x2019;s certificates thereunder (such indenture, together
with the applicable board resolution, supplement or officer&#x2019;s
certificate pertaining to the applicable series of Debt Securities,
the &#x201C;<font style="font-weight: bold; font-style: italic">Applicable
Indenture</font>&#x201D;), (iv) depositary shares
(&#x201C;<font style="font-weight: bold; font-style: italic">Depositary
Shares</font>&#x201D;), (v) warrants (&#x201C;<font style="font-weight: bold; font-style: italic">Warrants</font>&#x201D;),
(vi) subscription rights (&#x201C;<font style="font-weight: bold; font-style: italic">Subscription
Rights</font>&#x201D;) and (vii) units (&#x201C;<font style="font-weight: bold; font-style: italic">Units</font>&#x201D;). The
Common Stock, Preferred Stock, Debt Securities, Depositary Shares,
Warrants, Subscription Rights and Units, plus any additional Common
Stock, Preferred Stock, Debt Securities, Depositary Shares,
Warrants, Subscription Rights and Units that may be registered
pursuant to any subsequent registration statement that the Company
may hereafter file with the Commission pursuant to Rule 462(b)
under the Act in connection with the offering by the Company
contemplated by the Registration Statement, are referred to herein
collectively as the &#x201C;<font style="font-weight: bold; font-style: italic">Securities</font>.&#x201D;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
opinion is being furnished in connection with the requirements of
Item 601(b)(5) of Regulation S-K under the Act, and no opinion is
expressed herein as to any matter pertaining to the contents of the
Registration Statement or related applicable Prospectus, other than
as expressly stated herein with respect to the issue of the
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
September 3, 2021</font></div>
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Page 2</font></div>
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="aehr_ex51000.jpg">
<div><font>&#xA0;</font></div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As such
counsel, we have examined such matters of fact and questions of law
as we have considered appropriate for purposes of this letter. With
your consent, we have relied upon certificates and other assurances
of officers of the Company and others as to factual matters without
having independently verified such factual matters. We are opining
herein as to the General Corporation Law of the State of
California, and with respect to the opinions set forth in
paragraphs 3 through 7 below, the internal laws of the State of New
York, and we express no opinion with respect to the applicability
thereto, or the effect thereon, of the laws of any other
jurisdiction or, in the case of California, any other laws, or as
to any matters of municipal law or the laws of any local agencies
within any state.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the foregoing and the other matters set forth herein, it is our
opinion that, as of the date hereof:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When an issuance of
Common Stock has been duly authorized by all necessary corporate
action of the Company, upon issuance, delivery and payment therefor
in an amount not less than the par value thereof in the manner
contemplated by the applicable Prospectus and by such corporate
action, and in total amounts and numbers of shares that do not
exceed the respective total amounts and numbers of shares (a)
available under the articles of incorporation, and (b) authorized
by the board of directors in connection with the offering
contemplated by the applicable Prospectus, such shares of Common
Stock will be validly issued, fully paid and nonassessable. In
rendering the foregoing opinion, we have assumed that the Company
will comply with all applicable notice requirements regarding
uncertificated shares provided in the General Corporation Law of
the State of California.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When a series of
Preferred Stock has been duly established in accordance with the
terms of the Company&#x2019;s articles of incorporation and
authorized by all necessary corporate action of the Company, upon
issuance, delivery and payment therefor in an amount not less than
the par value thereof in the manner contemplated by the applicable
Prospectus and by such corporate action, and in total amounts and
numbers of shares that do not exceed the respective total amounts
and numbers of shares (a) available under the certificate of
incorporation, and (b) authorized by the board of directors in
connection with the offering contemplated by the applicable
Prospectus, such shares of such series of Preferred Stock will be
validly issued, fully paid and nonassessable. In rendering the
foregoing opinion, we have assumed that the Company will comply
with all applicable notice requirements regarding uncertificated
shares provided in the General Corporation Law of the State of
California.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When the Applicable
Indenture has been duly authorized, executed and delivered by all
necessary corporate action of the Company, and when the specific
terms of a particular series of Debt Securities have been duly
established in accordance with the terms of the Applicable
Indenture and authorized by all necessary corporate action of the
Company, and such Debt Securities have been duly executed,
authenticated, issued and delivered against payment therefor in
accordance with the terms of the Applicable Indenture and in the
manner contemplated by the applicable Prospectus and by such
corporate action, such Debt Securities will be the legally valid
and binding obligations of the Company, enforceable against the
Company in accordance with their terms.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
September 3, 2021</font></div>
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Page 3<br></font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br></font>
<div><img src="aehr_ex51000.jpg">
<div><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When the applicable
deposit agreement has been duly authorized, executed and delivered
by all necessary corporate action of the Company, and when the
specific terms of a particular issuance of Depositary Shares have
been duly established in accordance with the terms of the
applicable deposit agreement and authorized by all necessary
corporate action of the Company, and such Depositary Shares have
been duly executed, authenticated, issued and delivered against
payment therefor in accordance with the terms of the applicable
deposit agreement and in the manner contemplated by the applicable
Prospectus and by such corporate action (assuming the underlying
securities have been validly issued and deposited with the
depositary), such Depositary Shares will be the legally valid and
binding obligations of the Company, enforceable against the Company
in accordance with their terms.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When the applicable
warrant agreement has been duly authorized, executed and delivered
by all necessary corporate action of the Company, and when the
specific terms of a particular issuance of Warrants have been duly
established in accordance with the terms of the applicable warrant
agreement and authorized by all necessary corporate action of the
Company, and such Warrants have been duly executed, authenticated,
issued and delivered against payment therefor in accordance with
the terms of the applicable warrant agreement and in the manner
contemplated by the applicable Prospectus and by such corporate
action (assuming the securities issuable upon exercise of such
Warrants have been duly authorized and reserved for issuance by all
necessary corporate action), such Warrants will be the legally
valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When the applicable
subscription rights agreement has been duly authorized, executed
and delivered by all necessary corporate action of the Company, and
when the specific terms of a particular issue of Subscription
Rights have been duly authorized in accordance with the terms of
the applicable subscription rights agreement and authorized by all
necessary corporate action of the Company, and such Subscription
Rights have been duly executed, authenticated, issued and delivered
against payment therefor in accordance with the terms of the
applicable subscription rights agreement and in the manner
contemplated by the applicable Prospectus and by such corporate
action (assuming the securities issuable under such Subscription
Rights have been duly authorized and reserved for issuance by all
necessary corporate action), such Subscription Rights will be the
legally valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">7.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">When the applicable
unit agreement has been duly authorized, executed and delivered by
all necessary corporate action of the Company, and when the
specific terms of a particular issuance of Units have been duly
authorized in accordance with the terms of the applicable unit
agreement and authorized by all necessary corporate action of the
Company, and such Units have been duly executed, authenticated,
issued and delivered against payment therefor in accordance with
the terms of the applicable unit agreement and in the manner
contemplated by the applicable Prospectus and by such corporate
action (assuming the securities issuable upon exercise of such
Units have been duly authorized and reserved for issuance by all
necessary corporate action), such Units will be the legally valid
and binding obligations of the Company, enforceable against the
Company in accordance with their terms.</font></div>
</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
September 3, 2021</font></div>
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Page 4<br></font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br></font>
<div><img src="aehr_ex51000.jpg">
<div><font>&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
opinions are subject to: (i) the effect of bankruptcy, insolvency,
reorganization, fraudulent transfer, moratorium or other similar
laws relating to or affecting the rights and remedies of creditors;
(ii) (a) the effect of general principles of equity, whether
considered in a proceeding in equity or at law (including the
possible unavailability of specific performance or injunctive
relief), (b) concepts of materiality, reasonableness, good faith
and fair dealing, and (c) the discretion of the court before which
a proceeding is brought; and (iii) the invalidity under certain
circumstances under law or court decisions of provisions providing
for the indemnification of or contribution to a party with respect
to a liability where such indemnification or contribution is
contrary to public policy. We express no opinion as to (a) any
provision for liquidated damages, default interest, late charges,
monetary penalties, make-whole premiums or other economic remedies
to the extent such provisions are deemed to constitute a penalty,
(b) consents to, or restrictions upon, governing law, jurisdiction,
venue, arbitration, remedies, or judicial relief, (c) waivers of
rights or defenses, (d) any provision requiring the payment of
attorneys&#x2019; fees, where such payment is contrary to law or
public policy, (e) any provision permitting, upon acceleration of
any Debt Securities, collection of that portion of the stated
principal amount thereof which might be determined to constitute
unearned interest thereon, (f) the creation, validity, attachment,
perfection, or priority of any lien or security interest, (g)
advance waivers of claims, defenses, rights granted by law, or
notice, opportunity for hearing, evidentiary requirements, statutes
of limitation, trial by jury or at law, or other procedural rights,
(h) waivers of broadly or vaguely stated rights, (i) provisions for
exclusivity, election or cumulation of rights or remedies, (j)
provisions authorizing or validating conclusive or discretionary
determinations, (k) grants of setoff rights, (l) proxies, powers
and trusts, (m) provisions prohibiting, restricting, or requiring
consent to assignment or transfer of any right or property, (n) any
provision to the extent it requires that a claim with respect to a
security denominated in other than U.S. dollars (or a judgment in
respect of such a claim) be converted into U.S. dollars at a rate
of exchange at a particular date, to the extent applicable law
otherwise provides, and (o) the severability, if invalid, of
provisions to the foregoing effect.</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">With
your consent, we have assumed (a) that each of the Debt Securities,
Depositary Shares, Warrants, Subscription Rights and Units and the
Applicable Indenture, deposit agreements, warrant agreements,
subscription rights agreements and unit agreements governing such
Securities (collectively, the &#x201C;<font style="font-weight: bold; font-style: italic">Documents</font>&#x201D;)
will be governed by the internal laws of the State of New York, (b)
that each of the Documents has been or will be duly authorized,
executed and delivered by the parties thereto, (c) that each of the
Documents constitutes or will constitute legally valid and binding
obligations of the parties thereto other than the Company,
enforceable against each of them in accordance with their
respective terms, and (d) that the status of each of the Documents
as legally valid and binding obligations of the parties will not be
affected by any (i) breaches of, or defaults under, agreements or
instruments, (ii) violations of statutes, rules, regulations or
court or governmental orders, or (iii) failures to obtain required
consents, approvals or authorizations from, or to make required
registrations, declarations or filings with, governmental
authorities.</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
opinion is for your benefit in connection with the Registration
Statement and may be relied upon by you and by persons entitled to
rely upon it pursuant to the applicable provisions of the Act. We
consent to your filing this opinion as an exhibit to the
Registration Statement and to the reference to our firm contained
in the Prospectus under the heading &#x201C;Legal Matters.&#x201D; We
further consent to the incorporation by reference of this letter
and consent into any registration statement or post-effective
amendment to the Registration Statement filed pursuant to Rule
462(b) under the Act with respect to the Securities. In giving such
consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section 7 of the Act or the
rules and regulations of the Commission thereunder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Latham &amp; Watkins LLP</font></div>
<br>
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<font style="font-family: Times New Roman; font-size: 13px">|</font></div>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>aehr_232.htm
<DESCRIPTION>CONSENT OF BPM LLP
<TEXT>
<html>
<head>
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<title>aehr_232</title>
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<div id="hdr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
23.2</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We
hereby consent to the incorporation by reference in this
Registration Statement on Form S-3 of our report dated August 27,
2021 relating to the consolidated financial statements of Aehr Test
Systems, which appears in the Annual Report on Form 10-K of Aehr
Test Systems for the year ended May 31, 2021. We also consent to
the reference of our firm under the heading &#x201C;Experts&#x201D;
in the Prospectus, which is part of this Registration
Statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/ BPM
LLP</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">San
Jose, California</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
3, 2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
