<SEC-DOCUMENT>0001104659-20-105671.txt : 20200916
<SEC-HEADER>0001104659-20-105671.hdr.sgml : 20200916
<ACCEPTANCE-DATETIME>20200916161828
ACCESSION NUMBER:		0001104659-20-105671
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20200916
DATE AS OF CHANGE:		20200916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALERUS FINANCIAL CORP
		CENTRAL INDEX KEY:			0000903419
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				450375407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-248841
		FILM NUMBER:		201179053

	BUSINESS ADDRESS:	
		STREET 1:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58201
		BUSINESS PHONE:		7017953200

	MAIL ADDRESS:	
		STREET 1:		PO BOX 6001
		STREET 2:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58206-6001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST NATIONAL CORP NORTH DAKOTA
		DATE OF NAME CHANGE:	19980312
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>tm2030295d1_s3.htm
<DESCRIPTION>S-3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and
Exchange Commission on September 16, 2020.</B></P>

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES<BR> SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
</FONT>Washington, D.C. 20549</B></P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>FORM
S-3<BR> REGISTRATION STATEMENT</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> </FONT><I>UNDER<BR>
THE SECURITIES ACT OF 1933</I></B></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>ALERUS
FINANCIAL CORPORATION</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> </FONT></B><B><FONT STYLE="font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></B></P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></B></TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>45-0375407<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">(I.R.S. Employer<BR>
Identification No.)</FONT></B></TD></TR>
</TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>401 Demers Avenue</B> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><BR>
Grand Forks, North Dakota 58201<BR> </B></FONT><B>(701) 795-3200<BR> (Address, including zip code, and telephone number, including<BR> area code, of each registrant&rsquo;s principal executive offices)</B></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Randy L. Newman<BR>
Chairman,
President and Chief Executive Officer<BR> Alerus Financial Corporation <BR>
401 Demers Avenue <BR>
Grand Forks, North Dakota 58201<BR>
 <FONT STYLE="font-family: Times New Roman, Times, Serif">(701)
795-3200<BR> </FONT>(Name, address, including zip code, and telephone number,<BR> including area code, of agent for service)</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Joseph
Ceithaml</B></FONT><B>, Esq.<BR> Barack Ferrazzano Kirschbaum &amp; Nagelberg LLP<BR> 200 West Madison Street, Suite 3900<BR>
Chicago, Illinois 60606<BR> (312) 984-3100</B> &nbsp;</P>

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Approximate
date of commencement of proposed sale to the public</B></FONT>: From time to time after the effective date of this registration
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans,
please check the following box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">
 &#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment
plans, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">
 &#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">
 &#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">
 &#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 42%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 14%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
</FONT> <FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2pt">CALCULATION OF REGISTRATION FEE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 2pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 2pt double; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 44%; text-align: left">Title of each class of securities to be registered</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; border-top: Black 2pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 14%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount to be <BR>
registered (1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; border-top: Black 2pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 14%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed maximum<BR>
 offering price per<BR>
 unit (1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 2pt 2pt 1pt; border-top: Black 2pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-right: 2pt; border-top: Black 2pt double; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 13%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed maximum<BR>
 aggregate offering<BR> price (1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 2pt 2pt 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; border-top: Black 2pt double; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-right: 2pt; border-top: Black 2pt double; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 13%; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR> registration fee (1)</B></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock, $1.00 par value per share(2)</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Stock, $1.00 par value per share(2)</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Debt Securities(3)</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Warrants(4)</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Depositary Shares(5)</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Subscription Rights(6)</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stock Purchase Contracts</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stock Purchase Units</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Units</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">&nbsp;</TD><TD STYLE="padding-right: 2pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">TOTAL</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 2pt double; border-left: Black 1pt solid; padding-bottom: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 2pt double; border-left: Black 1pt solid; padding-bottom: 2pt; font-size: 10pt; text-align: right; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 2pt double; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; text-align: left; padding-left: 2pt">$</TD><TD STYLE="padding-right: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; text-align: right; padding-left: 2pt">125,000,000</TD>
    <TD STYLE="padding-right: 2pt; border-bottom: Black 2pt double; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; text-align: left; padding-left: 2pt">$</TD><TD STYLE="padding-right: 2pt; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; text-align: right; padding-left: 2pt">16,225</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD>Calculated in accordance with Rule 457(o) under the Securities Act of 1933. The proposed maximum offering price per security
will be determined from time to time by the registrant in connection with the issuance of the securities registered by this registration
statement. The proposed maximum aggregate offering price has been estimated solely for the purpose of calculating the registration
fee. In no event will the maximum aggregate offering price of all securities issued under this registration statement exceed $125,000,000.
The amount registered is not specified as to each class of securities to be registered hereunder pursuant to General Instruction
II.D. to Form S-3 under the Securities Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Shares of common stock or preferred stock may be issued in primary offerings, upon conversion of debt securities or preferred
stock registered hereby or upon the exercise of warrants or subscription rights to purchase preferred stock or common stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The debt securities being registered hereunder will consist of one or more series of senior debt securities or subordinated
debt securities, or any combination thereof, as more fully described herein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Warrants exercisable for common stock, preferred stock, depositary shares, debt securities or other securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The depositary shares registered hereunder will be evidenced by depositary receipts issued pursuant to a deposit agreement.
If the registrant elects to offer to the public fractional interests in shares of preferred stock, then depositary receipts will
be distributed to those persons purchasing the fractional interests and the shares will be issued to the depositary under the deposit
agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Subscription rights evidencing the right to purchase common stock, preferred stock, depositary shares, debt securities or other
securities.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.5in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="color: Red">The
information in this prospectus is not complete and may be changed.&nbsp;&nbsp;These securities may not be sold until the registration
statement containing this prospectus filed with the Securities and Exchange Commission is effective.&nbsp;&nbsp;This prospectus
is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer
or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: red"><FONT STYLE="color: Red">SUBJECT
TO COMPLETION DATED SEPTEMBER 16, 2020</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.5in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6.5in"></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$125,000,000</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="tm2030295d1_s3img001.jpg" ALT=""></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock<BR>
Preferred Stock<BR>
Debt Securities<BR>
Warrants<BR>
Depositary Shares<BR>
Subscription Rights<BR>
Stock Purchase Contracts<BR>
Stock Purchase Units<BR>
Units</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Alerus Financial Corporation (&ldquo;we,&rdquo;
 &ldquo;us,&rdquo; &ldquo;our&rdquo; or the &ldquo;Company&rdquo;) may offer and sell, at any time and from time to time, in one
or more offerings, together or separately, any combination of the securities described in this prospectus. The aggregate initial
offering price of the securities that we offer will not exceed $125,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus describes some of the general
terms that may apply to these securities and the general manner in which they may be offered. Each time that we offer and sell
securities using this prospectus, we will provide a supplement to this prospectus that contains specific information about the
securities and their terms and the manner in which we will offer them for sale. The prospectus supplement also may add or update
information contained in this prospectus. This prospectus may not be used to sell securities unless accompanied by the applicable
prospectus supplement. You should carefully read this prospectus and any supplement to this prospectus, as well as any documents
we have incorporated into this prospectus by reference, before you invest in any of these securities. References herein to &ldquo;prospectus
supplement&rdquo; are deemed to refer to any pricing supplement or free writing prospectus describing the specific pricing or other
terms of the applicable offering that we prepare and distribute.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may offer and sell these securities to
or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. If an offering
of securities involves any underwriters, dealers or agents, we will provide the names of any such underwriters, dealers or agents
used in connection with the sale of any of these securities, as well as any fees, commissions or discounts we may pay to such underwriters,
dealers or agents in connection with the sale of these securities, in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is listed on the Nasdaq
Capital Market under the symbol &ldquo;ALRS.&rdquo; On September <FONT>9</FONT>, 2020,
the last reported sale price of our common stock was $<FONT>21.97</FONT>. We have not yet
determined whether any of the other securities that may be offered pursuant to this prospectus will be listed on any exchange.
If we decide to do so, a prospectus supplement relating to such securities will identify the exchange or market on which they will
be listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive office is located
at 401 Demers Avenue, Grand Forks, North Dakota 58201, and our telephone number at that address is (701) 795-3200.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These securities are not bank deposits and
are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or
guaranteed by, a bank. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these
securities, in any state or jurisdiction where the offer or sale is not permitted.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our securities involves
risks. You should refer to the section entitled &ldquo;<I>Risk Factors</I>&rdquo; on page 3 of this prospectus, as well as the
risk factors included in the applicable prospectus supplement and certain of our periodic reports and other information that we
file with the Securities and Exchange Commission, and carefully consider that information before buying our securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

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

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

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

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

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




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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#sp1-001">About this Prospectus</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#sp1-001">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-002">Special Note Regarding Forward-Looking
    Statements</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-002">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-003">Risk Factors</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-003">3</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-004">Alerus Financial Corporation</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-004">3</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-005">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-005">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-006">Description of Securities We May Offer</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-006">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-007">Description of Capital Stock</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-007">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-008">Description of Debt Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-008">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-009">Description of Warrants</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-009">17</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-010">Description of Depositary Shares</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-010">18</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-011">Description of Subscription Rights</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-011">20</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-012">Description of Stock Purchase Contracts
    and Stock Purchase Units</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-012">21</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-013">Description of Units</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-013">21</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#sp1-014">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp1-014">21</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#s3_001">Legal Matters</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_001">23</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#s3_002">Experts</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_002">23</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#s3_003">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_003">23</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#s3_004">Incorporation of Certain Information
    by Reference</A></TD>
    <TD STYLE="text-align: right"><A HREF="#s3_004">24</A></TD></TR>
</TABLE>



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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-001"></A>About this Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, which we refer to as the SEC, using a shelf registration process.
Under the shelf registration rules, we may sell from time to time, in one or more offerings, on a continuous or delayed basis,
any combination of the securities described in this prospectus for an aggregate offering price of up to $125,000,000. The registration
statement that contains this prospectus (including the exhibits to the registration statement) contains additional information
about us and the securities we are offering under this prospectus. You can read that registration statement at the SEC website
at http://www.sec.gov or at the SEC office mentioned under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus provides you with a general
description of the securities we may offer. Each time we sell any of these securities, we will provide one or more prospectus supplements
that will contain specific information about the terms of that offering. Such prospectus supplement may also add, update or change
information contained or incorporated by reference in this prospectus. If there is any inconsistency between the information in
this prospectus and the applicable prospectus supplement, you should rely on the information in the prospectus supplement. You
should read this prospectus (including the documents incorporated by reference) and the applicable prospectus supplement together
with the additional information referred to under the heading &ldquo;Where You Can Find More Information&rdquo; before you invest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should rely only on the information
contained or incorporated by reference in this prospectus and in any supplement to this prospectus. We have not authorized anyone
to provide you with different or additional information. We are not making an offer to sell or soliciting an offer to buy these
securities in any jurisdiction in which the offer or solicitation is not authorized or in which the person making the offer or
solicitation is not qualified to do so or to anyone to whom it is unlawful to make the offer or solicitation. You should assume
that the information contained or incorporated by reference in this prospectus or any prospectus supplement is accurate as of its
date only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the securities described in this
prospectus and in a prospectus supplement may be convertible or exchangeable into, or exercisable for, other securities that are
described in this prospectus or will be described in a prospectus supplement, and may be issued separately, together or as part
of a unit consisting of two or more securities, which may or may not be separate from one another. The securities offered hereby
may include new or hybrid securities developed in the future that combine features of any of the securities described in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registration statement that contains
this prospectus, including the exhibits to the registration statement, also contains additional information about us and the securities
offered under this prospectus. You can find the registration statement at the SEC&rsquo;s website or at the SEC office mentioned
under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-002"></A>Special Note Regarding Forward-Looking
Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus, any related prospectus
supplement and the documents we incorporate by reference in this prospectus and any related prospectus supplement contain statements
that constitute forward-looking statements within the meaning of the safe harbor provisions for forward-looking statements contained
in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements
concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the
Company. These statements are often, but not always, identified by words such as &ldquo;may&rdquo;, &ldquo;might&rdquo;, &ldquo;should&rdquo;,
 &ldquo;could&rdquo;, &ldquo;predict&rdquo;, &ldquo;potential&rdquo;, &ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;continue&rdquo;,
 &ldquo;will&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;seek&rdquo;, &ldquo;estimate&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo;,
 &ldquo;projection&rdquo;, &ldquo;would&rdquo;, &ldquo;annualized&rdquo;, &ldquo;target&rdquo; and &ldquo;outlook&rdquo;, or the
negative version of those words or other comparable words of a future or forward-looking nature. Examples of forward-looking statements
include, among others, statements we make regarding our projected growth, anticipated future financial performance, financial condition,
credit quality and management&rsquo;s long-term performance goals and the future plans and prospects of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding
the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes
in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition
may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated
in the forward-looking statements include, among others, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the effects of the COVID-19 pandemic, including its effects on the economic environment, our clients and our operations, as
well as any changes to federal, state, or local government laws, regulations, or orders in connection with the pandemic;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to successfully manage credit risk and maintain an adequate level of allowance for loan losses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>new or revised accounting standards, including as a result of the future implementation of the new Current Expected Credit
Loss standard;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>business and economic conditions generally and in the financial services industry, nationally and within our market areas;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the overall health of the local and national real estate market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>concentrations within our loan portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the level of nonperforming assets on our balance sheet;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to implement our organic and acquisition growth strategies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the impact of economic or market conditions on our fee-based services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to continue to grow our retirement and benefit services business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to continue to originate a sufficient volume of residential mortgages;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to manage mortgage pipeline risk;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity-related incidents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>interruptions involving our information technology and telecommunications systems or third-party servicers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>potential losses incurred in connection with mortgage loan repurchases;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the composition of our executive management team and our ability to attract and retain key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>rapid technological change in the financial services industry;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to successfully manage liquidity risk;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the commencement and outcome of litigation and other legal proceedings and regulatory actions against us or to which we may
become subject;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>potential impairment to the goodwill we recorded in connection with our past acquisitions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the extensive regulatory framework that applies to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the impact of recent and future legislative and regulatory changes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>interest rate risks associated with our business;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>governmental monetary, trade and fiscal policies;</TD></TR></TABLE>

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



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>severe weather, natural disasters, widespread disease or pandemics, such as the COVID-19 pandemic, acts of war or terrorism,
or other adverse external events;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any material weaknesses in our internal control over financial reporting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our success at managing the risks involved in the foregoing items; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>each of the factors and risks identified in the &ldquo;Risk Factors&rdquo; section included under Item 1A. of Part I of our
Annual Report on Form 10-K for the year ended December 31, 2019, and under Item 1A. Part II of our Quarterly Report on Form 10-Q
for the quarter ended March 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and in other reports
filed by the Company with the Securities and Exchange Commission and in the &ldquo;Risk Factors&rdquo; sections of this prospectus
and the applicable prospectus supplement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These statements are only current predictions
and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry&rsquo;s actual results,
levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Forward-looking statements are made only as of the date of this report, and the Company undertakes no obligation
to update any forward-looking statements contained in this report to reflect new information or events or conditions after the
date hereof.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-003"></A>Risk Factors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in our securities involves
a high degree of risk. Before making an investment decision, you should carefully read and consider the risk factors incorporated
by reference in this prospectus, as well as those contained in any applicable prospectus supplement, as the same may be updated
from time to time by our future filings with the SEC. You should also refer to other information contained or incorporated by reference
in this prospectus and any applicable prospectus supplement, including our financial statements and the related notes incorporated
by reference herein. Our business, financial condition, results of operations or growth prospects could be materially adversely
affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all
or part of your investment. This prospectus and documents incorporated by reference in this prospectus also contain forward-looking
statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking
statements as a result of certain factors, including the risks faced by us. Additional risks and uncertainties not known to us
or that we deem immaterial may also materially and adversely affect our business and operations.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-004"></A>Alerus Financial Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a diversified financial services
company headquartered in Grand Forks, North Dakota. Through our subsidiary, Alerus Financial, National Association, or the Bank,
we provide innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments&mdash;banking,
retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented
primary point of contact along with responsive and client-friendly technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 30, 2020, we had $2.9 billion
of total assets, $2.0 billion of total loans, $2.5 billion of total deposits, $305.7 million of stockholders&rsquo; equity, $30.1
billion in assets under administration or management in our retirement and benefit services segment and $3.0 billion of assets
under administration or management in our wealth management segment. For the six month period ended June 30, 2020, we had $660.2
million of mortgage originations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business model produces strong financial
performance and a diversified revenue stream, which has helped us establish a brand and culture yielding both a loyal client base
and passionate and dedicated employees. We believe our client-first and advice-based philosophy, diversified business model and
history of high performance and growth distinguishes us from other financial service providers. We generate a majority of our overall
revenue from noninterest income, which is driven primarily by our retirement and benefit services, wealth management and mortgage
business segments. The remainder of our revenue consists of net interest income, which we derive from offering our traditional
banking products and services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive office is located
at 401 Demers Avenue, Grand Forks, North Dakota 58201, and our telephone number at that address is (701) 795-3200.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additional information about us is included
in our filings with the SEC, which are incorporated by reference into this prospectus. See &ldquo;Where You Can Find More Information&rdquo;
and &ldquo;Incorporation of Certain Information by Reference&rdquo; in this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp1-005"></A><B>Use of Proceeds</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the applicable prospectus supplement
states otherwise, we will use the net proceeds we receive from the sale of the securities offered hereby for general corporate
purposes, which may include, among other things, investments in or advances to our subsidiaries, working capital, capital expenditures,
stock repurchases, debt repayment or the financing of possible acquisitions. The applicable prospectus supplement relating to a
particular offering of securities by us will identify the particular use of proceeds for that offering. Until we use the net proceeds
from an offering, we may place the net proceeds in temporary investments or hold the net proceeds in deposit accounts at the Bank
or another depository institution.</P>

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

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

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-006"></A>Description of Securities We May
Offer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus contains summary descriptions
of the common stock, preferred stock, debt securities, warrants, depositary shares, subscription rights, stock purchase contracts,
stock purchase units and units that we may offer and sell from time to time. When one or more of these securities are offered in
the future, a prospectus supplement will explain the particular terms of the securities and the extent to which these general provisions
may apply. These summary descriptions and any summary descriptions in the applicable prospectus supplement do not purport to be
complete descriptions of the terms and conditions of each security and are qualified in their entirety by reference to our Third
Amended and Restated Certificate of Incorporation, or Certificate of Incorporation, our Second Amended and Restated Bylaws, or&nbsp;Bylaws,
the Delaware General Corporation Law, or DGCL, and any other documents referenced in such summary descriptions and from which such
summary descriptions are derived. If any particular terms of a security described in the applicable prospectus supplement differ
from any of the terms described in this prospectus, then the terms described in this prospectus will be deemed superseded by the
terms set forth in that prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue securities in book-entry form
through one or more depositaries, such as The Depository Trust Company, Euroclear or Clearstream, named in the applicable prospectus
supplement. Each sale of a security in book-entry form will settle in immediately available funds through the applicable depositary,
unless otherwise stated. We will issue the securities in registered form, without coupons, although we may issue the securities
in bearer form if so specified in the applicable prospectus supplement. If any securities are to be listed or quoted on a securities
exchange or quotation system, the applicable prospectus supplement will say so.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-007"></A>Description of Capital Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of the material
terms, limitations, voting powers and relative rights of our capital stock as contained in our Certificate of Incorporation, which
are incorporated by reference herein. This summary does not purport to be a complete description of the terms and conditions of
our capital stock in all respects and is subject to and qualified in its entirety by reference to our Certificate of Incorporation,
our Bylaws, the DGCL and any other documents referenced in the summary descriptions and from which the summary descriptions are
derived. Although we believe this summary covers the material terms and provisions of our capital stock set forth in our Certificate
of Incorporation, it may not contain all of the information that is important to you.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized Shares of Capital Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Certificate of Incorporation authorizes
the issuance of up to 30,000,000 shares of common stock, par value $1.00 per share, and up to 2,000,000 shares of preferred stock,
par value $1.00 per share. The Company&rsquo;s common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;ALRS.&rdquo;
As of September 9, 2020, we had 17,121,863 shares of common stock issued and outstanding, held by approximately 235 stockholders
of record. No shares of preferred stock were issued and outstanding as of September 9, 2020.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Governing
Documents.&nbsp;&nbsp;</I></B></FONT>Holders of shares of our common stock have the rights set forth in our Certificate of Incorporation,
our Bylaws and the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dividends
and Distributions.&nbsp;&nbsp;</I></B></FONT>The holders of our common stock are entitled to share equally in any dividends that
our board of directors may declare from time to time out of funds legally available for dividends, subject to limitations under
the DGCL and any preferential rights of holders of any then outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ranking.&nbsp;&nbsp;</I></B></FONT>Our
common stock ranks junior to all other securities and indebtedness of the Company with respect to dividend rights and rights upon
liquidation, dissolution or winding up of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon any voluntary or involuntary liquidation,
dissolution or winding up of the Company, the holders of our common stock are entitled to share equally, on a per share basis,
in all of our assets available for distribution, after payment to creditors and subject to any prior distribution rights granted
to holders of any then outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Conversion Rights.&nbsp;&nbsp;</I></B></FONT>Our common stock is not convertible into any other shares of our capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Preemptive Rights.&nbsp;&nbsp;</I></B></FONT>Holders of our common stock do not have any preemptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Voting
Rights.&nbsp;&nbsp;</I></B></FONT>The holders of our common stock are entitled to one vote per share on any matter to be voted
on by the stockholders. The holders of our common stock are not entitled to cumulative voting rights with respect to the election
of directors. A plurality of the shares voted shall elect all of the directors then standing for election at a meeting of stockholders
at which a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Redemption.&nbsp;&nbsp;</I></B></FONT>We have no obligation or right to redeem our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject
to limitations under the DGCL, our board of directors is authorized to issue, from time to time and without stockholder approval,
up to an aggregate of 2,000,000 shares of preferred stock par value $1.00 per share, in one or more series and to fix the designations,
powers, preferences, and relative, participating, optional or other special rights, if any, and any qualifications, limitations
or restrictions of the shares of each such series, including the dividend rights, conversion rights, voting rights, redemption
rights (including sinking fund provisions), liquidation preferences and the number of shares constituting any series. The issuance
of preferred stock with voting and conversion rights could adversely affect the voting power of the holders of shares of our common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will describe the particular terms of
any series of preferred stock being offered in the applicable prospectus supplement relating to that series of preferred stock.
Those terms may include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the number of shares being offered;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the title and liquidation preference per share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the purchase price;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the dividend rate or method for determining that rate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the dates on which dividends will be paid;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether dividends will be cumulative or noncumulative and, if cumulative, the dates from which dividends will begin to accumulate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any applicable redemption or sinking fund provisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any applicable conversion provisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether we have elected to offer depositary shares with respect to that series of preferred stock; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any additional dividend, liquidation and other rights and restrictions applicable to that series of preferred stock.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shares of preferred stock will, when
issued against full payment of their purchase price, be fully paid and nonassessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dividends
and Distributions. </I></B></FONT>If you purchase preferred stock being offered by use of this prospectus and an applicable prospectus
supplement, you will be entitled to receive, when, as and if declared by our board of directors, dividends at the rates and on
the dates set forth in the prospectus supplement. Dividend rates may be fixed, variable or both. The nature, amount, rates, timing
and other details of dividend rights for a series of preferred stock will be described in the applicable prospectus supplement
and will be payable in preference to, or in such relation to, the dividends payable on any other class or classes or series of
our stock, as described in the applicable prospectus supplement. We are subject to various regulatory policies and requirements
relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ranking.</I></B></FONT>
In the event that we liquidate, dissolve or wind-up our affairs, either voluntarily or involuntarily, holders of our preferred
stock will be entitled to receive liquidating distributions in the amount set forth in the applicable prospectus supplement, plus
accrued and unpaid dividends, if any, before we make any distribution of assets to the holders of our common stock or any junior
preferred stock. If we fail to pay in full all amounts payable with respect to preferred stock being offered by us and any stock
having the same rank as that series of preferred stock, the holders of the preferred stock and of that other stock will share in
any distribution of assets in proportion to the full respective preferential amounts to which they are entitled. After the holders
of each series of preferred stock and any stock having the same rank as the preferred stock are paid in full, they will have no
right or claim to any of our remaining assets. For any series of preferred stock being offered by this prospectus and an applicable
prospectus supplement, neither the sale of all or substantially all of our property or business nor a merger or consolidation by
us with any other corporation will be considered a dissolution, liquidation or winding-up of our business or affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conversion
Rights.</I></B></FONT> The applicable prospectus supplement will state the terms, if any, on which shares of a series of preferred
stock being offered are convertible into shares of our common stock or another series of our preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Voting
Rights. </I></B></FONT> The voting rights of preferred stock of any series being offered will be described in the applicable prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Redemption.
</I></B></FONT> The terms, if any, on which shares of a series of preferred stock being offered may be redeemed will be described
in the applicable prospectus supplement. The preferred stock of a series may be redeemed in such amount or amounts, and at such
time or times, if any, as may be provided in respect of that particular series of preferred stock. Preferred stock may be redeemed
by the Company only to the extent legally permissible.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Considerations and Special Provisions
of Our Certificate of Incorporation, Bylaws and Applicable Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General.</I></B></FONT>
Applicable law and certain provisions of our Certificate of Incorporation and Bylaws could have the effect of delaying, deferring
or discouraging another party from acquiring control of us, even if such acquisition would be viewed by our stockholders to be
in their best interests. We believe that these provisions are beneficial because they encourage negotiation with our board of directors,
which could result in improved terms of any unsolicited proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Delaware
Law</I></B></FONT><B>.</B> The Company is subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 of the
DGCL prohibits a public Delaware corporation from engaging in a business combination (as defined in such section) with an &ldquo;interested
stockholder&rdquo; (defined generally as any person who beneficially owns 15% or more of the outstanding voting stock of such corporation
or any person affiliated with such person) for a period of three years following the time that such stockholder became an interested
stockholder, unless: (i) prior to such time the board of directors of such corporation approved either the business combination
or the transaction that resulted in the stockholder becoming an interested stockholder; (ii) upon consummation of the transaction
that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting
stock of such corporation at the time the transaction commenced (excluding for purposes of determining the voting stock of such
corporation outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (A) by persons
who are directors and also officers of such corporation and (B) by employee stock plans in which employee participants do not have
the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer);
or (iii) on or subsequent to such time the business combination is approved by the board of directors of such corporation and authorized
at a meeting of stockholders (and not by written consent) by the affirmative vote of at least 66<SUP>2</SUP>/<SUB>3</SUB>% of the
outstanding voting stock of such corporation not owned by the interested stockholder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Federal
Banking Law.</I></B></FONT> The ability of a third party to acquire our stock is also limited under applicable U.S. banking laws,
including regulatory approval requirements. The Bank Holding Company Act of 1956, as amended, or BHCA, requires any &ldquo;bank
holding company&rdquo; to obtain the approval of the Federal Reserve before acquiring, directly or indirectly, more than 5% of
our outstanding common stock. Federal law also prohibits any person or company from acquiring &ldquo;control&rdquo; of an FDIC-insured
depository institution or its holding company without prior notice to the appropriate federal bank regulator. &ldquo;Control&rdquo;
is conclusively presumed to exist upon the acquisition of 25% or more of the outstanding voting securities of a bank or bank holding
company, but may arise under certain circumstances between 10% and 24.99% ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Approval
of a Change in Control.</I></B></FONT> Our Certificate of Incorporation includes a provision that makes it more difficult to complete
a merger, sale or transfer of control of our Company. Article V, Section 6 requires the affirmative vote of the holders of at least
75% of the voting stock of the Company to approve such a transaction if more than 25% of the board of directors recommends against
voting to approve the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Special
Meetings of Stockholders.</I></B></FONT> Our Bylaws provide that special meetings of our stockholders may be called only by our
Chairman, our Chief Executive Officer, our President, our Secretary or at the request of a majority of our board of directors or
by holders of shares entitled to cast not less than 25% of the votes at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Requirements
for Advance Notification of Stockholder Nominations and Proposals.</I></B></FONT> Our Bylaws contain an advance notice provision
regarding director nominations and other stockholder proposals. Generally, to be timely, notice of director nominations and other
stockholder proposals must be received by our Secretary not less than 90 days nor more than 120 days prior to the first anniversary
date of the annual meeting for the preceding year. The notice must contain certain information required to be provided by our Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Issuance
of Blank Check Preferred Stock.</I></B></FONT> The board of directors is authorized to issue, without further action by our stockholders,
up to 2,000,000 shares of preferred stock with rights and preferences designated from time to time by the board of directors as
described above under &ldquo;Description of Capital Stock&mdash;Preferred Stock.&rdquo; The existence of authorized but unissued
shares of preferred stock may enable the board of directors to render more difficult or discourage an attempt to obtain control
of the Company by means of a merger, tender offer, proxy contest or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sole and Exclusive Forum </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Certificate of Incorporation provides
that, unless the Company consents in writing to the selection of an alternative forum, the Delaware Court of Chancery shall be
the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim
of breach of fiduciary duty owed by any director, officer, employee or agent of the Company to the Company or its stockholders,
(iii) any action asserting a claim pursuant to the DGCL, our Certificate of Incorporation or our Bylaws or (iv) or any action asserting
a claim governed by the internal affairs doctrine. However, Section 27 of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce
any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
In addition, Section 22 of the Securities Act of 1933, as amended, or the Securities Act, creates concurrent jurisdiction for federal
and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder. As a result, there is uncertainty as to whether a court would enforce such a provision, and our stockholders will not
be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our stockholders approved this provision
at our annual stockholders&rsquo; meeting held on May 13, 2014. Any person purchasing or otherwise acquiring any interest in any
shares of our capital stock shall be deemed to have notice of and to have consented to this provision of our Certificate of Incorporation.
This choice of forum provision, if enforced, may have the effect of discouraging lawsuits against us and our directors, officers,
employees and agents. The enforceability of similar choice of forum provisions in other companies' charter documents has been challenged
in legal proceedings, and it is possible that, in connection with one or more actions or proceedings described above, a court could
find the provision of our Bylaws to be inapplicable or unenforceable.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Liability and Indemnification of Officers and
Directors </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The DGCL authorizes corporations to limit
or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors'
fiduciary duties. Our Certificate of Incorporation and Bylaws include a provision that eliminates the personal liability of directors
for monetary damages for breach of fiduciary duty as a director, except:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>for acts or omissions not in good faith or involving intentional misconduct or knowing violation of law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>under Section 174 of the DGCL (unlawful dividends or unlawful stock repurchases or redemptions); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>for transactions from which the director derived an improper personal benefit.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Certificate of Incorporation and Bylaws
provide that we must indemnify our directors and officers to the fullest extent authorized by the DGCL, subject to the limits of
applicable federal banking laws and regulations. We are expressly authorized to, and do, carry directors&rsquo; and officers&rsquo;
insurance providing coverage for our directors, officers and certain employees for some liabilities. We believe that these indemnification
provisions and insurance are useful to attract and retain qualified directors and executive directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The limitation on liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duties. These provisions may also have the effect of reducing the likelihood of derivative litigation
against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In
addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors
and officers pursuant to these indemnification provisions.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-008"></A>Description of Debt Securities</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The debt securities that we may offer using
this prospectus consist of notes, debentures or other evidences of indebtedness. Any debt securities that we offer and sell will
be our direct obligations. Debt securities may be issued in one or more series. All debt securities of any one series need not
be issued at the same time, and unless otherwise provided, a series of debt securities may be reopened, without the consent of
the holders of outstanding debt securities, for issuance of additional debt securities of that series or to establish additional
terms of that series of debt securities (with such additional terms applicable only to unissued or additional debt securities of
that series). As required by the Trust Indenture Act of 1939, as amended, for all debt securities that are publicly offered, our
debt securities will be governed by a document called an indenture, the form of which is filed as an exhibit to the registration
statement of which this prospectus forms a part. The form of indenture is subject to any modifications, amendments or supplements
that we may enter into with the trustee(s) setting forth the specific terms and conditions of the debt securities being issued.
The material terms of the indenture are summarized below and we refer you to the form of indenture for a detailed description of
these material terms. Additional or different provisions that are applicable to a particular series of debt securities will, if
material, be described in a prospectus supplement relating to the offering of debt securities of that series. These provisions
may include, among other things and to the extent applicable, the following:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the title of the debt securities, including, as applicable, whether the debt securities will be issued as <FONT STYLE="font-family: Times New Roman, Times, Serif">senior</FONT>
debt securities, senior subordinated debt securities, subordinated debt securities or junior subordinated debt securities, and
any subordination provisions particular to the series of debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any <FONT STYLE="font-family: Times New Roman, Times, Serif">limit</FONT> on the aggregate principal amount of the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if other than 100% of the aggregate principal amount, the percentage of the aggregate principal <FONT STYLE="font-family: Times New Roman, Times, Serif">amount</FONT>
at which we will sell the debt securities (i.e., original issuance discount);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">date</FONT> or dates, whether fixed or extendable, on which the
principal of the debt securities will be payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the rate or rates, which may be fixed or variable, at which the debt securities will bear interest, if any, <FONT STYLE="font-family: Times New Roman, Times, Serif">the</FONT>
date or dates from which any such interest will accrue, the interest payment dates on which we will pay any such interest, the
basis upon which interest will be calculated, and, in the case of registered securities, the record dates for the determination
of holders to whom interest is payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any provisions relating to the issuance of the debt securities of the series at an original issue discount;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the place or places where the principal of, and any premium or interest on, the debt securities will be <FONT STYLE="font-family: Times New Roman, Times, Serif">payable</FONT>
and, if applicable, where the debt securities may be surrendered for conversion or exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether we may, at our option, redeem, repurchase or repay the debt securities, and if so, the price or prices at which, the
period or periods within which, and the terms and conditions upon which, we may redeem, repurchase or repay the debt securities,
in whole or in part, pursuant to any sinking fund or otherwise;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if other than 100% of the aggregate principal amount thereof, the portion of the principal amount of the debt securities which
will be payable upon declaration of acceleration of the maturity date thereof or provable in bankruptcy, or, if applicable, which
is convertible or exchangeable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any obligation we may have to redeem, purchase or repay the debt securities pursuant to any <FONT STYLE="font-family: Times New Roman, Times, Serif">sinking</FONT>
fund or analogous provisions or at the option of a holder of debt securities, and the price or prices at which, the currency in
which and the period or periods within which, and the other terms and conditions upon which, the debt securities will be redeemed,
purchased or repaid, in whole or in part, pursuant to any such obligation, and any provision for the remarketing of the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the debt securities will be registered securities or unregistered securities or both, and the rights of the holders
of the debt securities to exchange unregistered securities for registered securities, or vice-versa, and the circumstances under
which any such exchanges, if permitted, may be made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the denominations, which may be in U.S. dollars or in any foreign currency, in which the <FONT STYLE="font-family: Times New Roman, Times, Serif">debt</FONT>
securities will be issued, if other than denominations of $1,000 and any integral multiple thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the debt securities will be issued in the form of certificated debt securities, and if so, the form of the debt securities
(or forms thereof if unregistered and registered securities are issuable in that series), including the legends required by law
or as we deem necessary or appropriate, the <FONT STYLE="font-family: Times New Roman, Times, Serif">form</FONT> of any coupons
or temporary global security which may be issued and the forms of any other certificates which may be required under the indenture
or which we may require in connection with the offering, sale, delivery or exchange of the debt securities;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if other than U.S. dollars, the currency or currencies in which payments of principal, <FONT STYLE="font-family: Times New Roman, Times, Serif">interest</FONT>
and other amounts payable with respect to the debt securities will be denominated, payable, redeemable or repurchasable, as the
case may be;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">whether</FONT> the debt securities may be issuable in tranches;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the obligations, if any, we may have to permit the conversion or exchange of the debt securities into common stock, preferred
stock or other capital stock or property, or a combination thereof, and the terms and conditions upon which such conversion or
exchange will be effected (including the conversion price or exchange ratio), and any limitations on the ownership or transferability
of the securities or property into which the debt securities may be converted or exchanged;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if the debt securities do not bear interest, the applicable dates required under the indenture for <FONT STYLE="font-family: Times New Roman, Times, Serif">furnishing</FONT>
information to the trustee regarding the holders of the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any deletions from, modifications of or additions to (a) the events of default with respect to the debt securities or (b) the
rights of the trustee or the holders of the debt securities in connection with events of default;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">any</FONT> deletions from, modifications of or additions to the covenants
with respect to the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if the amount of payments of principal of, and make-whole amount, if any, and interest on the debt <FONT STYLE="font-family: Times New Roman, Times, Serif">securities</FONT>
may be determined with reference to an index, the manner in which such amount will be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the debt securities will be issued in whole or in part in the global form of one or more <FONT STYLE="font-family: Times New Roman, Times, Serif">debt</FONT>
securities and, if so, the depositary for such debt securities, the circumstances under which any such debt security may be exchanged
for debt securities registered in the name of, and under which any transfer of debt securities may be registered in the name of,
any person other than such depositary or its nominee, and any other provisions regarding such debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether, under what circumstances and the currency in which, we will pay additional amounts on the debt securities to any holder
of the debt securities who is not a U.S. person in respect of any tax, assessment or governmental charge and, if so, whether we
will have the option to redeem such debt securities rather than pay such additional amounts (and the terms of any such option);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the debt securities, in whole or specified parts, will be defeasible, and, if the securities may be defeased, in whole
or in specified part, any provisions to permit a pledge of obligations other than certain government obligations to satisfy the
requirements of the indenture regarding defeasance of securities and, if other than by resolution of our board of directors, the
manner in which any election to defease the debt securities will be evidenced;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the debt securities will be secured by any property, assets or other collateral and, if so, a general description of
the <FONT STYLE="font-family: Times New Roman, Times, Serif">collateral</FONT> and the terms of any related security, pledge or
other agreements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the persons to whom any interest on the debt securities will be payable, if other than the registered holders thereof on the
regular record date therefor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any restrictions, conditions or requirements for transfer of the debt securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any other material terms or conditions upon which the debt securities will be issued.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in the applicable
prospectus supplement, if any interest payment date or the maturity date falls on a day that is not a business day, then the payment
will be made on the next business day without additional interest and with the same effect as if it were made on the originally
scheduled date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in the applicable
prospectus supplement, the trustee will act as paying agent and registrar for the debt securities under the indenture. We may also
act as paying agent under the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The applicable prospectus supplement will
contain a description of U.S. federal income tax consequences relating to the debt securities, to the extent applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The applicable prospectus supplement will
describe any covenants, such as restrictive covenants restricting us or any of our subsidiaries from incurring, issuing, assuming
or guarantying any indebtedness or restricting us or any of our subsidiaries from paying dividends or acquiring any of our or its
capital stock.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidation, Merger and Transfer of Assets</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless we indicate otherwise in the applicable
prospectus supplement, the indenture will permit a consolidation or merger between us and another entity and/or the sale, conveyance
or lease by us of all or substantially all of our property and assets; provided, however, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we are the surviving or continuing entity, or the resulting or acquiring entity, if other than us, is organized and existing
under the laws of a <FONT STYLE="font-family: Times New Roman, Times, Serif">U.S.</FONT> jurisdiction and assumes, pursuant to
a supplemental indenture, all of our responsibilities and liabilities under the indenture, including the payment of all amounts
due on the debt securities and performance of the covenants in the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>immediately after the transaction, and giving effect to the transaction, no event of default under the <FONT STYLE="font-family: Times New Roman, Times, Serif">indenture</FONT>
exists; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we have delivered to the trustee an officers&rsquo; certificate stating that the transaction and, if a supplemental indenture
is required in connection with the transaction, the supplemental indenture, comply with the indenture and that all conditions precedent
to the transaction contained in the <FONT STYLE="font-family: Times New Roman, Times, Serif">indenture</FONT> have been satisfied.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we consolidate or merge with or into
any other entity, or sell or lease all or substantially all of our assets in compliance with the terms and conditions of the indenture,
the resulting or acquiring entity will be substituted for us in the indenture and the debt securities with the same effect as if
it had been an original party to the indenture and the debt securities. As a result, such successor entity may exercise our rights
and powers under the indenture and the debt securities, in our name, and, except in the case of a lease, we will be released from
all our liabilities and obligations under the indenture and under the debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, we may transfer
all of our property and assets to another entity if, immediately after giving effect to the transfer, such entity is our wholly
owned subsidiary. The term &ldquo;wholly owned subsidiary&rdquo; means any subsidiary in which we and/or our other wholly owned
subsidiaries own all of the outstanding capital stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless we indicate otherwise in the applicable
prospectus supplement, under the indenture, some of our rights and obligations and some of the rights of the holders of the debt
securities may be modified or amended with the consent of the holders of not less than a majority in aggregate principal amount
of the outstanding debt securities affected by the modification or amendment. However, the following modifications and amendments
will not be effective against any holder without its consent:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a change in the stated maturity date of any payment of principal or interest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a reduction in the principal amount of, or interest on, any debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an alteration or impairment of any right to convert at the rate or upon the terms provided in the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a change in the currency in which any payment on the debt securities is payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an <FONT STYLE="font-family: Times New Roman, Times, Serif">impairment</FONT> of a holder&rsquo;s right to sue us for the enforcement
of payments due on the debt securities; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a reduction in the percentage of outstanding debt securities required to consent to a modification or <FONT STYLE="font-family: Times New Roman, Times, Serif">amendment</FONT>
of the indenture or required to consent to a waiver of compliance with certain provisions of the indenture or certain defaults
under the indenture.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the indenture, the holders of not
less than a majority in aggregate principal amount of the outstanding debt securities may, on behalf of all holders of the debt
securities:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">waive</FONT> compliance by us with certain restrictive provisions
of the indenture; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>waive any past default under the indenture in accordance with the applicable provisions of the <FONT STYLE="font-family: Times New Roman, Times, Serif">indenture</FONT>,
except a default in the payment of the principal of, or interest on, any series of debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Finally, we and the indenture trustee may,
from time to time, amend the indenture without the consent of holders of the debt securities for certain purposes, including but
not limited to the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>to evidence the succession of another entity to us or successive successions and the assumption by such entity of our covenants,
agreements and obligations under the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>to add additional events of default for the protection of the holders of debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>to add covenants for the protection of the holders of debt securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>to make certain other administrative modifications which do not materially and adversely affect the interests of the holders
of debt securities.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless we indicate otherwise in the applicable
prospectus supplement, &ldquo;event of default&rdquo; under the indenture will mean, with respect to any series of debt securities,
any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">failure</FONT> to pay interest on any debt security for 30 days after
the payment is due;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">failure</FONT> to pay the principal of any debt security when due,
either at maturity, upon redemption, by declaration or otherwise;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">failure</FONT> on our part to observe or perform any other covenant
or agreement in the indenture that applies to the debt securities for 90 days after we have received written notice of the failure
to perform in the manner specified in the indenture; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">certain</FONT> events of bankruptcy, insolvency or reorganization.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an event of default occurs and continues,
the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of such series
may declare the entire principal of all the debt securities to be due and payable immediately, except that, if the event of default
is caused by certain events of bankruptcy, insolvency or reorganization, the entire principal of all of the debt securities of
such series will become due and payable immediately without any act on the part of the trustee or holders of the debt securities.
If such a declaration occurs, the holders of a majority of the aggregate principal amount of the outstanding debt securities of
such series can, subject to conditions, rescind the declaration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The indenture requires us to furnish to
the trustee, not less often than annually, a certificate from our principal executive officer, principal financial officer or principal
accounting officer, as the case may be, as to such officer&rsquo;s knowledge of our compliance with all conditions and covenants
under the indenture. The trustee may withhold notice to the holders of debt securities of any default, except defaults in the payment
of principal of, or interest on, any debt securities if the trustee in good faith determines that the withholding of notice is
in the best interests of the holders. For purposes of this paragraph, &ldquo;default&rdquo; means any event which is, or after
notice or lapse of time or both would become, an event of default under the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The trustee is not obligated to exercise
any of its rights or powers under the indenture at the request, order or direction of any holders of debt securities, unless the
holders offer the trustee satisfactory security or indemnity. If satisfactory security or indemnity is provided, then, subject
to other rights of the trustee, the holders of a majority in aggregate principal amount of the outstanding debt securities may
direct the time, method and place of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">conducting</FONT> any proceeding for any remedy available to the trustee;
or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">exercising</FONT> any trust or power conferred upon the trustee.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holder of a debt security will have
the right to begin any proceeding with respect to the indenture or for any remedy only if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the holder has previously given the trustee written notice of a continuing event of default;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the holders of not less than a majority in aggregate principal amount of the outstanding debt securities have made a written
request of, and offered reasonable indemnity to, the trustee to begin such proceeding;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">trustee</FONT> has not started such proceeding within 60 days
after receiving the request; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>no <FONT STYLE="font-family: Times New Roman, Times, Serif">direction</FONT> inconsistent with such written request has been
given to the trustee under the indenture.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, the holder of any debt security
will have an absolute right to receive payment of principal of, and interest on, the debt security when due and to institute suit
to enforce payment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Satisfaction
and Discharge of Indenture.</I></B></FONT> Unless otherwise indicated in the applicable prospectus supplement, if at any time,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we <FONT STYLE="font-family: Times New Roman, Times, Serif">have</FONT> paid the principal of and interest on all the debt
securities of any series, except for debt securities which have been destroyed, lost or stolen and which have been replaced or
paid in accordance with the indenture, as and when the same has become due and payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we have delivered to the trustee for cancellation all debt securities of any series theretofore <FONT STYLE="font-family: Times New Roman, Times, Serif">authenticated</FONT>,
except for debt securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided
in the indenture; or</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>all the debt securities of such series not theretofore delivered to the trustee for cancellation have become due and payable,
or are by their terms are to become due and payable within one year or are to be called for redemption within one year, and we
have deposited with the trustee, in trust, <FONT STYLE="font-family: Times New Roman, Times, Serif">sufficient</FONT> money or
government obligations, or a combination thereof, to pay the principal, any interest and any other sums due on the debt securities,
on the dates the payments are due or become due under the indenture and the terms of the debt securities;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then the indenture shall cease to be of further effect with
respect to the debt securities of such series, except for (a)&nbsp;rights of registration of transfer and exchange, and our right
of optional redemption, (b) substitution of mutilated, defaced, destroyed, lost or stolen debt securities, (c) rights of holders
to receive payments of principal thereof and interest thereon upon the original stated due dates therefor (but not upon acceleration)
and remaining rights of the holders to receive mandatory sinking fund payments, if any, (d) the rights, obligations and immunities
of the trustee under the indenture, and (e) the rights of the holders of such series of debt securities as beneficiaries thereof
with respect to the property so deposited with the trustee payable to all or any of them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Defeasance
and Covenant Defeasance. </I></B></FONT> Unless otherwise indicated in the applicable prospectus supplement, we may elect with
respect to any debt securities of any series either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left">to defease and be discharged from all of our obligations with respect to such debt securities, which we refer to as defeasance,
with certain exceptions described below; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>to <FONT STYLE="font-family: Times New Roman, Times, Serif">be</FONT> released from our obligations with respect to such debt
securities under such covenants as may be specified in the applicable prospectus supplement, and any omission to comply with those
obligations will not constitute a default or an event of default with respect to such debt securities, which we refer to as covenant
defeasance.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We must comply with the following conditions
before the defeasance or covenant defeasance can be effected:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we must irrevocably deposit with the indenture trustee or other qualifying trustee, under the terms of an irrevocable trust
agreement in form and substance satisfactory to the trustee, trust funds in <FONT STYLE="font-family: Times New Roman, Times, Serif">trust</FONT>
solely for the benefit of the holders of such debt securities, sufficient money or government obligations, or a combination thereof,
to pay the principal, any interest and any other sums on the due dates for those payments; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we must deliver to the trustee an opinion of counsel to the effect that the holders of such debt securities will not recognize
income, gain or loss for federal income tax purposes as a result of such defeasance or covenant defeasance, as the case may be,
to be effected with respect to such <FONT STYLE="font-family: Times New Roman, Times, Serif">debt</FONT> securities and will be
subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such defeasance
or covenant defeasance, as the case may be, had not occurred.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with defeasance, any irrevocable
trust agreement contemplated by the indenture must include, among other things, provision for (a) payment of the principal of and
interest on such debt securities, if any, appertaining thereto when due (by redemption, sinking fund payments or otherwise), (b)
the payment of the expenses of the trustee incurred or to be incurred in connection with carrying out such trust provisions, (c)
rights of registration, transfer, substitution and exchange of such debt securities in accordance with the terms stated in the
indenture, and (d) continuation of the rights, obligations and immunities of the trustee as against the holders of such debt securities
as stated in the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accompanying prospectus supplement may
further describe any provisions permitting or restricting defeasance or covenant defeasance with respect to the debt securities
of a particular series.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in the applicable
prospectus supplement, each debt security offered by this prospectus will be issued in the form of one or more global debt securities
representing all or part of that series of debt securities. This means that we will not issue certificates for that series of debt
securities to the holders. Instead, a global debt security representing that series will be deposited with, or on behalf of, a
securities depositary and registered in the name of the depositary or a nominee of the depositary. Any such depositary must be
a clearing agency registered under the Exchange Act. We will describe the specific terms of the depositary arrangement with respect
to a series of debt securities to be represented by a global security in the applicable prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will give notices to holders of the debt
securities by mail at the addresses listed in the security register. In the case of notice in respect of unregistered securities
or coupon securities, we may give notice by publication in a newspaper of general circulation in New York, New York.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The indenture and the debt securities will
be governed by, and construed in accordance with, the laws of the State of New York, except to the extent the Trust Indenture Act
of 1939, as amended, is applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General</B></FONT>.
We will enter into the indenture with a trustee that is qualified to act under the Trust Indenture Act of 1939, as amended, and
with any other trustees chosen by us and appointed in a supplemental indenture for a particular series of debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resignation
or Removal of Trustee</B></FONT>. If the trustee has or acquires a conflicting interest within the meaning of the Trust Indenture
Act, the trustee must either eliminate its conflicting interest or resign, to the extent and in the manner provided by, and subject
to the provisions of, the Trust Indenture Act and the indenture. Any resignation will require the appointment of a successor trustee
under the indenture in accordance with the terms and conditions of the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The trustee may resign or be removed by
us with respect to one or more series of debt securities and a successor trustee may be appointed to act with respect to any such
series. The holders of a majority in aggregate principal amount of the debt securities of any series may remove the trustee with
respect to the debt securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual
Trustee Report to Holders of Debt Securities</B></FONT>. The trustee will be required to submit certain reports to the holders
of the debt securities regarding, among other things, the trustee&rsquo;s eligibility to serve as such, the priority of the trustee&rsquo;s
claims regarding advances made by it, and any action taken by the trustee materially affecting the debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certificates
and Opinions to Be Furnished to Trustee</B></FONT>. The indenture provides that, in addition to other certificates or opinions
specifically required by other provisions of the indenture, every application by us for action by the trustee must be accompanied
by a certificate from one or more of our officers and an opinion of counsel (who may be our counsel) stating that, in the opinion
of the signers, all conditions precedent to such action have been complied with by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Relationships in the Ordinary Course</B></FONT>. From time to time, we may maintain deposit accounts and conduct other banking
transactions with the trustee to be appointed under the indenture or its affiliates in the ordinary course of business.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-009"></A>Description of Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue warrants for the purchase of
debt securities, common stock, preferred stock, other securities of the Company or any combination of the foregoing. Warrants may
be issued alone or together with other securities offered by any prospectus supplement and may be attached to, or separate from,
those securities. The particular terms of any warrants will be described more specifically in the prospectus supplement relating
to such warrants. We will file the form of any warrant agreement with the SEC, and you should read the warrant agreement for provisions
that may be important to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The prospectus supplement relating to any
warrants we are offering will include specific terms relating to the offering, which terms may include some or all of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the</FONT> title of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the</FONT> offering price and aggregate number of warrants offered;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the</FONT> designation, number and terms of the securities purchasable
upon exercise of the warrants, and procedures that will result in the adjustment of those numbers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the</FONT> exercise price of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the terms of any rights to redeem or call the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">dates</FONT> or periods during which the warrants are exercisable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">designation</FONT> and terms of any securities with which the
warrants are issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if the warrants are issued as a unit with another security, the date, if any, on and after which the warrants and the other
security will be separately transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if the <FONT STYLE="font-family: Times New Roman, Times, Serif">exercise</FONT> price is not payable in U.S. dollars, the foreign
currency, currency unit or composite currency in which the exercise price is denominated;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any <FONT STYLE="font-family: Times New Roman, Times, Serif">minimum</FONT> or maximum amount of warrants that may be exercised
at any one time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">anti</FONT>-dilution, redemption or call provisions of the warrants,
if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if applicable, the identity of the warrant agent for the warrants and of any other depositaries, <FONT STYLE="font-family: Times New Roman, Times, Serif">execution</FONT>
or paying agents, transfer agents, registrars or other agents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any <FONT STYLE="font-family: Times New Roman, Times, Serif">terms, procedures and limitations relating to the transferability,
exchange or exercise of the warra</FONT>nts; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any <FONT STYLE="font-family: Times New Roman, Times, Serif">other material</FONT> terms of the warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before exercising their warrants, holders
of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including the right to
receive dividends, if any, or payments upon our liquidation, dissolution or winding-up, or to exercise voting rights, if any.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp1-010"></A><B>Description of Depositary Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This following is a summary of the general
terms of the deposit agreement to govern any depositary shares we may offer representing fractional interests in shares of our
preferred stock, the depositary shares themselves and the related depositary receipts. This summary does not purport to be complete
in all respects and is subject to and qualified entirely by reference to the relevant deposit agreement and depositary receipt
with respect to the depositary shares relating to any particular series of preferred stock. A copy of the deposit agreement and
form of depositary receipt relating to any depositary shares we issue will be filed with the SEC as an exhibit to the registration
statement of which this prospectus is a part or as an exhibit to a filing incorporated by reference in the registration statement.
The specific terms of any depositary shares we may offer will be described in the applicable prospectus supplement. If so described
in the applicable prospectus supplement, the terms of that series of depositary shares may differ from the general description
of terms presented below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may offer fractional interests in shares
of our preferred stock, rather than full shares of preferred stock, most likely in the event that the number of our then authorized
but yet undesignated shares of preferred stock is not sufficient to offer full shares of preferred stock. If we do, we will provide
for the issuance by a depositary to the public of receipts for depositary shares, each of which will represent a fractional interest
in a share of a particular series of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shares of any series of preferred stock
underlying the depositary shares will be deposited under a separate deposit agreement between us and a bank or trust company having
its principal office in the United States and having a combined capital and surplus of such amount as may be set forth in the applicable
prospectus supplement, which we refer to in this section as the depositary. We will name the depositary in the applicable prospectus
supplement. Subject to the terms of the deposit agreement, each owner of a depositary share will have a fractional interest in
all the rights and preferences of the preferred stock underlying the depositary share. Those rights include any dividend, voting,
redemption, conversion and liquidation rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary shares will be evidenced
by depositary receipts issued under the deposit agreement. Purchasers of fractional interests in shares of the related series of
preferred stock will receive depositary receipts as described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless we specify otherwise in the applicable
prospectus supplement, purchasers will not be entitled to receive the whole shares of preferred stock underlying the depositary
shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary will distribute all cash
dividends or other cash distributions in respect of the preferred stock underlying the depositary shares to each record holder
of depositary shares based on the number of the depositary shares owned by that holder on the relevant record date. The depositary
will distribute only that amount which can be distributed without attributing to any holder of depositary shares 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 shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If there is a distribution other than in
cash, the depositary will distribute property to the entitled record holders of depositary shares, unless the depositary determines
that it is not feasible to make that distribution. In that case the depositary may, with our approval, adopt the method it deems
equitable and practicable for making that distribution, including any sale of property and distribution of the net proceeds from
this sale to the applicable holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The deposit agreement will also contain
provisions relating to how any subscription or similar rights offered by us to holders of the preferred stock will be made available
to the holders of depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When the depositary receives notice of any
meeting at which the holders of the preferred stock may vote, the depositary will mail information about the meeting contained
in the notice, and any accompanying proxy materials, to the record holders of the depositary shares relating to the preferred stock.
Each record holder of such depositary shares on the record date, which will be the same date as the record date for the preferred
stock, will be entitled to instruct the depositary as to how the preferred stock underlying the holder&rsquo;s depositary shares
should be voted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Conversion or Exchange Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any series of preferred stock underlying
the depositary shares is subject to conversion or exchange, the applicable prospectus supplement will describe the rights or obligations
of each record holder of depositary receipts to convert or exchange the depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the series of the preferred stock underlying
the depositary shares is subject to redemption, all or a part of the depositary shares will be redeemed from the redemption proceeds
of that series of the preferred stock held by the depositary. The redemption price per depositary share will bear the same relationship
to the redemption price per share of preferred stock that the depositary share bears to the underlying preferred stock. Whenever
we redeem preferred stock held by the depositary, the depositary will redeem, as of the same redemption date, the number of depositary
shares representing the preferred stock redeemed. If less than all the depositary shares are to be redeemed, the depositary shares
to be redeemed will be selected by lot or <I>pro rata</I> as determined by the depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After the date fixed for redemption, the
depositary shares called for redemption will no longer be outstanding. When the depositary shares are no longer outstanding, all
rights of the holders will cease, except the right to receive money or other property that the holders of the depositary shares
were entitled to receive upon the redemption. Payments will be made when holders surrender their depositary receipts to the depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Owners of depositary shares will be treated
for U.S. federal income tax purposes as if they were owners of the preferred stock represented by the depositary shares. If necessary,
the applicable prospectus supplement will provide a description of U.S. federal income tax consequences relating to the purchase
and ownership of the depositary shares and the preferred stock represented by the depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The form of depositary receipt evidencing
the depositary shares and any provision of the deposit agreement may be amended by agreement between us and the depositary at any
time. However, certain amendments as specified in the applicable prospectus supplement will not be effective unless approved by
the record holders of at least a majority of the depositary shares then-outstanding. A deposit agreement may be terminated by us
or the depositary only if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>all outstanding depositary shares relating to the deposit agreement have been redeemed; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>there has been a final distribution on the preferred stock of the relevant series in connection with our liquidation, dissolution
or winding up of our business and the distribution has been distributed to the holders of the related depositary shares.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Resignation and Removal of Depositary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary may resign at any time by
delivering notice to us. We may also remove the depositary at any time. Resignations or removals will take effect when a successor
depositary is appointed and it accepts the appointment.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-011"></A>Description of Subscription Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of the general
terms of the subscription rights to purchase common stock or other securities that we may offer to stockholders using this prospectus.
This summary does not purport to be complete in all respects and is subject to and qualified entirely by reference to the applicable
forms of subscription agent agreement and subscription certificate for a full understanding of all terms of any series of subscription
rights. The forms of the subscription agent agreement and the subscription certificate will be filed with the SEC as an exhibit
to the registration statement of which this prospectus is a part or as an exhibit to a filing incorporated by reference in the
registration statement. See &ldquo;Where You Can Find More Information&rdquo; for information on how to obtain copies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subscription rights may be issued independently
or together with any other security and may or may not be transferable. As part of any subscription rights offering, we may enter
into a standby underwriting or other arrangement under which the underwriters or any other person would purchase any securities
that are not purchased in such subscription rights offering. If we issue subscription rights, they will be governed by a separate
subscription agent agreement that we will sign with a bank or trust company, as rights agent, that will be named in the applicable
prospectus supplement. The rights agent will act solely as our agent and will not assume any obligation to any holders of subscription
rights certificates or beneficial owners of subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The prospectus supplement relating to any
subscription rights we offer will describe the specific terms of the offering and the subscription rights, including the record
date for stockholders entitled to the subscription rights distribution, the number of subscription rights issued and the number
of shares of common stock or other securities that may be purchased upon exercise of the subscription rights, the exercise price
of the subscription rights, the date on which the subscription rights will become effective and the date on which the subscription
rights will expire, and any material U.S. federal income tax considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, a subscription right entitles
the holder to purchase for cash a specific number of shares of common stock or other securities at a specified exercise price.
The rights are normally issued to stockholders as of a specific record date, may be exercised only for a limited period of time
and become void following the expiration of such period. If we determine to issue subscription rights, we will accompany this prospectus
with a prospectus supplement that will describe, among other things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the record date for stockholders entitled to receive the subscription rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the number of shares of common stock or other securities that may be purchased upon exercise of each subscription right;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the exercise price of the subscription rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the subscription rights are transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the period during which the subscription rights may be exercised and when they will expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the steps required to exercise the subscription rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether the subscription rights include &ldquo;oversubscription rights&rdquo; so that the holder may purchase more securities
if other holders do not purchase their full allotments; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether we intend to sell the shares of common stock or other securities that are not purchased in the rights offering to an
underwriter or other purchaser under a contractual &ldquo;standby&rdquo; commitment or other arrangement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If fewer than all of the subscription rights
issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other than stockholders,
to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby arrangements,
as described in the applicable prospectus supplement. After the close of business on the expiration date of a subscription rights
offering, all unexercised subscription rights will become void.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp1-012"></A><B>Description of Stock Purchase Contracts
and Stock Purchase Units</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue stock purchase contracts, including
contracts obligating holders to purchase from us, and us to sell to the holders, a specified number of shares of our common stock
or preferred stock at a future date or dates, which we refer to in this prospectus as &ldquo;Stock Purchase Contracts.&rdquo; The
price per share, and number of shares, of our common stock or preferred stock may be fixed at the time the Stock Purchase Contracts
are issued or may be determined by reference to a specific formula set forth in the Stock Purchase Contracts. The Stock Purchase
Contracts may be issued separately or as a part of units consisting of a Stock Purchase Contract and our debt securities or debt
obligations of third parties, including Treasury securities, securing the holders&rsquo; obligations to purchase the shares of
our common stock under the Stock Purchase Contracts, which we refer to in this prospectus as &ldquo;Stock Purchase Units.&rdquo;
The Stock Purchase Contracts may require holders to secure their obligations thereunder in a specified manner. The Stock Purchase
Contracts also may require us to make periodic payments to the holders of the Stock Purchase Units or vice-versa and such payments
may be unsecured or prefunded on some basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The applicable prospectus supplement will
describe the terms of any Stock Purchase Contracts or Stock Purchase Units. The description in the prospectus supplement will not
necessarily be complete, and reference will be made to the Stock Purchase Contracts, and, if applicable, collateral or depositary
arrangements, relating to the Stock Purchase Contracts or Stock Purchase Units. Material U.S. federal income tax considerations
applicable to the Stock Purchase Units and the Stock Purchase Contracts will also be discussed in the applicable prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-013"></A>Description of Units</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As specified in the applicable prospectus
supplement, we may issue units consisting of one or more debt securities, shares of common stock, shares of preferred stock, depositary
shares, warrants or other securities, or any combination of such securities, including guarantees of any securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A prospectus supplement and any other offering
materials relating to any units issued under the registration statement containing this prospectus will specify the terms of the
units, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the terms of the units and of any of the debt securities, common stock, preferred stock, depositary shares, warrants and guarantees
comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a description of the terms of any unit agreement governing the units; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a description of the provisions for the payment, settlement, transfer or exchange of the units.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp1-014"></A><B>Plan of Distribution</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may sell the securities covered by this
prospectus from time to time at market prices prevailing at the time of sale, at prices related to such prevailing market prices
at the time of sale, at negotiated prices or at fixed prices, which may change from time to time. We may sell the securities directly
to one or more purchasers, through agents, to dealers, through underwriters, brokers or dealers, or through a combination of any
of these sales methods or through any other method permitted by law (including in &ldquo;at the market&rdquo; equity offerings
as defined in Rule&nbsp;415 of the Securities Act). We reserve the right to accept or reject, in whole or in part, any proposed
purchase of securities, whether the purchase is to be made directly or through agents.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each time that we use this prospectus to
sell our securities, we will also provide a prospectus supplement, if required, that contains the specific terms of the offering,
including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">name</FONT> or names of the underwriters, dealers or agents, if
any, and the types and amounts of securities underwritten or purchased by each of them;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the <FONT STYLE="font-family: Times New Roman, Times, Serif">public</FONT> offering price of the securities and the proceeds
we will receive from the sale;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any <FONT STYLE="font-family: Times New Roman, Times, Serif">over</FONT>-allotment options under which underwriters may purchase
additional securities from us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any <FONT STYLE="font-family: Times New Roman, Times, Serif">agency</FONT> fees or underwriting discounts or other items constituting
agents&rsquo; or underwriters&rsquo; compensation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any discounts, commissions or concessions allowed or reallowed or paid to dealers; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any securities exchange or market on which the securities may be listed.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Only underwriters that we have named in
a prospectus supplement will be underwriters of the securities offered by that prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If underwriters are used in the sale, they
will acquire the securities for their own account and may resell the securities from time to time in one or more transactions at
a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase
the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities
to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject
to certain conditions, the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement,
other than securities covered by any over-allotment option. Any public offering price and any discounts or concessions allowed
or reallowed or paid to dealers may change from time to time. We may use underwriters with whom we have a material relationship.
We will describe in the prospectus supplement, naming the underwriter, the nature of any such relationship.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may sell securities directly or through
agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe
any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent
will act on a best-efforts basis for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may authorize agents or underwriters
to solicit offers by certain types of institutional investors to purchase securities from us at the public offering price set forth
in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the
future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts
in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may provide agents and underwriters with
indemnification against civil liabilities, including liabilities under the Securities Act, or contribution with respect to payments
that the agents or underwriters may make with respect to these liabilities. Agents and underwriters may engage in transactions
with, or perform services for, us in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All securities we may offer, other than
common stock or other outstanding securities, will be new issues of securities with no established trading market. Any underwriters
may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without
notice. We cannot guarantee the liquidity of the trading markets for any securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any underwriter may engage in over-allotment,
stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act.
Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids
to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering
or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option
or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim
a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering
transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise
be. If commenced, the underwriters may discontinue any of the activities at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the securities laws of some states,
to the extent applicable, the securities may be sold in such states only through registered or licensed brokers or dealers. In
addition, if our common stock is no longer listed on the Nasdaq Capital Market or another national securities exchange, in some
states the securities may not be sold unless such securities have been registered or qualified for sale in such state or an exemption
from registration or qualification is available and is complied with.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s3_001"></A><B>Legal Matters</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain legal matters in connection with
any offering of securities made by this prospectus will be passed upon for us by our counsel, Barack Ferrazzano Kirschbaum &amp;
Nagelberg LLP of Chicago, Illinois. If the securities are being distributed in an underwritten offering, certain legal matters
will be passed upon for the underwriters by counsel identified in the related prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s3_002"></A>Experts</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of
Alerus Financial Corporation and subsidiaries as of December 31, 2019 and 2018, and for each of the years in the three-year period
ended December 31, 2019, have been incorporated by reference herein in reliance upon the reports of CliftonLarsonAllen LLP, an
independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts
in accounting and auditing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s3_003"></A>Where You Can Find More Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act and file with the SEC proxy statements, Annual Reports on Form&nbsp;10-K,
Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form&nbsp;8-K, as required of a U.S. listed company. Our SEC filings
are available to the public from the SEC&rsquo;s web site at www.sec.gov or on our website at www.alerus.com. However, except for
those SEC filings incorporated by reference in this prospectus, the information on, or that can be accessible through, our website
does not constitute a part of, and is not incorporated by reference in, this prospectus. Written requests for copies of the documents
we file with the SEC should be directed to Alerus Financial Corporation, 401 Demers Avenue, Grand Forks, North Dakota</FONT> 58201,
Attention: Secretary, telephone:&nbsp;(701) 795-3200.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of a registration
statement on Form&nbsp;S-3 filed by us with the SEC under the Securities Act. As permitted by the SEC, this prospectus does not
contain all the information in the registration statement filed with the SEC. For a more complete understanding of this offering,
you should refer to the complete registration statement, including exhibits, on Form&nbsp;S-3 that may be obtained as described
above. Statements contained in this prospectus about the contents of any contract or other document are not necessarily complete.
If we have filed any contract or other document as an exhibit to the registration statement or any other document incorporated
by reference in the registration statement, you should read the exhibit for a more complete understanding of the contract or other
document or matter involved. Each statement regarding a contract or other document is qualified in its entirety by reference to
the actual contract or other document.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="s3_004"></A>Incorporation of Certain Information
by Reference</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to incorporate by reference
the information that we file with it into this prospectus, which means that we can disclose important information to you by referring
you to other documents. The information incorporated by reference is an important part of this prospectus. We incorporate by reference
the following documents and any future filings made with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange
Act after the date of this prospectus and prior to the termination of this offering, as well as any filings after the date of this
registration statement of which this prospectus forms a part and prior to the effectiveness of such registration statement, but
excluding, in each case, information &ldquo;furnished&rdquo; rather than &ldquo;filed&rdquo; and information that is modified or
superseded by subsequently filed documents prior to the termination of this offering:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020003143/alrs-20191231x10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2019, filed with the SEC on March&nbsp;26, 2020;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020006491/alrs-20200331x10q.htm" STYLE="-sec-extract: exhibit">our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 13, 2020</A>, and our <A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020009578/alrs-20200630x10q.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 6, 2020</A>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our Current Reports on Form 8-K filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020001292/f8-k.htm" STYLE="-sec-extract: exhibit">February
                                                                                                                               25, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020002320/f8-k.htm" STYLE="-sec-extract: exhibit">March
                                                                                                                               10, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020006415/alrs-20200512x8k.htm" STYLE="-sec-extract: exhibit">May
                                                                                                                               12, 2020</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020006430/tmb-20200512x8k.htm" STYLE="-sec-extract: exhibit">May
                                                                                                                               12, 2020</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/903419/000155837020009345/alrs-20200805x8k.htm" STYLE="-sec-extract: exhibit">August
                                                                                                                               5, 2020</A>; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000110465919049102/a19-8381_68a12b.htm" STYLE="-sec-extract: exhibit">the description of the Company&rsquo;s common stock contained in the Registration Statement filed on Form 8-A with the SEC on September 6, 2019, pursuant to Section 12 of the Exchange Act (File No. 001-39036), including any amendment or report filed for the purpose of updating such description.</A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any statement contained in this prospectus
or in a document incorporated or deemed to be incorporated by reference into this prospectus shall be deemed to be modified or
superseded for purposes of this prospectus to the extent that a statement contained in any subsequently filed document which also
is, or is deemed to be, incorporated by reference in this prospectus modifies or supersedes such statement. Any such statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will provide without charge, upon written
or oral request, a copy of any or all of the documents that are incorporated by reference into this prospectus and a copy of any
or all other contracts or documents which are referred to in this prospectus. Requests should be directed to:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">401 Demers Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Grand Forks, North Dakota 58201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone number: (701) 795-3200</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 14.</B></TD><TD><B>Other Expenses of Issuance and Distribution</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth our estimated
expenses to be incurred in connection with the issuance and distribution of the securities being registered, other than underwriting
discounts and commissions. We will pay all of these expenses.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; font: 10pt Times New Roman, Times, Serif; text-align: left">SEC Registration Fee</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,225</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Trustee Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Printing Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Rating Agency Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Miscellaneous</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>These fees are not presently known and cannot be estimated at this time, as they will be based upon, among other things, the
amount and type of security being offered as well as the number of offerings.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 15.</B></TD><TD><B>Indemnification of Directors and Officers</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Delaware
Law</I></B></FONT>. Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director
of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders,
(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under
Section 174 of the DGCL (regarding, among other things, the payment of unlawful dividends or unlawful stock purchases or redemptions),
or (iv) for any transaction from which the director derived an improper personal benefit. Our Certificate of Incorporation provides
for such limitation of liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145(a) of the DGCL empowers a corporation
to indemnify any director, officer, employee or agent, or former director, officer, employee or agent, who was or is a party or
is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the corporation), by reason of such person&rsquo;s service as a director,
officer, employee or agent of the corporation, or such person's service, at the corporation's request, as a director, officer,
employee or agent of another corporation, partnership joint venture, trust or other enterprise, against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such
action, suit or proceeding; provided that such director or officer acted in good faith and in a manner such director or officer
reasonably believed to be in or not opposed to the best interests of the corporation; and, with respect to any criminal action
or proceeding, provided that such director or officer had no reasonable cause to believe his conduct was unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145(b) of the DGCL empowers a corporation
to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action
or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was
a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action
or suit if the person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the corporation, except that no indemnification may be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the
court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses that
the court shall deem proper.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145(c) provides that to the extent
a present or former director or officer of a corporation has been successful on the merits or in the defense of any action, suit
or proceeding referred to above, or in the defense of any claim, issue or matter therein, he or she shall be indemnified against
expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him or her in connection therewith</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Certificate
of Incorporation and Bylaws. </I></B></FONT> Article VII of the Company&rsquo;s Certificate of Incorporation and Section 6.2 of
the Company&rsquo;s Bylaws provide that, subject to the limits of applicable federal banking laws and regulations, the present
and former directors and officers of the Company shall be indemnified by the Company to the fullest extent permitted by the DGCL.
Section 6.4 of the Company&rsquo;s Bylaws provides that, subject to the limits of applicable federal banking laws and regulations,
we are required to advance certain expenses (including attorneys&rsquo; fees) to our current and former directors and officers
arising from any pending or threatened action, suit or proceeding related to such officer's or director's service to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Company&rsquo;s
Certificate of Incorporation and Bylaws is qualified in its entirety by reference to each such document, which are listed as Exhibits
3.1 and 3.2 respectively, hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Liability
Insurance</I></B></FONT>. The Company maintains directors&rsquo; and officers&rsquo; liability insurance which covers certain liabilities
and expenses of its directors and officers and covers it for reimbursement of payments to our directors and officers in respect
of such liabilities and expenses, in each case subject to certain limits and exceptions.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 16.</b></TD>
                                                                                   <TD STYLE="text-align: justify"><B>Exhibits</B></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Exhibit<BR>
        Number</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Description
        of Exhibits</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000104746919004787/a2239413zex-3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000104746919004787/a2239413zex-3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amended and Restated Certificate of Incorporation of Alerus Financial Corporation (incorporated herein by reference to Exhibit 3.1 of the Company&rsquo;s Registration Statement on Form S-1 filed on August 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000104746919004787/a2239413zex-3_2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000104746919004787/a2239413zex-3_2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amended and Restated&nbsp;Bylaws of Alerus Financial Corporation (incorporated herein by reference to Exhibit&nbsp;3.2 of the Company&rsquo;s Registration Statement on Form S-1 filed on August 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000104746919004787/a2239413zex-4_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/903419/000104746919004787/a2239413zex-4_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Stock Certificate representing Alerus Financial Corporation&rsquo;s common stock (incorporated herein by reference to Exhibit 4.1 of the Company&rsquo;s Registration Statement on Form S-1 filed on August 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Certificate of Designations of Preferred Stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Preferred Stock Certificate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant and Warrant Certificate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2030295d1_ex4-5.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2030295d1_ex4-5.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indenture.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Senior Debt Security.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subordinated Debt Security.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Purchase Contract Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Depositary Agreement and Depositary Receipt.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subscription Certificate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subscription Agent Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unit Agreement and Unit Certificate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2030295d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2030295d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Barack Ferrazzano Kirschbaum &amp; Nagelberg LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2030295d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2030295d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of CliftonLarsonAllen LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2030295d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2030295d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Barack Ferrazzano Kirschbaum &amp; Nagelberg LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="#signature"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#signature"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page to the registration statement).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Eligibility of Trustee on Form T-1 for the Indenture.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>To be filed either by amendment or as an exhibit to a report filed under the Exchange Act, and incorporated herein by reference.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD>To be filed separately under the electronic form type &ldquo;305B2&rdquo; pursuant to Section&nbsp;305(b)(2) of the Trust Indenture
Act of 1939, as amended, if applicable.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in"><B>Item 17.</B></TD><TD><B>Undertakings</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>to include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>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 the volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>to include any material information with respect to the plan of distribution not previously disclosed in this registration
statement or any material change to such information in this registration statement;</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>That, for the purpose of determining liability under the Securities Act to any purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement
as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>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 shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to the registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>That, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section
310 of the Trust Indenture Act of 1939 in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2)
of the Trust Indenture Act of 1939.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to
the indemnification provisions described in Item 15 above, or otherwise, the registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, 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 Grand Forks, State of North Dakota, on September 16, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><B>ALERUS FINANCIAL CORPORATION</B>  <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; width: 47%">/s/ Randy L. Newman</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3"><U><FONT STYLE="font-variant: small-caps"></FONT></U>Name: Randy L. Newman</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3">Title: Chairman, Chief Executive Officer and President</TD></TR>
</TABLE>

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="signature"></A><B>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each person whose signature appears below
hereby constitutes and appoints each of Randy L. Newman and Katie A. Lorenson his true and lawful attorney-in-fact and agent, acting
alone, with full power of substitution and resubstitution, to sign on his behalf, individually and in each capacity stated below,
all amendments and post-effective amendments to this registration statement on Form S-3 (including any registration statement filed
pursuant to Rule 462(b) under the Securities Act, and all amendments thereto) and to file the same, with all exhibits thereto and
any other documents in connection therewith, with the SEC under the Securities Act, granting unto said attorneys-in-fact and agents
full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully and to all intents and purposes as each might or could do in person, hereby ratifying and confirming each act that said
attorneys-in-fact and agents may lawfully do or cause to be done by virtue thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, this registration statement has been signed below by the following persons in the capacities indicated on September 16, 2020.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Signature</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Title</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Randy L. Newman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chairman, Chief Executive Officer and President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Randy L. Newman</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Katie A. Lorenson</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Executive Vice President and Chief Financial
        Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Katie A. Lorenson</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Principal Financial Officer and Principal Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Karen M. Bohn<FONT STYLE="font-variant: small-caps"></font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Karen M. Bohn</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Lloyd G. Case</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Lloyd G. Case</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Daniel E. Coughlin<FONT STYLE="font-variant: small-caps"></font></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Daniel E. Coughlin</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0; font-size: 10pt"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Signature</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Title</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 44%">/s/ Kevin D. Lemke</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 50%">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Kevin D. Lemke</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Michael S. Mathews</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Michael S. Mathews</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Sally J. Smith</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Sally J. Smith</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Galen G. Vetter</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Galen G. Vetter</b></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>tm2030295d1_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.5</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Provisions of Trust Indenture Act of 1939,
as amended, and Indenture to be dated as of __________, 20__ by and between Alerus Financial Corporation and ___________________,
as Trustee:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;of the Trust Indenture Act</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;of Indenture</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">310(a)(1), (2)&nbsp;and (5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">310(a)(3)&nbsp;and (4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inapplicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">310(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.08 and 6.10(a), (b)&nbsp;and (d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">311(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">311(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.01 and 4.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02(a)&nbsp;and (b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.04(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313(b)(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inapplicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313(b)(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.04(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.04(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313(d)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.04(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inapplicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(c)(1)&nbsp;and (2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(c)(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inapplicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(d)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inapplicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(e)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314(f)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inapplicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315(a), (c)&nbsp;and (d)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315(e)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316(a)(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.09 and 5.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316(a)(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not required</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316(a)&nbsp;(last sentence)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.04</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.04(a)&nbsp;and (b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">318(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.07</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>This Cross Reference Sheet is not part of the Indenture.</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;1</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEFINITIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 10%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 10%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;2</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms Generally</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authentication and Delivery of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denomination and Date of Securities; Payments of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration, Transfer and Exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Defaced, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency and Manner of Payments in Respect of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Certain Laws and Regulations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP Numbers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.15.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities in Global Form</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.16.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Conversion Notice</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;3</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COVENANTS OF THE ISSUER</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offices for Payment, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment to Fill a Vacancy in Office of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paying Agents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Amounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation of Original Issue Discount</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;4</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SECURITYHOLDERS&rsquo; LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company to Furnish Trustee Information as to Names and Addresses of Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation and Disclosure of Securityholders&rsquo; Lists</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by the Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;5</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Event of Default Defined; Acceleration of Maturity; Waiver of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection of Indebtedness by Trustee; Trustee May&nbsp;Prove Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suits for Enforcement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration of Rights on Abandonment of Proceedings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations on Suits by Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional Right of Securityholders to Institute Certain Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control by Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee to Give Notice of Default, But May&nbsp;Withhold in Certain Circumstances</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of Court to Require Filing of Undertaking to Pay Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;6</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONCERNING THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.01.</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties and Responsibilities of the Trustee; During Default; Prior to Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Rights of the Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee and Agents May&nbsp;Hold Securities; Collections, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moneys Held by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Indemnification of Trustee and Its Prior Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of Trustee to Rely on Officers&rsquo; Certificate, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disqualification of Trustee; Conflicting Interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons Eligible for Appointment as Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation and Removal; Appointment of Successor Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance of Appointment by Successor Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Conversion, Consolidation or Succession to Business of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential Collection of Claims Against the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;7</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONCERNING THE SECURITYHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidence of Action Taken by Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof of Execution of Instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders to Be Treated as Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Owned by Company Deemed Not Outstanding</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of Revocation of Action Taken</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Date for Determination of Holders Entitled to Vote</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;8</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures Without Consent of Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures With Consent of Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Supplemental Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents to Be Given to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notation on Securities in Respect of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;9</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONSOLIDATION, MERGER, SALE OR CONVEYANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company May&nbsp;Consolidate,&nbsp;etc., on Certain Terms</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Corporation Substituted</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Counsel to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;10</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defeasance and Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application by Trustee of Funds Deposited for Payment of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment of Moneys Held by Paying Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return of Unclaimed Moneys Held by Trustee and Paying Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement of Obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;11</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption; Partial Redemptions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Securities Called for Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusion of Certain Securities from Eligibility for Selection for Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment at the Option of the Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;12</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HOLDERS&rsquo; MEETINGS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.01.</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purposes of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call of Meetings by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call of Meetings by Company or Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifications for Voting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Delay of Rights by Meeting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;13</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SECURITY</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;14</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.01.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.02.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions of Indenture for the Sole Benefit of Parties and Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.03.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns of Company Bound by Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.04.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices and Demands on Company, Trustee and Securityholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.05.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers&rsquo; Certificates and Opinions of Counsel; Statements to Be Contained Therein</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.06.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments Due on Saturdays, Sundays and Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.07.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict of Any Provision of Indenture with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.08.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Law to Govern</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.09.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Headings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of Principal Amount</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Majeure</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS INDENTURE, dated as of ____________,
20__, is by and between Alerus Financial Corporation, a Delaware corporation, and ___________________________, as Trustee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company (as defined herein) has duly authorized the execution and delivery of this Indenture (as defined herein) in order to issue
from time to time its debentures, notes or other evidences of indebtedness in one or more Series&nbsp;(as defined herein) in accordance
with the terms of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
things necessary to make this Indenture a valid agreement of the Company according to its terms have been done.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the recitals and the
purchases of the Securities (as defined herein) by the Holders (as defined herein) thereof, the Company and the Trustee (as defined
herein) mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the
Securities as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;1</U></B></FONT><B><BR>
DEFINITIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following terms (except as herein otherwise
expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental
hereto shall have the respective meanings specified in this Article&nbsp;1. Certain terms used principally in certain Articles
or Sections hereof are defined in those Articles or Sections, as the case may be. All terms used but not defined in this Indenture
that are defined in the Trust Indenture Act (as defined herein) or the definitions of which in the Securities Act (as defined herein)
are referred to in the Trust Indenture Act, including terms defined therein by reference to the Securities Act (except as herein
otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms
in the Trust Indenture Act and in the Securities Act. Unless the context otherwise clearly requires: (a)&nbsp;all accounting terms
used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting
principles, and the term &ldquo;generally accepted accounting principles&rdquo; means such accounting principles as are generally
accepted in the United States of America (as defined herein) at the time of any computation; (b)&nbsp;the words &ldquo;herein,&rdquo;
 &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer to this Indenture as a whole, as supplemented
and amended from time to time, and not to any particular Article, Section&nbsp;or other subdivision; (c)&nbsp;all references to
Articles, Sections or other subdivisions are to Articles, Sections or other subdivisions of this Indenture; (d)&nbsp;words in the
singular include the plural and vice versa; (e)&nbsp;the pronoun &ldquo;his&rdquo; refers to the masculine, feminine and neuter;
(f)&nbsp;the word &ldquo;including&rdquo; or any variation thereof shall be deemed to be followed by &ldquo;but not limited to&rdquo;
and (g)&nbsp;the word &ldquo;principal,&rdquo; whenever used with reference to the Securities or any Security or any portion thereof,
shall be deemed to be followed by &ldquo;and premium, if any.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Additional Amounts</B>&rdquo;
has the meaning specified in Section&nbsp;3.05.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Business Day</B>&rdquo; means
any calendar day that is not a Saturday, Sunday or legal holiday in New York, New York, and on which the Trustee and commercial
banks are open for business in New York, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Capital Stock</B>&rdquo; means
any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate
stock, including each class of Common Stock and Preferred Stock, and all options, warrants or other rights to purchase or acquire
any of the foregoing.</P>

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

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

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Common Stock</B>&rdquo; includes
any stock of any class of the Company that has no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company</B>&rdquo; means Alerus
Financial Corporation, a Delaware corporation, until a successor Person shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter &ldquo;Company&rdquo; will mean such successor Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Board of Directors</B>&rdquo;
means either the Board of Directors of the Company or any committee of such Board of Directors duly authorized to act hereunder,
as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Board Resolution</B>&rdquo;
means a copy of one or more resolutions certified by the secretary or any assistant secretary of the Company to have been duly
adopted by the Company Board of Directors and to be in full force and effect on the date of such certification, and delivered to
the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Company Board Resolution (including
the establishment of any Series&nbsp;of the Securities and the forms and terms thereof), such action may be taken by any officer
of the Company authorized to take such action by the Company Board of Directors as evidenced by a Company Board Resolution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Officers&rsquo; Certificate</B>&rdquo;
means a certificate signed by both (a)&nbsp;the chief executive officer, the president or any vice president of the Company and
(b)&nbsp;the treasurer or any assistant treasurer or the secretary or any assistant secretary of the Company, and delivered to
the Trustee. Each such certificate shall include the statements provided for in Section&nbsp;14.05 to the extent applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Company Order</B>&rdquo; means
a written order, direction, instruction or request of the Company signed by both (a)&nbsp;the chief executive officer, the president
or any vice president of the Company and (b)&nbsp;the treasurer or any assistant treasurer or the secretary or any assistant secretary
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Conversion Date&rdquo;</B> has
the meaning specified in Section&nbsp;2.12(e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Conversion Event</B>&rdquo; means
the cessation of use of a Foreign Currency both by the government of the country or countries, or the confederation or association
of governments, that issued such Currency and for the settlement of transactions by a central bank or other public institutions
of or within the international banking community.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Coupon Security</B>&rdquo; means
any Security authenticated and delivered with one or more Coupons appertaining thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Currency</B>&rdquo; means any
currency or currencies issued by the government of one or more countries or by any confederation or association of such governments,
including Dollars, euros and pounds sterling.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Currency Determination Agent</B>&rdquo;
means the New York clearing house bank, if any, from time to time selected by the Company for purposes of Section&nbsp;2.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Discount Security</B>&rdquo; means
any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon declaration
of acceleration of the maturity thereof pursuant to Section&nbsp;5.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Dollar</B>&rdquo; means the coin
or currency of the United States of America which as of the time of payment is legal tender for the payment of public and private
debts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Event of Default</B>&rdquo; means
any event or condition specified as such in Section&nbsp;5.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo; means
the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Foreign Currency</B>&rdquo; means
any Currency issued by the government of one or more countries other than the United States of America or by any confederation
or association of such governments, including euros and pounds sterling.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Government Obligations</B>&rdquo;
means securities which are (a)&nbsp;direct obligations of the United States of America or the government that issued the Currency
in which the Securities of a particular Series&nbsp;are denominated or (b)&nbsp;obligations of a Person controlled or supervised
by, or acting as an agency or instrumentality of, the United States of America or the government that issued the Currency in which
the Securities of such Series&nbsp;are denominated, the full and timely payment of which obligations is unconditionally guaranteed
by such government, and which, in either case, are full faith and credit obligations of such government, are denominated in the
Currency in which the Securities of such Series&nbsp;are denominated and which are not callable or redeemable at the option of
the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any
such Government Obligation or a specific payment of interest on principal of any such Government Obligation held by such custodian
for the account of the holder of a depository receipt; <U>provided</U> that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced
by such depository receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Holder</B>,&rdquo; &ldquo;<B>Holder
of Securities</B>,&rdquo; &ldquo;<B>Securityholder</B>&rdquo; or other similar terms mean the bearer of an Unregistered Security
or a Registered Holder of a Registered Security and, when used with respect to any Coupon, means the bearer thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Indenture</B>&rdquo; means this
instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented
or both, and shall include the forms and terms of particular Series&nbsp;of Securities established as contemplated hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>interest</B>,&rdquo; when used
with respect to non-interest-bearing Securities, means interest payable at maturity and, when used with respect to a Security which
provides for the payment of Additional Amounts pursuant to Section&nbsp;3.05 or otherwise, includes such Additional Amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Market Exchange Rate</B>&rdquo;
has the meaning specified in Section&nbsp;2.12(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo;
means an opinion in writing signed by legal counsel, which may be an employee of or counsel to the Company, and which shall be
reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section&nbsp;14.05 to the
extent applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Original Issue Discount</B>&rdquo;
with respect to any Security, including any Security that is issued at a price below face value, has the same meaning set forth
in Section&nbsp;1273 of the Internal Revenue Code of 1986 as in effect on the date hereof, or any successor provision, and the
applicable Treasury Regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Outstanding</B>,&rdquo; when used
with reference to Securities, shall, subject to the provisions of Section&nbsp;7.04, mean, as of any particular time, all Securities
authenticated and delivered by the Trustee under this Indenture, except:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof, as to which moneys in the amount and Currency required for the repayment or redemption thereof shall have
been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside, segregated
and held in trust by the Company for the Holders of such Securities (if the Company shall act as its own Paying Agent); <U>provided</U>
that, if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall
have been given as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
for which other Securities shall have been authenticated and delivered in substitution, or which shall have been paid, pursuant
to the terms of Section&nbsp;2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee and the
Company is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding obligation
of the Company); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
discharged pursuant to Section&nbsp;10.01 or with respect to which the Company has effected defeasance and/or covenant defeasance
as provided in Section&nbsp;10.02, to the extent such Securities are not reinstated pursuant to Section&nbsp;10.06.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Place of Payment</B>,&rdquo; when
used with respect to the Securities of any Series, means the place or places where the principal of and interest, if any, on the
Securities of that Series&nbsp;are payable as specified pursuant to Section&nbsp;3.02, and initially shall mean the designated
office of the Trustee at which the corporate trust paying agent office of the Trustee shall, at any particular time, be administered,
which office is, at the date of this Indenture, located at ___________.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Preferred Stock</B>&rdquo; includes
any stock of any class of the Company that has a preference over Common Stock in respect of dividends or of amounts payable in
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Registered Holder</B>,&rdquo;
when used with respect to a Registered Security, means the Person in whose name such Security is registered in the Security register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Registered Security</B>&rdquo;
means any Security registered in the Security register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Responsible Officer</B>,&rdquo;
when used with respect to the Trustee, means any officer within the corporate trust department (or any successor group) of the
Trustee, including any vice president, assistant vice president or assistant secretary, or any other officer or assistant officer
of the Trustee customarily performing functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such Person&rsquo;s knowledge
of and familiarity with the particular subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo; means
the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Securities</B>&rdquo; means debentures,
notes or other evidences of indebtedness that have been authenticated and delivered under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Series</B>&rdquo; or &ldquo;<B>Series&nbsp;of
Securities&rdquo;</B> means a series of Securities and, except in Sections 2.03 and 7.04 and Articles 1 (&ldquo;<B>Outstanding</B>&rdquo;),
5 and 6, a Tranche in the event that the applicable Series&nbsp;may be issued in separate Tranches.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo; means any
Person which is consolidated in the Company&rsquo;s accounts and any Person of which at least a majority of the outstanding stock
having by the terms thereof ordinary voting power to elect a majority of the directors (or Persons performing similar functions)
of such Person (irrespective of whether or not at the time stock of any other class or classes of such Person shall have or might
have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the
Company, or by one or more Subsidiaries, or by the Company and one or more Subsidiaries.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Tranche</B>&rdquo; means all Securities
of the same Series&nbsp;which have the same issue date, maturity date, interest rate or method of determining interest, and, in
the case of Discount Securities, which have the same issue price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Regulation</B>&rdquo;
means a final or temporary regulation issued by the U.S. Department of the Treasury.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Trustee</B>&rdquo; means the Person
identified as &ldquo;Trustee&rdquo; in the first paragraph hereof and, subject to the provisions of Article&nbsp;6, any successor
trustee, and if at any time there is more than one such Person, &ldquo;Trustee&rdquo; as used with respect to the Securities of
any Series&nbsp;shall mean the Trustee with respect to Securities of that Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Trust Indenture Act of 1939</B>&rdquo;
or &ldquo;<B>Trust Indenture Act</B>,&rdquo; except as otherwise provided in Sections 8.01 and 8.02, means the Trust Indenture
Act of 1939, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>United States</B>&rdquo; means
the United States of America (together with the District of Columbia), its territories, its possessions and other areas subject
to its jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>United States of America</B>&rdquo;
means the fifty states constituting the United States of America as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>United States Person</B>&rdquo;
means, unless otherwise specified with respect to any Securities pursuant to Section&nbsp;2.03, an individual who is a citizen
or resident of the United States, a corporation, partnership, limited liability company or other entity created or organized in
or under the laws of the United States or an estate or trust the income of which is subject to United States federal income taxation
regardless of its source.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Unregistered Security</B>&rdquo;
means any Security not registered in the Security register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Valuation Date</B>&rdquo; has
the meaning specified in Section&nbsp;2.12(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>vice president</B>,&rdquo; when
used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title of &ldquo;vice president.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Wholly Owned Subsidiary</B>&rdquo;
means any Subsidiary in which the Company and/or its other wholly owned Subsidiaries own all of the outstanding capital stock (other
than directors&rsquo; qualifying shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;2</U></B></FONT><B><BR>
SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Forms
Generally</I>. The Securities of each Series&nbsp;and the Coupons, if any, shall be substantially in such form (not inconsistent
with this Indenture) as shall be established by or pursuant to a Company Board Resolution and set forth in a Company Officers&rsquo;
Certificate and/or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture or any indenture supplemental hereto (the provisions of which
shall be appropriate to reflect the terms of each Series&nbsp;of Securities, including the Currency or denomination, which may
be Dollars or any Foreign Currency) and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent
with the provisions of this Indenture or any indenture supplemental hereto, as may be required to comply with any law or with
any rules&nbsp;or regulations pursuant thereto, or with any rules&nbsp;of any securities exchange or market or to conform to general
usage, all as may be determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution
of the Securities and Coupons, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The definitive Securities and Coupons,
if any, shall be printed, or may be produced in any other manner, all as determined by the officers of the Company executing such
Securities and Coupons, if any, as evidenced by their execution of such Securities and Coupons, if any.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Form&nbsp;of
Trustee&rsquo;s Certificate of Authentication</I>. The Trustee&rsquo;s certificate of authentication on all Securities shall be
in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM&nbsp;OF TRUSTEE&rsquo;S CERTIFICATE
OF AUTHENTICATION]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the Series&nbsp;designated
herein and referred to in the within-mentioned Indenture.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">as Trustee &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">OR &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">as Authentication Agent &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Office &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Amount
Unlimited; Issuable in Series</I>. The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities may be issued in one or more
Series. There shall be established in or pursuant to one or more Company Board Resolutions and set forth in a Company Officers&rsquo;
Certificate and/or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any Series:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
title of the Securities of the Series&nbsp;(which title shall distinguish the Securities of the Series&nbsp;from all other Securities
issued by the Company), including, as applicable, whether the Securities of the Series&nbsp;shall be issued as senior Securities,
senior subordinated Securities or subordinated Securities; any subordination provisions particular to the Securities of the Series;
and whether the Securities of the Series&nbsp;are convertible or exchangeable for other securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
limit upon the aggregate principal amount of the Securities of the Series&nbsp;that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the Series&nbsp;pursuant to Section&nbsp;2.08, 2.09, 2.11 or 11.02);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than 100% of its aggregate principal amount, the percentage of the aggregate principal amount at which the Securities of
the Series&nbsp;will be offered;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date or dates (whether fixed or extendable) on which the principal of the Securities of the Series&nbsp;is payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rate or rates, which may be fixed or variable, at which the Securities of the Series&nbsp;shall bear interest, if any, the date
or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable, the basis upon
which interest shall be calculated if other than that of a 360-day year consisting of twelve 30-day months and, in the case of
Registered Securities, the record dates for the determination of Holders to whom interest is payable;</P>

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

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

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

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
provisions relating to the issuance of the Securities of the Series&nbsp;at an Original Issue Discount;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
place or places where the principal of and interest on Securities of the Series&nbsp;shall be payable and where Securities of
the Series&nbsp;may be surrendered for conversion or exchange (if other than as provided in Section&nbsp;3.02);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
any of such Securities of the Series&nbsp;are to be redeemable at the option of the Company, and if so, the price or prices at
which, the period or periods within which and the terms and conditions upon which Securities of the Series&nbsp;may be so redeemed,
in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than 100% of the aggregate principal amount thereof, the portion of the principal amount of the Securities of the Series&nbsp;which
shall be payable upon declaration of acceleration of the maturity date thereof pursuant to Section&nbsp;5.01 or provable in bankruptcy
pursuant to Section&nbsp;5.02, or, if applicable, which is convertible or exchangeable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
obligation, if any, of the Company to redeem, purchase or repay Securities of the Series&nbsp;pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof, and the price or prices at which, the Currency in which and the period
or periods within which, and the terms and conditions upon which, Securities of the Series&nbsp;shall be redeemed, purchased or
repaid, in whole or in part, pursuant to such obligation (including the terms or method of payment thereof if other than cash),
and any provision for the remarketing of the Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance of Securities of the Series&nbsp;as Registered Securities or Unregistered Securities or both, and the rights of the Holders
to exchange Unregistered Securities of the Series&nbsp;for Registered Securities of the Series&nbsp;or to exchange Registered
Securities of the Series&nbsp;for Unregistered Securities of the Series&nbsp;and the circumstances under which any such exchanges,
if permitted, may be made;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than denominations of $1,000 and any integral multiple thereof, the denominations, which may be in Dollars or any Foreign
Currency, in which Securities of the Series&nbsp;shall be issuable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities of the Series&nbsp;will be certificated and, if so, the form of the Securities (or forms thereof if both Unregistered
Securities and Registered Securities shall be issuable in such Series), including such legends as required by law or as the Company
deems necessary or appropriate, the form of any Coupons or temporary global security which may be issued and the forms of any
other certificates which may be required hereunder or which the Company may require in connection with the offering, sale, delivery
or exchange of the Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than Dollars, the Currency or Currencies in which payments of interest, principal and other amounts payable with respect
to the Securities of the Series&nbsp;are to be denominated, payable, redeemable or repurchasable, as the case may be;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
Securities of the Series&nbsp;are issuable in Tranches;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
obligations, if any, of the Company to permit the conversion or exchange of the Securities of such Series&nbsp;into Common Stock,
Preferred Stock or other Capital Stock or property (including securities), or a combination thereof, and the terms and conditions
upon which such conversion shall be effected (including the initial conversion or exchange price or rate, the conversion or exchange
period, the provisions for conversion or exchange price or rate adjustments and any other provisions relative to such obligation)
and any limitations on the ownership or transferability of the securities or property into which the Securities may be converted
or exchanged;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
other than the Trustee, any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with
respect to the Securities of such Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Securities of the Series&nbsp;do not bear interest, the applicable dates for purposes of Section&nbsp;4.01;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
deletions from, modifications of or additions to (a)&nbsp;the Events of Default with respect to Securities of the Series&nbsp;or
(b)&nbsp;the right of the Trustee or the Holders of such Securities pursuant to Section&nbsp;5.01;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
deletions from, modifications of or additions to the covenants set forth in Article&nbsp;3 with respect to Securities of the Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the amount of payments of principal of, and make-whole amount, if any, and interest on, the Securities of the Series&nbsp;may
be determined with reference to an index, the manner in which such amount shall be determined;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities of the Series&nbsp;shall be issued in whole or in part in the global form of one or more Securities and in such
case, (i)&nbsp;the depositary for such Securities, which depositary must be a clearing agency registered under the Exchange Act,
(ii)&nbsp;the circumstances under which any such Securities may be exchanged for Securities registered in the name of, and under
which any transfer of such Securities may be registered in the name of, any Person other than such depositary or its nominee,
if other than as set forth in Section&nbsp;2.15, and (iii)&nbsp;any other provisions regarding such Securities which provisions
may be in addition to or in lieu of, in whole or in part, the provisions of Section&nbsp;2.15;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether,
under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section&nbsp;3.05
on the Securities of the Series&nbsp;to any Holder who is not a United States Person (including any modification to the definition
of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to
redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities of the Series, in whole or in specified part, will not be defeasible pursuant to Section&nbsp;10.02(b)&nbsp;or
Section&nbsp;10.02(c), or both such Sections, and, if the Securities may be defeased, in whole or in specified part, pursuant
to either or both such Sections, any provisions to permit a pledge of obligations other than Government Obligations (or the establishment
of other arrangements) to satisfy the requirements of Section&nbsp;10.02(d)(i)&nbsp;for defeasance of the Securities and, if other
than by a Company Board Resolution, the manner in which any election by the Company to defease the Securities will be evidenced;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
the Securities of such Series&nbsp;are to be secured by any property, assets or other collateral and, if so, the applicable collateral,
any deletions from, modifications of or additions to the provisions of Article&nbsp;13;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Person to whom any interest on the Securities of such Series&nbsp;will be payable, if other than the Securityholder thereof, on
the regular record date therefor;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
dates on which interest, if any, will be payable and the regular record dates for interest payment dates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
restrictions, conditions or requirements for transfer of the Securities of such Series; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other terms or conditions upon which the Securities of the Series&nbsp;are to be issued (which terms shall not be inconsistent
with the provisions of this Indenture).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities of any one Series&nbsp;shall
be substantially identical except as to denomination, except as contemplated by the immediately succeeding paragraph, and except
as may otherwise be provided in or pursuant to such Company Board Resolution or in any such indenture supplemental hereto. All
Securities of any one Series&nbsp;need not be issued at the same time, and unless otherwise provided, a Series&nbsp;may be reopened,
without the consent of the Holders, for issuances of additional Securities of such Series&nbsp;or to establish additional terms
of such Series&nbsp;of Securities (which additional terms shall only be applicable to unissued or additional Securities of such
Series).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Series&nbsp;may be issued in one or
more Tranches. All Securities of a Tranche shall have the same issue date, maturity date, interest rate or method of determining
interest, and, in the case of Discount Securities, the same issue price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.04.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Authentication
and Delivery of Securities</I>. At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any Series&nbsp;having attached thereto appropriate Coupons, if any, executed by the Company to the
Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities to or upon a Company Order
without any further action by the Company. In authenticating such Securities and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject to Section&nbsp;6.01) shall
be fully protected in relying upon:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Company Board Resolution relating to such Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
executed supplemental indenture, if any;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Company Officers&rsquo; Certificate setting forth the form and terms of the Securities of such Series&nbsp;as required pursuant
to Sections 2.01 and 2.03, respectively, and prepared in accordance with Section&nbsp;14.05;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
the option of the Company, either an Opinion of Counsel, prepared in accordance with Section&nbsp;14.05, or a letter addressed
to the Trustee allowing the Trustee to rely on an Opinion of Counsel, substantially to the effect that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form or forms and terms of such Securities and Coupons, if any, have been established in or pursuant to a Company Board Resolution
or in a supplemental indenture as permitted by Sections 2.01 and 2.03, respectively, in conformity with the provisions of this
Indenture; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Securities and Coupons, if any, have been duly authorized, and, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding
obligations of the Company enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization
or other laws relating to or affecting the enforcement of creditors&rsquo; rights and by general equitable principles, regardless
of whether such enforceability is considered in a proceeding in equity or at law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided</U></FONT>,
<U>however</U>, that in the case of any Series&nbsp;issuable in Tranches, if the Trustee has previously received the applicable
documents referred to in clause (a)&nbsp;through (d)&nbsp;above with respect to such Series, the Trustee shall authenticate and
deliver Securities of such Tranches executed by the Company for original issuance upon receipt by the Trustee of a notice, executed
by an officer of the Company transmitted electronically by facsimile or otherwise and confirmed in writing to the Trustee, of
the terms of the issuance of such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall have the right to decline
to authenticate and deliver any Securities under this Section&nbsp;2.04 if the Trustee, being advised by counsel, determines that
such Securities may not lawfully be issued by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, if any Security
shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver
such Security to the Trustee for cancellation as provided in Section&nbsp;2.10, together with a written statement (which need
not comply with Section&nbsp;14.05 and need not be accompanied by an Opinion of Counsel) stating that such Security has never
been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.05.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Execution
of Securities</I>. The Securities shall be signed on behalf of the Company by both (a)&nbsp;the chief executive officer, president
or any vice president of the Company and (b)&nbsp;the treasurer, any assistant treasurer, the secretary or any assistant secretary
of the Company, which may, but need not, be attested. Such signatures may be the manual or facsimile signatures of the present
or any future such officers. Typographical and other minor errors or defects in any such reproduction of any such signature shall
not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. Any Coupons
attached to any Unregistered Security shall be executed on behalf of the Company by the manual or facsimile signature of any such
officer of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities and Coupons, if any, bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall, to the fullest
extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices
prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or Coupons,
if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.06.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Certificate
of Authentication</I>. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore
recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits
of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the
Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall not authenticate or deliver
any Unregistered Security until matured Coupons appertaining thereto have been detached and canceled, except as otherwise provided
or permitted by this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.07.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Denomination
and Date of Securities; Payments of Interest</I>. The Securities shall be issuable in denominations as shall be specified as contemplated
by Section&nbsp;2.03. In the absence of any such specification with respect to the Securities of any Series, the Securities of
such Series&nbsp;shall be issuable in denominations of $1,000 and any multiple thereof, which may be in Dollars or any Foreign
Currency, and interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Securities shall be numbered,
lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Company executing the
same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Security shall be dated the date of
its authentication, shall bear interest from the date, and shall be payable on the dates, in each case, which shall be specified
as contemplated by Section&nbsp;2.03.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest on any Security which is payable,
and is punctually paid or duly provided for, on any interest payment date shall be paid, in the case of Registered Securities,
to the Person in whose name that Security (or one or more predecessor Securities) is registered at the close of business on the
regular record date for the payment of such interest and, in the case of Unregistered Securities, upon surrender of the Coupon
appertaining thereto in respect of the interest due on such interest payment date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<B>record date</B>,&rdquo;
as used with respect to any interest payment date (except for a date for payment of defaulted interest), means the date specified
as such in the terms of the Securities of any particular Series, or, if no such date is so specified, if such interest payment
date is the first day of a calendar month, the close of business on the fifteenth day of the next preceding calendar month or,
if such interest payment date is the fifteenth day of a calendar month, the close of business on the first day of such calendar
month, whether or not such record date is a Business Day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any interest on any Security of any Series&nbsp;which
is payable, but is not punctually paid or duly provided for, on any interest payment date (called &ldquo;<B>defaulted interest</B>&rdquo;
for the purpose of this Section&nbsp;2.07) shall forthwith cease to be payable to the Registered Holder on the relevant record
date by virtue of his having been such Holder; and such defaulted interest may be paid by the Company, at its election in each
case, as provided in clause (a)&nbsp;or (b)&nbsp;below:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may elect to make payment of any defaulted interest to the Persons in whose names any such Registered Securities (or their
respective predecessor Securities) are registered at the close of business on a special record date for the payment of such defaulted
interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of defaulted
interest proposed to be paid on each Security of such Series&nbsp;and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment;
such money, when so deposited, will be held in trust for the benefit of the Persons entitled to such defaulted interest. Thereupon
the Trustee shall fix a special record date for the payment of such defaulted interest in respect of Registered Securities of
such Series&nbsp;which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such defaulted interest and the special record date thereof to be mailed, first class postage prepaid, to each Registered Holder
at his address as it appears in the Security register, not less than 10 days prior to such special record date. Notice of the
proposed payment of such defaulted interest and the special record date therefor having been mailed as aforesaid, such defaulted
interest in respect of Registered Securities of such Series&nbsp;shall be paid to the Person in whose names such Securities (or
their respective predecessor Securities) are registered on such special record date and such defaulted interest shall no longer
be payable pursuant to the following clause (b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make payment of any defaulted interest on the Registered Securities of any Series&nbsp;in any other lawful manner
not inconsistent with the requirements of any securities exchange or market on which the Securities of that Series&nbsp;may be
listed, and upon such notice as may be required by such exchange or market, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any defaulted interest payable in respect
of any Security of any Series&nbsp;which is not a Registered Security shall be payable pursuant to such procedures as may be satisfactory
to the Trustee in such manner that there is no discrimination as between the Holders of Registered Securities and other Securities
of the same Series, and notice of the payment date therefor shall be given by the Trustee, in the name and at the expense of the
Company, by publication at least once in a newspaper of general circulation in New York, New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing provisions of
this Section&nbsp;2.07, each Security delivered under this Indenture upon transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of any Security which is converted
into Common Stock or Preferred Stock after any regular record date and on or prior to the next succeeding interest payment date
(other than any Security whose maturity is prior to such interest payment date), interest whose stated maturity is on such interest
payment date shall be payable on such interest payment date notwithstanding such conversion, and such interest (whether or not
punctually paid or duly provided for) shall be paid to the Person in whose name that Security (or one or more predecessor Securities)
is registered at the close of business on such regular record date. Except as otherwise expressly provided in the immediately
preceding sentence, in the case of any Security which is converted, interest whose stated maturity is after the date of conversion
of such Security shall not be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.08.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Registration,
Transfer and Exchange</I>. The Company will keep or will cause to be kept at the office or agency of the Trustee to be maintained
for the purpose as provided in Section&nbsp;3.02 a register or registers in which, subject to such reasonable regulations as it
may prescribe, the Company will provide for the registration and transfer of Registered Securities as is provided in this Article&nbsp;2.
Such register shall be in written form in the English language or in any other form capable of being converted into such form
within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon due presentation for registration
of transfer of any Registered Security of any Series&nbsp;at any such office or agency to be maintained for the purpose as provided
in Section&nbsp;3.02, the Company shall execute, and the Trustee shall authenticate and deliver in the name of the transferee
or transferees, a new Registered Security or Registered Securities of the same Series&nbsp;in authorized denominations for a like
aggregate principal amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the option of the Holder thereof, Unregistered
Securities of a Series&nbsp;which by their terms are registerable as to principal and interest may, to the extent and under the
circumstances specified pursuant to Section&nbsp;2.03, be exchanged for Registered Securities of such Series, as may be issued
by the terms thereof. At the option of the Holder thereof, Registered Securities of a Series&nbsp;which by their terms provide
for the issuance of Unregistered Securities may, to the extent and under the circumstances specified pursuant to Section&nbsp;2.03,
be exchanged for Unregistered Securities of such Series. Securities so issued in exchange for other Securities shall be of any
authorized denomination and of like principal amount, maturity date, and interest rate or method of determining interest, and
shall be issued upon surrender of the Securities for which they are to be exchanged and, in the case of Coupon Securities, together
with all unmatured Coupons and matured Coupons in default appertaining thereto, at the office of the Company provided for in Section&nbsp;3.02
and upon payment, if the Company shall require, of charges provided therein. Unregistered Securities of any Series&nbsp;issued
in exchange for Registered Securities of such Series&nbsp;between the regular record date for such Registered Security and the
next interest payment date will be issued without the Coupon relating to such interest payment date, and Unregistered Securities
surrendered in exchange for Registered Securities between such dates shall be surrendered without the Coupon relating to such
interest payment date. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. Notwithstanding the foregoing,
an Unregistered Security will not be delivered in exchange for a Registered Security or Securities unless the Trustee receives
a certificate signed by the Person entitled to delivery of such Security or other items or documents fulfilling such conditions
as shall be required by regulations of the U.S. Department of the Treasury, or shall be notified by the Company that such a certificate
shall not be required by such regulations; <U>provided</U>, <U>however</U>, that no such Unregistered Security shall be delivered
by the Trustee if the Trustee or such agent shall have, or shall have been notified in writing by the Company that the Company
has, actual knowledge that such certificate is false.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon presentation for registration of any
Unregistered Securities of any Series&nbsp;which by its terms is registerable as to principal, at the office or agency of the
Company to be maintained as provided in Section&nbsp;3.02, such Security shall be registered as to principal in the name of the
Holder thereof and such registration shall be noted on such Security. Any Security so registered shall be transferable on the
registry books of the Company upon presentation of such Security at such office or agency for similar notation thereon, but such
Security may be discharged from registration by being in a like manner transferred to bearer, whereupon transferability by delivery
shall be restored. Except as otherwise provided pursuant to Section&nbsp;2.03, Unregistered Securities shall continue to be subject
to successive registrations and discharges from registration at the option of the Holders thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unregistered Securities shall be transferable
by delivery, except while registered as to principal. Registration of any Coupon Security shall not affect the transferability
by delivery of the Coupons appertaining thereto which shall continue to be payable to bearer and transferable by delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities and Coupons, if any, issued
upon any transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Securities and Coupons surrendered upon such transfer or exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every Security presented or surrendered
for registration of transfer or exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the Holder thereof or
such Holder&rsquo;s attorney duly authorized in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges
pursuant to Section&nbsp;2.11, 8.05 or 11.02 not involving any transfer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall not be required (a)&nbsp;to
issue, register the transfer of or exchange any Security during a period beginning at the opening of business 15 days before the
day of mailing of a notice of redemption of Securities for redemption under Article&nbsp;11 or (b)&nbsp;to register the transfer
of or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed
in part, the portion thereof not redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.09.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Mutilated,
Defaced, Destroyed, Lost and Stolen Securities</I>. In case any temporary or definitive Security or Coupon shall become mutilated
or defaced or be destroyed, lost or stolen, the Company at its own discretion may execute, and upon receipt of a Company Order,
the Trustee shall authenticate and deliver, a new Security of the same Series&nbsp;or Coupon, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated or defaced Security or Coupon, or in lieu of and substitution for
the Security or Coupon so destroyed, lost or stolen. In every case, the applicant for a substitute Security or Coupon shall furnish
to the Company, to the Trustee and to any agent of the Company or the Trustee such security or indemnity as may be required by
them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their
satisfaction of the destruction, loss or theft of such Security or Coupon and of the ownership thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the issuance of any substitute Security
or Coupon, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case any Security or Coupon which has
matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost
or stolen, the Company may, instead of issuing a substitute Security or Coupon, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security or Coupon); <U>provided</U>, <U>however</U>, that any
such payments in respect of Unregistered Securities or Coupons shall be subject to the provisions of Section&nbsp;2.12(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every substitute Security of any Series&nbsp;or
Coupon issued pursuant to the provisions of this Section&nbsp;2.09 by virtue of the fact that any such Security or Coupon is destroyed,
lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen
Security or Coupon shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject
to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of
such Series&nbsp;or Coupons duly authenticated and delivered hereunder. All Securities or Coupons shall be held and owned upon
the express condition that, to the extent permitted by the law, the foregoing provisions are exclusive with respect to the replacement
or payment of mutilated, defaced, destroyed, lost or stolen Securities or Coupons and shall preclude any and all other rights
or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.10.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Cancellation
of Securities</I>. All Securities surrendered for payment, redemption, registration of transfer, conversion or exchange, or for
credit against any payment in respect of a sinking or analogous fund, and all Coupons surrendered for payment or exchange, shall,
if surrendered to the Company or any agent of the Company or the Trustee, be delivered to the Trustee for cancellation or, if
surrendered to the Trustee, shall be cancelled promptly by it; and no Securities or Coupons shall be issued in lieu thereof, except
as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled Securities in accordance
with its customary procedures. If the Company shall acquire any of the Securities and Coupons, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Securities and Coupons unless and until the same are delivered
to the Trustee for cancellation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.11.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Temporary
Securities</I>. Pending the preparation of definitive Securities for any Series, the Company may execute and the Trustee shall
authenticate and deliver temporary Securities for such Series&nbsp;(printed, lithographed, typewritten or otherwise reproduced,
in each case in form satisfactory to the Trustee). Temporary Securities of any Series&nbsp;may be issued as Registered Securities
or Unregistered Securities with or without Coupons attached thereto, of any authorized denomination, and substantially in the
form of the definitive Securities of such Series&nbsp;but with such omissions, insertions and variations as may be appropriate
for temporary Securities, all as may be determined by the Company with the concurrence of the Trustee. Temporary Securities may
contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by
the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect,
as the definitive Securities. Without unreasonable delay the Company shall execute and shall furnish definitive Securities of
such Series&nbsp;and thereupon temporary Securities of such Series&nbsp;may be surrendered in exchange therefor without charge
at each office or agency to be maintained by the Company for that purpose pursuant to Section&nbsp;3.02, and the Trustee shall
authenticate and deliver in exchange for such temporary Securities of such Series&nbsp;a like aggregate principal amount of definitive
Securities of the same Series&nbsp;of authorized denominations and, in the case of Unregistered Securities, having attached thereto
any appropriate Coupons. Until so exchanged, the temporary Securities of any Series&nbsp;shall be entitled to the same benefits
under this Indenture as definitive Securities of such Series.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.12.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Currency
and Manner of Payments in Respect of Securities</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Registered Securities of any Series&nbsp;with respect to which the Holders of such Securities have not made the election
provided for in subsection (b)&nbsp;of this Section&nbsp;2.12, the following payment provisions shall apply:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in subsection 2.12(a)(ii)&nbsp;or subsection (e)&nbsp;of this Section&nbsp;2.12, payment of the principal of any Registered
Security will be made at the Place of Payment by delivery of a check in the Currency in which the Security is denominated on the
payment date against surrender of such Registered Security, or, if the Securities are global securities, in accordance with the
procedures of the applicable clearing agency pursuant to Section&nbsp;2.15, and any interest on any Registered Security will be
paid at the Place of Payment by mailing a check in the Currency in which the Securities were issued to the Person entitled thereto
at the address of such Person appearing on the Security register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of the principal of and interest on such Security may also, subject to applicable laws and regulations, be made at such other
place or places as may be designated by the Company by any appropriate method.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Registered Securities of any Series, the following payment provisions shall apply, except as otherwise provided in
subsections (e)&nbsp;and (f)&nbsp;of this Section&nbsp;2.12:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company Board of Directors may provide with respect to any Series&nbsp;of such Securities that Holders shall have the option to
receive payments of principal of and interest on such Security in any of the Currencies which may be designated for such election
in such Security (or, if no such Currencies are designated, in the Currency in which the Securities of such Series&nbsp;are denominated)
by delivering to the Trustee a written election, to be in substantially the form included with the applicable form of Securities
as shall be established pursuant to Section&nbsp;2.01, not later than the close of business on the record date immediately preceding
the applicable payment date. Such election will remain in effect for such Holder until changed by the Holder by written notice
to the Trustee (but any such change must be made not later than the close of business on the record date immediately preceding
the next payment date to be effective for the payment to be made on such payment date and no such change may be made with respect
to payments to be made on any Security with respect to which notice of redemption has been given by the Company pursuant to Article&nbsp;11).
Any Holder of any such Security who shall not have delivered any such election to the Trustee by the close of business on the
applicable record date will be paid the amount due on the applicable payment date in the relevant Currency as provided in subsection
(a)&nbsp;of this Section&nbsp;2.12. Payment of principal shall be made on the payment date against surrender of such Securities.
Payment of principal and interest shall be made at the Place of Payment by mailing a check in the applicable Currency to the Person
entitled thereto at the address of such Person appearing on the Security register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of the principal of and interest on such Security may also, subject to applicable laws and regulations, be made at such other
place or places as may be designated by the Company by any appropriate method.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of the principal of any Unregistered Security and of interest on any Coupon Security will be made at such place or places outside
the United States of America as may be designated by the Company by any appropriate method only in the Currency in which the Security
is payable (except as provided in subsection (e)&nbsp;of this Section&nbsp;2.12) on the payment date against surrender of the
Unregistered Security, in the case of payment of principal, or the relevant Coupon, in the case of payment of interest. Except
as provided in subsection&nbsp;(e)&nbsp;of this Section&nbsp;2.12, payment with respect to Unregistered Securities and Coupons
will be made by check, subject to any limitations on the methods of effecting such payment as shall be specified in the terms
of the Security established as provided in Section&nbsp;2.03 and as shall be required under applicable laws and regulations. Payment
of the principal of and interest on Unregistered Securities may also, subject to applicable laws and regulations, be made at such
other place or places as may be designated by the Company by any appropriate method.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
later than the fourth Business Day after the record date for each payment date, the Trustee will deliver to the Company a written
notice specifying, in the Currency in which each Series&nbsp;of Securities are denominated, the respective aggregate amounts of
principal of and interest on the Securities to be made on such payment date, specifying the amounts so payable in respect of the
Registered and the Unregistered Securities and in respect of the Registered Securities as to which the Holders shall have elected
to be paid in another Currency as provided in subsection (b)&nbsp;of this Section&nbsp;2.12. If the Company Board of Directors
has provided for the election referred to in subsection (b)&nbsp;of this Section&nbsp;2.12 with respect to Registered Securities
and if at least one Holder of such Registered Securities has made such election, then not later than the second Business Day preceding
the applicable payment date the Company will deliver to the Trustee an Exchange Rate Officer&rsquo;s Certificate in respect of
such payment date. The Dollar or Foreign Currency amount receivable by Holders of Registered Securities who have elected payment
in another Currency as provided in subsection (b)&nbsp;of this Section&nbsp;2.12 shall be determined by the Company on the basis
of the applicable Market Exchange Rate in effect on the second Business Day (the &ldquo;<B>Valuation Date</B>&rdquo;) prior to
such payment date and set forth in the applicable Exchange Rate Officer&rsquo;s Certificate. For purposes of this Section&nbsp;2.12
and Section&nbsp;6.02(a), &ldquo;<B>Exchange Rate Officer&rsquo;s Certificate</B>&rdquo; means, with respect to any payment date
in respect of Registered Securities as to which the Company Board of Directors has provided for the election referred to in subsection
(b)&nbsp;of this Section&nbsp;2.12 and at least one Holder of such Registered Securities has made such election, a certificate
setting forth (i)&nbsp;the applicable Market Exchange Rate to Holders of such Registered Securities who had elected payment in
a Currency other than the Currency in which such Registered Securities are denominated as determined by the Company and (ii)&nbsp;the
Dollar or Foreign Currency amounts payable for the Valuation Date with respect to such payment date on the basis of such Market
Exchange Rate or quotation in respect of the principal of and interest on the applicable Series&nbsp;of Registered Securities,
signed by the treasurer or any assistant treasurer of the Company, and delivered to the Trustee. For purposes of this Section&nbsp;2.12
and Section&nbsp;14.11, &ldquo;<B>Market Exchange Rate</B>&rdquo; means for any Currency as of a particular date, the noon Dollar
buying rate for such Currency for cable transfers quoted in New York, New York on such date as certified for customs purposes
by the Federal Reserve Bank of New York; <U>provided</U>, <U>however</U>, that if such rate is not available for any reason on
such date, the Currency Determination Agent shall determine the Market Exchange Rate for the particular date, in its sole discretion
and without liability on its part, based on such quotation of the Federal Reserve Bank of New York as of the most recent available
date, or quotations from one or more major banks in New York, New York or in the country of issue of the currency in question,
or such other quotations as the Currency Determination Agent shall deem appropriate. Unless otherwise specified by the Currency
Determination Agent, if there is more than one market for dealing in any Currency by reason of foreign exchange regulations or
otherwise, the market to be used in respect of such Currency shall be that upon which a nonresident issuer of securities designated
in such Currency would purchase such Currency in order to make payments in respect of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable, then with
respect to each date for the payment of principal of and interest on such Securities occurring after the last date on which the
Foreign Currency was so used (the &ldquo;<B>Conversion Date</B>&rdquo;), the Dollar shall be the Currency of payment for use on
each such payment date. The Dollar amount to be paid by the Company to the Trustee and by the Trustee or any Paying Agent to the
Holders of such Securities with respect to such payment date shall be the Dollar Equivalent of the Foreign Currency as determined
by the Currency Determination Agent in the manner provided in subsection (g)&nbsp;of this Section&nbsp;2.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Holder of a Registered Security elects payment in a specified Currency as provided for by subsection (b)&nbsp;of this Section&nbsp;2.12
and a Conversion Event occurs with respect to such elected Currency, such Holder shall receive payment in the Currency in which
payment would have been made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in
which payment would have been made in the absence of such election, such Holder shall receive payment in Dollars in the Dollar
Equivalent of the Foreign Currency as determined by the Currency Determination Agent in the manner provided in subsection (g)&nbsp;of
this Section&nbsp;2.12.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 &ldquo;<B>Dollar Equivalent of the Foreign Currency</B>&rdquo; shall be determined by the Currency Determination Agent as of each
Valuation Date and shall be obtained by converting the applicable Foreign Currency into Dollars at the Market Exchange Rate on
the Conversion Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency and the
Market Exchange Rate as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive
for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of the applicable Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a Conversion Event has occurred with respect to a Foreign Currency, the Company, after learning thereof, will promptly
give notice thereof to the Trustee (and the Trustee will promptly thereafter give notice on behalf of the Company in the manner
provided in Section&nbsp;14.04 to the affected Holders) specifying the Conversion Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall be fully justified and protected in relying on and acting upon the information so received by it from the Company
and the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.13.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compliance
with Certain Laws and Regulations</I>. If any Unregistered Securities or Coupon Securities are to be issued in any Series&nbsp;of
Securities, the Company will use reasonable efforts to provide for arrangements and procedures designed pursuant to then-applicable
laws and regulations, if any, to ensure that Unregistered Securities or Coupon Securities are sold or resold, exchanged, transferred
and paid only in compliance with such laws and regulations and without adverse consequences to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.14.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>CUSIP
Numbers</I>. The Company in issuing the Securities may use &ldquo;CUSIP&rdquo; or &ldquo;ISIN&rdquo; numbers (if then generally
in use), and, if so, the Trustee shall indicate the &ldquo;CUSIP&rdquo; or &ldquo;ISIN&rdquo; numbers of the Securities in notices
of redemption as a convenience to Holders; <U>provided</U> that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the &ldquo;CUSIP&rdquo;
or &ldquo;ISIN&rdquo; numbers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.15.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Securities
in Global Form</I>. Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall be issuable
in temporary or permanent global form. If Securities of or within a Series&nbsp;are issuable in whole or in part in global form,
any such Security may provide that it shall represent the aggregate amount of Outstanding Securities of such Series&nbsp;(or such
lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate
amount of Outstanding Securities represented thereby may from time to time be reduced or increased to reflect exchanges. Any endorsement
of a Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders,
of Outstanding Securities represented thereby, shall be made in such manner and by such Person or Persons as shall be specified
therein or in the Company Order to be delivered to the Trustee pursuant to Section&nbsp;2.04. Subject to the provisions of Section&nbsp;2.04
and, if applicable, Section&nbsp;2.11, the Trustee shall deliver and redeliver any Security in permanent global form in the manner
and upon instructions given by the Person or Persons specified therein or in the applicable Company Order, if any. Any instructions
by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section&nbsp;14.05 and need not be accompanied by an Opinion of Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of the last paragraph of
Section&nbsp;2.04 shall apply to any Security in global form if such Security was never issued and sold by the Company and the
Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section&nbsp;14.05
and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last paragraph of Section&nbsp;2.04.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of Section&nbsp;3.01,
unless otherwise specified as contemplated by Section&nbsp;2.04, payment of principal of and interest on any Security in permanent
global form shall be made to the Person or Persons specified in such Security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Company nor the Trustee shall
have any responsibility or obligation to any Person claiming a beneficial ownership interest in the Securities under or through
any clearing agency or any other Person which is not shown on the Security register as being a Registered Holder with respect
to either the Securities, the accuracy of any records maintained by any such clearing agency, the payment by any such clearing
agency or its participants of any amount in respect of the principal of or interest on the Securities, any notice which is permitted
or required to be given under the Indenture, any consent given or other action taken by such clearing agency as Registered Holder,
or any selection by such clearing agency of any Person to receive payment of principal, interest or other amounts payable on the
Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;2.16.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Form&nbsp;of
Conversion Notice</I>. The form of any conversion notice for the conversion of Securities into shares of Common Stock, Preferred
Stock or other securities of the Company shall be in substantially the form included with the applicable form of Securities as
shall be established pursuant to Section&nbsp;2.01.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;3</U></B></FONT><B><BR>
COVENANTS OF THE ISSUER</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;3.01.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Payment
of Principal and Interest</I>. The Company covenants and agrees for the benefit of each Series&nbsp;of Securities that it will
duly and punctually pay or cause to be paid (in the Currency in which the Securities of such Series&nbsp;and Coupons, if any,
are payable, except as otherwise provided pursuant to Section&nbsp;2.03 for the Securities of such Series&nbsp;and except as provided
in Section&nbsp;2.12(b), (e)&nbsp;and (f)) the principal of, and interest on, each of the Securities of such Series&nbsp;in accordance
with the terms of the Securities of such Series, any Coupons appertaining thereto and this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The interest on Unregistered Securities
shall be payable only upon presentation and surrender of the several Coupons for such interest installments as are evidenced thereby
as they severally mature at the office of a Paying Agent outside the United States of America. The interest on any temporary Unregistered
Security shall be paid, as to any installment of interest evidenced by a Coupon attached thereto, if any, only upon presentation
and surrender of such Coupon, and, as to the other installments of interest, if any, only upon presentation of such Securities
for notation thereon of the payment of such interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;3.02.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Offices
for Payment, etc</I>. So long as any of the Securities remain Outstanding, the Company will maintain for each Series&nbsp;an office
or agency (a)&nbsp;where the Securities may be presented for payment, (b)&nbsp;where the Securities may be presented for registration
of transfer and for exchange as in this Indenture provided, and (c)&nbsp;where notices and demands to or upon the Company in respect
of the Securities or of this Indenture may be served. The Company will give to the Trustee written notice of the location of any
such office or agency and of any change of location thereof. In case the Company shall fail to so designate or maintain any such
office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and
demands may be made at the Place of Payment and notices may be served at the Corporate Trust Office. Unless otherwise specified
pursuant to Section&nbsp;2.03, the Trustee is appointed Paying Agent and Registrar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">So long as any Coupon Securities or Unregistered
Securities of any Series&nbsp;remain Outstanding, the Company will (except as specified pursuant to Section&nbsp;2.03) maintain
one or more offices or agencies outside the United States of America in such city or cities as may be specified elsewhere in this
Indenture or as contemplated by Section&nbsp;2.03, and shall maintain such office or offices for a period of two years (or any
period thereafter for which it is necessary in order to conform to United States tax laws or regulations) after the principal
on such Coupon Securities or Unregistered Securities has become due and payable, with respect to such Series&nbsp;where Coupons
appertaining to Securities of such Series&nbsp;or Unregistered Securities of such Series&nbsp;may be surrendered or presented
for payment, or surrendered for exchange pursuant to Section&nbsp;2.08 and where notices and demands to or upon the Company in
respect of Coupons appertaining to Securities of such Series&nbsp;or the Unregistered Securities of such Series&nbsp;or of this
Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of any such office or agency. If at any time the Company shall fail to maintain such required office or agency or shall fail to
furnish the Trustee with the address thereof, presentations, surrenders and demands in respect of Unregistered Securities may
be made or served at the Place of Payment and notice may be served at the Corporate Trust Office and the corporate trust office
of any authenticating agent appointed, and presentations, surrenders, notices and demands in respect of Coupons appertaining to
Securities of any Series&nbsp;and Unregistered Securities may be made or served at the corporate trust office of the Trustee in
the other city or cities referred to above; and the Company hereby appoints the Trustee and any authenticating agent appointed
hereunder as its agents to receive all such presentations, surrenders, notices and demands.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;3.03.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Appointment
to Fill a Vacancy in Office of Trustee</I>. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a Trustee with respect
to each Series&nbsp;of Securities hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;3.04.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Paying
Agents</I>. Whenever the Company shall appoint a Paying Agent other than the Trustee with respect to the Securities of any Series,
it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of this Section&nbsp;3.04:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
it will hold all sums received by it as such Paying Agent for the payment of the principal of or interest on the Securities of
such Series&nbsp;or Coupons (whether such sums have been paid to it by the Company or other obligor on the Securities of such
Series&nbsp;or Coupons) in trust for the benefit of the Holders of the Securities of such Series&nbsp;or Coupons or of the Trustee
and, upon the occurrence of an Event of Default and upon the written request of the Trustee, pay over all such sums received by
it to the Trustee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such Series) to make
any payment of the principal of or interest on the Securities of such Series&nbsp;or Coupons when the same shall be due and payable;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
it will give the Trustee notice of any change of address of any Holder of which it is aware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will, on or prior to each due
date of the principal of or interest on the Securities of such Series&nbsp;or Coupons, deposit with the Paying Agent a sum sufficient
to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustee) the Company will promptly notify
the Trustee of any failure to take such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company shall act as its own Paying
Agent with respect to the Securities of any Series&nbsp;or Coupons, it will, on or before each due date of the principal of or
interest on the Securities of such Series&nbsp;or Coupons, set aside, segregate and hold in trust for the benefit of the Holders
of the Securities of such Series&nbsp;or Holders of such Coupons a sum sufficient to pay such principal or interest so becoming
due. The Company will promptly notify the Trustee of any failure to take such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anything in this Section&nbsp;3.04 to the
contrary notwithstanding, the Company may at any time, for the purpose of obtaining a satisfaction and discharge with respect
to one or more or all Series&nbsp;of Securities or Coupons hereunder, or for any other reason, pay or cause to be paid to the
Trustee all sums held in trust for any such Series&nbsp;by the Company or any Paying Agent hereunder, as required by this Section&nbsp;3.04,
such sums to be held by the Trustee upon the trusts herein contained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anything in this Section&nbsp;3.04 to the
contrary notwithstanding, the agreement to hold sums in trust as provided in this Section&nbsp;3.04 is subject to the provisions
of Sections 10.04 and 10.05.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;3.05.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Additional
Amounts</I>. If Securities of a Series&nbsp;provide for the payment of additional amounts to any Holder who is not a United States
Person in respect of any tax, assessment or governmental charge (&ldquo;<B>Additional Amounts</B>&rdquo;), the Company will pay
to the Holder of any Security of such Series&nbsp;or any Coupon appertaining thereto such Additional Amounts as may be so provided
by Section&nbsp;2.03. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or interest
on, or in respect of, any Security of a Series&nbsp;or payment of any related Coupon or the net proceeds received on the sale
or exchange of a Security of a Series, such mention shall be deemed to include mention of the payment of Additional Amounts provided
for by the terms of such Series&nbsp;established pursuant to Section&nbsp;2.03 to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional
Amounts (if applicable) in any provisions shall not be construed as excluding Additional Amounts in those provisions where such
express mention is not made.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise specified pursuant
to Section&nbsp;2.03, if the Securities of a Series&nbsp;provide for the payment of Additional Amounts, at least 10 days prior
to each date of payment of principal or interest on which any Additional Amount shall be payable, the Company will furnish the
Trustee and the Company&rsquo;s principal Paying Agent or Paying Agents, if other than the Trustee, with a Company Officers&rsquo;
Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of or interest on
the Securities of that Series&nbsp;shall be made to Holders of Securities of that Series&nbsp;or any related Coupons who are not
United States Persons without withholding for or on account of any tax, assessment or other governmental charge described in the
Securities of that Series. If any such withholding shall be required, then such Company Officers&rsquo; Certificate shall specify
by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that Series&nbsp;or related
Coupons and the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities.
The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability
or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken
or omitted by any of them in reliance on any Company Officers&rsquo; Certificate furnished pursuant to this Section&nbsp;3.05
or in the event the Trustee shall not withhold or deduct any sums as a result of not receiving a Company Officers&rsquo; Certificate
pursuant to this Section&nbsp;3.05.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;3.06.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Calculation
of Original Issue Discount</I>. The Company shall promptly, at the end of each calendar year, calculate the Original Issue Discount
accrued on Outstanding Securities as of the end of such year and shall determine whether the amount of Original Issue Discount
qualifies for the <I>de minimis</I> exception rule&nbsp;as set forth in Section&nbsp;1273(a)(3)&nbsp;of the Internal Revenue Code
of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder. If such calculated amount does not
qualify for the <I>de minimis</I> exception rule, then the Company shall subsequently file with the Trustee no later than January&nbsp;15th
of each calendar year (a)&nbsp;a written notice specifying the amount of Original Issue Discount (including daily rates and accrual
periods) accrued on Outstanding Securities as of the end of such year and (b)&nbsp;such other specific information relating to
such Original Issue Discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time, and
the Treasury Regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;4</U></B></FONT><B><BR>
SECURITYHOLDERS&rsquo; LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;4.01.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Company
to Furnish Trustee Information as to Names and Addresses of Securityholders</I>. The Company covenants and agrees that it will
furnish or cause to be furnished to the Trustee for the Securities of each Series&nbsp;a list in such form as the Trustee may
reasonably require of the names and addresses of the Holders of the Registered Securities of each Series:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;semiannually
and not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as
of such record date, and on dates to be determined pursuant to Section&nbsp;2.03 for non-interest-bearing securities in each year;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request, and such
list shall be as of a date not more than 15 days prior to the time such information is furnished;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided
</U></FONT>that, if and so long as the Trustee shall be the Security registrar for such Series, such list shall not be required
to be furnished but in any event the Company shall be required to furnish such information concerning the Holders of Coupon Securities
and Unregistered Securities which is known to it; <U>provided</U>, <U>further</U>, that the Company shall have no obligation to
investigate any matter relating to any Holder of an Unregistered Security or any Holder of a Coupon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;4.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Preservation
and Disclosure of Securityholders&rsquo; Lists</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee for the Securities of each Series&nbsp;shall preserve, in as current a form as is reasonably practicable, all information
as to the names and addresses of the Holders of each Series&nbsp;of Securities contained in the most recent list furnished to
it as provided in Section&nbsp;4.01 or maintained by the Trustee in its capacity as Security registrar for such Series, if so
acting. The Trustee may destroy any list furnished to it as provided in Section&nbsp;4.01 upon receipt of a new list so furnished.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case three or more Holders of Registered Securities of any Series&nbsp;(hereinafter referred to as &ldquo;<B>applicants</B>&rdquo;)
apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Security for
a period of at least six months preceding the date of such application, and such application states that the applicants desire
to communicate with other Holders of Securities of a particular Series&nbsp;(in which case the applicants must all hold Securities
of such Series) or with Holders of all Securities with respect to their rights under this Indenture or under such Securities and
such application is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit,
then the Trustee shall, within five Business Days after the receipt of such application, at its election, either:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;afford
to such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection
(a)&nbsp;of this Section&nbsp;4.02, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inform
such applicants as to the approximate number of Holders of Securities of such Series&nbsp;or all Securities, as the case may be,
whose names and addresses appear in the information preserved at the time by the Trustee, in accordance with the provisions of
subsection (a)&nbsp;of this Section&nbsp;4.02, and as to the approximate cost of mailing to such Securityholders the form of proxy
or other communication, if any, specified in such application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Trustee shall elect not to afford
to such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection
(a)&nbsp;of this Section&nbsp;4.02, the Trustee shall, upon the written request of such applicants, mail to each Securityholder
of such Series&nbsp;or all Securities, as the case may be, whose name and address appear in the information preserved at the time
by the Trustee in accordance with the provisions of subsection (a)&nbsp;of this Section&nbsp;4.02, a copy of the form of proxy
or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material
to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after
such tender, the Trustee shall mail to such applicants and file with the Commission together with a copy of the material to be
mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests
of the Holders of Securities of such Series&nbsp;or all Securities, as the case may be, or could be in violation of applicable
law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if,
after the entry of such order sustaining one or more of such objections, the Commission shall find, after notice and opportunity
for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail
copies of such material to all such Securityholders with reasonable promptness after the entry of such order and the renewal of
such tender; otherwise, the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
and every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that the disclosure
of any such information as to the names and addresses of the Holders of Securities in accordance with the provisions of subsection
(b)&nbsp;of this Section&nbsp;4.02, regardless of the source from which such information was derived, shall not be deemed to be
a violation of any existing law or any law enacted after the date hereof which does not specifically refer to Section&nbsp;312(c)&nbsp;of
the Trust Indenture Act, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request
made under such subsection (b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;4.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reports
by the Company</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the Trustee for the Securities of each Series, within 15 days after the Company is required to file the same with the Commission
(giving effect to any extensions thereof), copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules&nbsp;and regulations prescribe)
which the Company may be required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange
Act or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, file with
the Trustee and the Commission, in accordance with rules&nbsp;and regulations prescribed from time to time by the Commission,
such of the supplementary and periodic information, documents and reports which may be required pursuant to Section&nbsp;13 of
the Exchange Act, or in respect of a security listed and registered on a national securities exchange, as may be prescribed from
time to time in such rules&nbsp;and regulations;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the Trustee and the Commission, in accordance with rules&nbsp;and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants
provided for in this Indenture as may be required from time to time by such rules&nbsp;and regulations, including, in the case
of annual reports, if required by such rules&nbsp;and regulations, certificates or opinions of independent public accountants,
conforming to the requirements of Section&nbsp;14.05 hereof, as to compliance with conditions or covenants, compliance with which
is subject to verification by accountants, but no such certificate or opinion shall be required if it is not required pursuant
to Section&nbsp;314(a)(2)&nbsp;of the Trust Indenture Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transmit
by mail to the Holders of Registered Securities in the manner and to the extent required by Section&nbsp;313(c)&nbsp;of the Trust
Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports
required to be filed by the Company pursuant to subsections 4.03(a)(i)&nbsp;and 4.03(a)(ii)&nbsp;of this Section&nbsp;4.03 as
may be required to be transmitted to such Holders by rules&nbsp;and regulations prescribed from time to time by the Commission;
<U>provided</U> that any such information, documents or reports filed or furnished with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval (including any successor thereto, &ldquo;<B>EDGAR</B>&rdquo;) system shall be deemed to
be filed with the Trustee and transmitted to the Holders as of the time such information, documents or reports are filed or furnished
by EDGAR; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;furnish
to the Trustee, not less often than annually on or before a date not more than four months after the end of each of its fiscal
years ending after the date hereof, a brief certificate from the principal executive officer, principal financial officer or principal
accounting officer of the Company as to his or her knowledge of the Company&rsquo;s compliance with all conditions and covenants
under this Indenture. For purposes of this subsection 4.03(a)(iv), such compliance shall be determined without regard to any period
of grace or requirement of notice provided under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee&rsquo;s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company&rsquo;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Company Officers&rsquo; Certificates).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;4.04.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reports
by the Trustee</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section&nbsp;313(a)&nbsp;of
the Trust Indenture Act, the Trustee shall, within 60 days after each May&nbsp;15 following the date of this Indenture, deliver
to Holders in the manner required by Section&nbsp;313(c)&nbsp;of the Trust Indenture Act a brief report, dated as of such May&nbsp;15,
which complies with the provisions of such Section&nbsp;313(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange,
if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee
when the Securities are listed on any stock exchange or market and of any delisting thereof.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;5</U></B></FONT><B><BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.01.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Event
of Default Defined; Acceleration of Maturity; Waiver of Default</I>. In case one or more of the following Events of Default (unless
it is either inapplicable to a particular Series&nbsp;or it is specifically deleted from or modified in the indenture supplement,
the Company Board Resolution or other instrument establishing such Series&nbsp;and the form of Security for such Series) shall
have occurred and be continuing with respect to any Series&nbsp;of Securities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of any installment of interest upon any Security of such Series&nbsp;as and when the same shall become due and
payable, and continuance of such default for a period of 30 days; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of the principal of the Securities of such Series&nbsp;as and when the same shall become due and payable either
at maturity, upon redemption (for any sinking fund payment or otherwise), by declaration or otherwise; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company in the
Securities of such Series, or in this Indenture contained and relating to such Series, for a period of 90 days after the date
on which written notice specifying such failure and requiring the Company to remedy the same and stating that such notice is a
 &ldquo;<B>Notice of Default</B>&rdquo; hereunder shall have been given by registered or certified mail to the Company by the Trustee
for the Securities of such Series, or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal
amount at maturity of the Securities of such Series&nbsp;then Outstanding; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall make an assignment for the benefit of creditors, or shall file a petition in bankruptcy; or the Company shall be
adjudicated insolvent or bankrupt, or shall petition or shall apply to any court having jurisdiction in the premises for the appointment
of a receiver, trustee, liquidator or sequestrator of, or for, the Company or any substantial portion of the property of the Company;
or the Company shall commence any proceeding relating to the Company or any substantial portion of the property of the Company
under any insolvency, reorganization, arrangement or readjustment of debt, dissolution, winding-up, adjustment, composition or
liquidation law or statute of any jurisdiction, whether now or hereafter in effect (hereinafter in this clause (d)&nbsp;called
 &ldquo;<B>Proceeding</B>&rdquo;); or if there shall be commenced against the Company any Proceeding and an order approving the
petition shall be entered, or such Proceeding shall remain undischarged or unstayed for a period of 90 days; or a receiver, trustee,
liquidator or sequestrator of, or for, the Company or any substantial portion of the property of the Company shall be appointed
and shall not be discharged within a period of 90 days; or the Company by any act shall indicate consent to or approval of or
acquiescence in any Proceeding or the appointment of a receiver, trustee, liquidator or sequestrator of, or for, the Company or
any substantial portion of the property of the Company; <U>provided</U> that a resolution or order for winding-up the Company
with a view to its consolidation, amalgamation or merger with another entity or the transfer of its assets as a whole, or substantially
as a whole, to such other entity as provided in Section&nbsp;9.01 shall not make the rights and remedies herein enforceable under
this clause (d)&nbsp;if such last-mentioned entity shall, as a part of such consolidation, amalgamation, merger or transfer, and
within 90 days from the passing of the resolution or the date of the order, comply with the conditions to that end stated in Section&nbsp;9.01;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other Event of Default provided in the supplemental indenture or Company Board Resolution under which such Series&nbsp;of Securities
is issued or in the form of Security for such Series;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">then and in each and every such case (other
than an Event of Default under clause (d)&nbsp;above), so long as such Event of Default with respect to such Series&nbsp;shall
not have been remedied or waived, unless the principal of all Securities of such Series&nbsp;shall have already become due and
payable, either the Trustee for such Series&nbsp;or the Holders of not less than 25% in aggregate principal amount at maturity
of the Securities of such Series&nbsp;then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given
by such Holders), may declare the principal (or, in the case of Discount Securities, such principal amount as may be determined
in accordance with the terms thereof) of all the Securities of such Series&nbsp;to be due and payable immediately, and upon any
such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities
of such Series&nbsp;contained to the contrary notwithstanding. With respect to an Event of Default described under clause (d)&nbsp;above,
the principal of all Securities of such Series&nbsp;shall become immediately due and payable without any declaration or other
act by the Trustee or the Holders. This provision, however, is subject to the condition that if at any time after the principal
of the Securities of such Series&nbsp;(or, in the case of Discount Securities, such principal amount as may be determined in accordance
with the terms thereof) shall have been so declared due and payable, and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered as hereinafter provided, (x)&nbsp;the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay in the Currency in which the Securities of such Series&nbsp;are payable (except as otherwise provided
pursuant to Section&nbsp;2.03 for the Securities of such Series&nbsp;and except as provided in Sections 2.12(b), (e)&nbsp;and
(f)) all matured installments of interest, if any, upon all the Securities of such Series&nbsp;and the principal of any and all
Securities of such Series&nbsp;which shall have become due otherwise than by such acceleration (with interest upon such principal
and, to the extent that payment of such interest is enforceable under applicable law, upon overdue installments of interest, at
the rate borne by the Securities of such Series&nbsp;(or, in the case of Discount Securities, at the yield to maturity) to the
date of such payment or deposit) and in Dollars such amount as shall be sufficient to cover reasonable compensation to the Trustee,
its agents, attorneys and counsel and all other expenses and liabilities incurred, and all advances made, by the Trustee, its
agents, attorneys and counsel, and (y)&nbsp;any and all defaults under this Indenture, other than the nonpayment of the principal
of Securities of such Series&nbsp;which shall have become due by such acceleration, shall have been remedied, then and in every
such case the Holders of a majority in aggregate principal amount at maturity of the Securities of such Series&nbsp;then Outstanding,
by written notice to the Company and to the Trustee for the Securities of such Series, may waive all defaults and rescind and
annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent default or shall impair any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.02.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Collection
of Indebtedness by Trustee; Trustee May&nbsp;Prove Debt</I>. The Company covenants that (a)&nbsp;in case default shall be made
in the payment of any installment of interest on any of the Securities of any Series&nbsp;when such interest shall have become
due and payable, and such default shall have continued for a period of 30 days or (b)&nbsp;in case default shall be made in the
payment of all or any part of the principal of any of the Securities of any Series&nbsp;when the same shall have become due and
payable, whether upon maturity of the Securities of such Series&nbsp;or upon any redemption or by declaration or otherwise, then
upon demand of the Trustee for the Securities of such Series, the Company will pay to the Trustee for the Securities of such Series,
for the benefit of the Holders of the Securities of such Series&nbsp;and the Holders of any Coupons appertaining thereto, the
whole amount that then shall have become due and payable on all Securities of such Series&nbsp;or such Coupons for principal of
or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that
payment of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate
of interest specified in the Securities of such Series); and in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their
respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Until such demand is made by the Trustee,
the Company may pay the principal of and interest on the Securities of any Series&nbsp;to the Persons entitled thereto, whether
or not the principal of and interest on the Securities of such Series&nbsp;are overdue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case the Company shall fail forthwith
to pay such amounts upon such demand, the Trustee for the Securities of such Series, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums
so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment
or final decree against the Company or other obligor upon such Securities and collect in the manner provided by law out of the
property of the Company or other obligor upon such Securities and Coupons, wherever situated, the moneys adjudged or decreed to
be payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case there shall be any judicial proceedings
relative to the Company or other obligor upon such Securities and Coupons, if any, or to the creditors or property of the Company
or other obligor, the Trustee, irrespective of whether the principal of any 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 pursuant to the provisions
of this Section&nbsp;5.02, shall be entitled and empowered, by intervention in such proceedings or otherwise:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file and prove a claim or claims for the whole amount of principal (or, if the Securities of such Series&nbsp;are Discount Securities,
such portion of the principal amount as may be due and payable with respect to the Securities of such Series&nbsp;pursuant to
a declaration in accordance with Section&nbsp;5.01) and interest owing and unpaid in respect of the Securities of such Series,
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 reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee) and of the Securityholders and the Holders of any Coupons appertaining thereto allowed in any judicial proceedings relative
to the Company or other obligor upon all Securities of such Series, or to the creditors or property of the Company or other obligor;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received
with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver or liquidator,
custodian or other similar official is hereby authorized by each of the Holders to make payments to the Trustee for the Securities
of such Series, and, in the event that such Trustee shall consent to the making of payments directly to the Securityholders, to
pay to such Trustee such amounts as shall be sufficient to cover reasonable compensation to such Trustee, each predecessor Trustee
and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by
such Trustee and each predecessor Trustee and all other amounts due to such Trustee or any predecessor Trustee pursuant to Section&nbsp;6.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities of any Series&nbsp;or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid,
to vote for the election of a trustee in bankruptcy or similar Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All rights of action and of asserting claims
under this Indenture, or under any of the Securities of any Series&nbsp;or any Coupon appertaining thereto, may be enforced by
the Trustee for the Securities of such Series&nbsp;without the possession of any of the Securities of such Series&nbsp;or any
Coupon appertaining thereto or the production thereof at any trial or other proceedings relative thereto, and any such action
or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Securities of such Series&nbsp;and
Holders of any Coupons in respect of which such action was taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In any proceedings brought by the Trustee
for the Securities of any Series&nbsp;(and also any proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Securities of such Series&nbsp;and
Coupons appertaining thereto in respect to which such action was taken, and it shall not be necessary to make any Holders of such
Securities and Coupons appertaining thereto parties to any such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.03.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Application
of Proceeds</I>. Any moneys collected by the Trustee for the Securities of any Series&nbsp;pursuant to this Article&nbsp;shall
be applied in the following order at the date or dates fixed by such Trustee and, in case of the distribution of such moneys on
account of principal or interest, upon presentation of the Securities of such Series&nbsp;and any Coupons appertaining thereto
in respect of which moneys have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of
such Series&nbsp;in reduced principal amounts in exchange for the presented Securities of like Series&nbsp;if only partially paid,
or upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FIRST: To the payment of costs and expenses
applicable to such Series&nbsp;in respect of which moneys have been collected, including reasonable compensation to the Trustee
and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, including
the costs and expenses of collection incurred, and all advances made, by the Trustee and each predecessor Trustee and all other
amounts due to the Trustee or any predecessor Trustee pursuant to Section&nbsp;6.06;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECOND: In case the principal of the Securities
of such Series&nbsp;in respect of which moneys have been collected shall not have become and be then due and payable, to the payment
of interest on the Securities of such Series&nbsp;in default in the order of the maturity of the installments of such interest,
with interest (to the extent that such interest is permissible by law and that such interest has been collected by the Trustee)
upon the overdue installments of interest at the same rate as the rate of interest specified in such Securities, such payments
to be made ratably to the Persons entitled thereto, without discrimination or preference;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIRD: In case the principal of the Securities
of such Series&nbsp;in respect of which moneys have been collected shall have become and shall be then due and payable, to the
payment of the whole amount then owing and unpaid upon all the Securities of such Series&nbsp;for principal and interest, with
interest upon the overdue principal, and (to the extent that payment of such interest is permissible by law and that such interest
has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest specified in
the Securities of such Series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid
upon the Securities of such Series, then to the payment of such principal and interest without preference or priority of principal
over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any
Security of such Series&nbsp;over any other Security of such Series, ratably to the aggregate of such principal and accrued and
unpaid interest; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FOURTH: To the payment of the remainder,
if any, to the Company or to such party as a court of competent jurisdiction shall direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee may fix a record date and payment
date for any payment to Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.04.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Suits
for Enforcement</I>. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any
power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.05.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Restoration
of Rights on Abandonment of Proceedings</I>. In case the Trustee for the Securities of any Series&nbsp;shall have proceeded to
enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall
have been determined adversely to the Trustee, then and in every such case, the Company and the Trustee shall be restored respectively
to their former positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Securityholders
shall continue as though no such proceedings had been taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.06.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Limitations
on Suits by Securityholders</I>. No Holder of any Security of any Series&nbsp;or Holder of any Coupon shall have any right by
virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy
or otherwise upon or under or with respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian
or other similar official or for any other remedy hereunder, unless (a)&nbsp;such Holder previously shall have given to the Trustee
written notice of default and of the continuance thereof, as provided in Section&nbsp;5.01, (b)&nbsp;the Holders of not less than
a majority in aggregate principal amount of the Securities of such Series&nbsp;then Outstanding shall have made written request
upon the Trustee to institute such action or proceedings in its own name as trustee hereunder, (c)&nbsp;such Holder or Holders
shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, (d)&nbsp;the Trustee for 60 days after its receipt of such notice, request and offer of indemnity
shall have failed to institute any such action or proceeding, and (e)&nbsp;no direction inconsistent with such written request
shall have been given to the Trustee pursuant to Section&nbsp;5.09; it being understood and intended, and being expressly covenanted
by the taker and Holder of every Security and by a Holder of each Coupon appertaining thereto with every other taker and Holder
of a Security or Holder of any Coupon appertaining thereto and the Trustee, that no one or more Holders of Securities of any Series&nbsp;or
one or more Holders of any Coupons appertaining thereto shall have any right in any manner whatever, by virtue or by availing
of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities or any other
Holders of such Coupons, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any
right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders
of Securities of the applicable Series&nbsp;and all the Holders of Coupons appertaining thereto. For the protection and enforcement
of the provisions of this Section&nbsp;5.06, each and every Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.07.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Unconditional
Right of Securityholders to Institute Certain Suits</I>. Notwithstanding any provision in this Indenture and any provision of
any Security or Coupon, the right of any Holder of any Security and the right of any Holder of any Coupon appertaining thereto
to receive payment of the principal of and interest on such Security at the respective rates, in the respective amount and in
the Currency therein prescribed on or after the respective due dates expressed in such Security, or to institute suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.08.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Powers
and Remedies Cumulative; Delay or Omission Not Waiver of Default</I>. Except as provided in Section&nbsp;5.06, no right or remedy
herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No delay or omission of the Trustee or
of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid
shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein;
and, subject to Section&nbsp;5.06, every power and remedy given by this Indenture or by law to the Trustee, to the Securityholders
or to the Holder of any Coupon may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee,
the Securityholders or Holders of any Coupon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.09.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Control
by Securityholders</I>. The Holders of a majority in aggregate principal amount of the Securities of each Series&nbsp;affected
(with each Series&nbsp;treated as a separate class) at the time Outstanding 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&nbsp;by this Indenture; <U>provided </U>that such direction shall not be
otherwise than in accordance with law and the provisions of this Indenture and <U>provided further</U> that (subject to the provisions
of Section&nbsp;6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by
counsel, shall determine that the actions or proceeding so directed may not lawfully be taken or that the actions or proceedings
so directed would involve the Trustee in personal liability or if a trust committee of Responsible Officers in good faith shall
determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests
of Holders of the Securities of all Series&nbsp;or of the Holders of any Coupons appertaining thereto so affected not joining
in the giving of said direction, it being understood that (subject to Section&nbsp;6.01) the Trustee shall have no duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing in this Indenture shall impair
the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with
such direction or directions by Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.10.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Waiver
of Past Defaults</I>. Prior to the declaration of the acceleration of the maturity of the Securities of any Series&nbsp;as provided
in Section&nbsp;5.01, the Holders of a majority in aggregate principal amount of the Securities of such Series&nbsp;at the time
Outstanding may, on behalf of the Holders of all the Securities of such Series&nbsp;and Holders of all Coupons, if any, appertaining
thereto waive any past default hereunder or its consequences, except a default in the payment of principal or interest on any
of the Securities of such Series. In the case of any such waiver, the Company, the Trustee, the Holders of the Securities of such
Series&nbsp;and the Holders of any Coupons appertaining thereto shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any such waiver, such default shall
cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be
deemed to have been cured and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.11.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Trustee
to Give Notice of Default, But May&nbsp;Withhold in Certain Circumstances<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</FONT></I>The Trustee shall transmit to the Securityholders of any Series&nbsp;notice, in the manner and to the extent provided
in Section&nbsp;313(c)&nbsp;of the Trust Indenture Act, of all defaults which have occurred with respect to such Series, such
notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving
of such notice (the term &ldquo;<B>default</B>&rdquo; or &ldquo;<B>defaults</B>&rdquo; for the purposes of this Section&nbsp;5.11
and Section&nbsp;6.02(h)&nbsp;being hereby defined to mean any event or condition which is, or with notice or lapse of time or
both would become, an Event of Default); <U>provided</U> that, except in the case of default in the payment of the principal of
or interest on any of the Securities of such Series&nbsp;or any default in the payment of any sinking fund installment or analogous
obligation in respect of any of the Securities of such Series, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, executive committee or a trust committee of Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the Securityholders of such Series. In the case of any default
of the character specified in Section&nbsp;5.01(c)&nbsp;with respect to Securities of such Series, no such notice to Holders shall
be given until at least 30 days after the occurrence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;5.12.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Right
of Court to Require Filing of Undertaking to Pay Costs.</I> All parties to this Indenture agree, and each Holder of any Security
and each Holder of any Coupon, by such Holder&rsquo;s acceptance thereof, shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo;
fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section&nbsp;5.12 shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Securityholder or group of Securityholders of any Series&nbsp;holding in the aggregate more than
10% in aggregate principal amount of the Securities of such Series, or to any suit instituted by any Securityholder for the enforcement
of the payment of the principal of or interest on any Security on or after the due date expressed in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;6</U></B></FONT><B><BR>
CONCERNING THE TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.01.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Duties
and Responsibilities of the Trustee; During Default; Prior to Default</I>. With respect to the Holders of any Series&nbsp;of Securities
issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular Series&nbsp;and
after the curing or waiving of all Events of Default which may have occurred with respect to such Series, undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to
the Securities of a Series&nbsp;has occurred (which has not been cured or waived) of which a Responsible Officer has actual knowledge,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise, as a prudent individual would exercise or use under the circumstances in the conduct of such individual&rsquo;s
own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
to the occurrence of an Event of Default with respect to the Securities of any Series&nbsp;and after the curing or waiving of
all such Events of Default with respect to such Series&nbsp;which may have occurred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
duties and obligations of the Trustee with respect to the Securities of any Series&nbsp;shall be determined solely by the express
provisions of this Indenture, and the Trustee need only perform such duties and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any
provision are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless
it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders pursuant to Section&nbsp;5.09 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that
the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the conditions of this Section&nbsp;6.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Certain
Rights of the Trustee</I>. Subject to Section&nbsp;6.01:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may conclusively rely and shall be protected with respect to any actions or omissions conducted in reliance upon any Company
Board Resolution, Company Officers&rsquo; Certificate, Exchange Rate Officers&rsquo; Certificate, Company Order, certificate pursuant
to Section&nbsp;4.03(a)(iv)&nbsp;or any other certificate, statement, instrument, opinion, report, notice, request, consent, order,
bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Officers&rsquo;
Certificate (unless other evidence in respect thereof be herein specifically prescribed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may consult with counsel of its selection and any 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 to be taken by it hereunder in good faith and
in accordance with such advice or Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred
therein or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within
the discretion, rights or powers conferred upon it by this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the occurrence of any Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall
not be bound to make any investigation into the facts or matters stated in any Company Board Resolution, Company Officers&rsquo;
Certificate, Exchange Rate Officers&rsquo; Certificate, certificate pursuant to Section&nbsp;4.03(a)(iv), Company Order or any
other certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture,
note, coupon, security or other paper or document unless requested in writing to do so by the Holders of not less than a majority
in aggregate principal amount of the Securities of all Series&nbsp;affected then Outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys not regularly in its employ, and the Trustee shall not be responsible for any misconduct or negligence on the part
of any such agent or attorney appointed with due care by it hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be deemed to have notice of any default or Event of Default (other than any Event of Default under Section&nbsp;5.01(a)&nbsp;or
5.01(b)) unless a Responsible Officer has actual knowledge thereof or unless written notice of such default or Event of Default
is received by the Trustee at the Corporate Trust Office of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may request that the Company deliver a Company Officers&rsquo; Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Trustee
Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof</I>. The recitals contained herein
and in the Securities, except the Trustee&rsquo;s certificate of authentication, shall be taken as the statements of the Company,
and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity
or sufficiency of this Indenture or of any Securities or Coupons. The Trustee represents that it is duly authorized to execute
and deliver this Indenture and perform its obligations hereunder. The Trustee shall not be accountable for the use or application
by the Company of any of the Securities or of the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Trustee
and Agents May&nbsp;Hold Securities; Collections, etc</I>. The Trustee, any Paying Agent, any Security registrar or any agent
of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons
with the same rights it would have if it were not serving in such capacity and, subject to Sections 6.08 and 6.13, if operative,
may otherwise deal with the Company and receive, collect, hold and retain collections from the Company with the same rights it
would have if it were not serving in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.05.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Moneys
Held by Trustee</I>. Subject to the provisions of Section&nbsp;10.04, all moneys received by the Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other
funds except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of the Company or the Trustee
shall be under any liability for interest on any moneys received by it hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.06.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Compensation
and Indemnification of Trustee and Its Prior Claim</I>. The Company covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation as shall be agreed in writing between the Company and the Trustee in Dollars
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Company
covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request in Dollars for all reasonable
expenses, disbursements and advances actually incurred or made by or on behalf of it in accordance with any of the provisions
of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and
other persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its fraud, negligence
or bad faith. The Company also covenants to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against,
any and all losses, liabilities, damages, claims and expenses, including taxes (other than taxes based on the income of the Trustee),
actually incurred without fraud, negligence or bad faith on its part, arising out of or in connection with the acceptance or administration
of this Indenture or the trusts hereunder and its duties hereunder, including the reasonable costs and expenses of defending itself
against or investigating any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection
with the exercise or performance of any of its powers or duties hereunder. The obligations of the Company under this Section&nbsp;6.06
to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor
Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive
the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. Such additional indebtedness shall
be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of the Holders of particular Securities or the Holders of particular Coupons, and the Securities
are hereby subordinated to such senior claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in clause (d)&nbsp;of Section&nbsp;5.01, the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable federal or state bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.07.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Right
of Trustee to Rely on Officers&rsquo; Certificate, etc</I>. Subject to Sections 6.01 and 6.02, whenever in the administration
of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior
to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of fraud, negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved
and established by a Company Officers&rsquo; Certificate delivered to the Trustee, and such Company Officers&rsquo; Certificate,
in the absence of fraud, negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted by it or under the provisions of this Indenture upon the faith thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.08.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Disqualification
of Trustee; Conflicting Interests</I>. If the Trustee for the Securities of any Series&nbsp;has or shall acquire any conflicting
interest, as defined in the Trust Indenture Act, the Trustee shall, within 90 days after ascertaining that it has such conflicting
interest, and if the default (as defined in the Trust Indenture Act) to which such conflicting interest relates has not been cured
or waived or otherwise eliminated before the end of such 90-day period, either eliminate such conflicting interest or resign in
the manner and with the effect specified in the Trust Indenture Act and this Indenture. If the Trustee does not eliminate such
conflicting interest or resign, then, within 10 days of the expiration of such 90-day period, the Trustee shall transmit notice
of its failure to do so to each Holder in the manner and to the extent provided in Section&nbsp;313(c)&nbsp;of the Trust Indenture
Act. Further, if the Trustee does not so resign, each holder of the Securities of any Series&nbsp;for which such Trustee acts
as trustee shall have the rights provided under, and subject to the limitations set forth in, Section&nbsp;310(b)(iii)&nbsp;of
the Trust Indenture Act. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting
interest by virtue of being a trustee under this Indenture with respect to Securities of more than one Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.09.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Persons
Eligible for Appointment as Trustee</I>. The Trustee for each Series&nbsp;of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state or the District of Columbia having
a combined capital and surplus of at least $100,000,000 and which is authorized under such laws to exercise corporate trust powers
and is subject to supervision or examination by federal, state or District of Columbia authority and which has a Corporate Trust
Office in any state of the United States of America. If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section&nbsp;6.09,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section&nbsp;6.09, the Trustee shall resign immediately in the manner and with the effect specified in Section&nbsp;6.10.
Neither the Company nor any other obligor upon the Securities shall serve as the Trustee pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.10.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Resignation
and Removal; Appointment of Successor Trustee</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
resignation or removal of the Trustee and no appointment of a successor trustee pursuant to this Article&nbsp;shall become effective
until acceptance of such appointment by the successor trustee in accordance with Section&nbsp;6.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all Series&nbsp;of
Securities by giving written notice of resignation to the Company and by mailing notice thereof to the Holders in the manner and
to the extent provided in Section&nbsp;14.04. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee or trustees with respect to the applicable Series&nbsp;by written instrument in duplicate, authorized by a Company
Board Resolution and executed by the Company, one copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any Series&nbsp;and
have accepted appointment within 60 days after the mailing of such notice of resignation, the resigning Trustee may petition,
at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder
who has been a bona fide Holder of a Security or Securities of the applicable Series&nbsp;for at least six months may, subject
to the provisions of Section&nbsp;5.12, on behalf of himself and all others similarly situated, petition any such court for the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time any of the following shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall fail to comply with the provisions of Section&nbsp;6.08 with respect to any Series&nbsp;of Securities after written
request therefor by the Company pursuant to a Company Order or by any Securityholder who has been a bona fide Holder of a Security
or Securities of such Series&nbsp;for at least six months unless the Trustee&rsquo;s duty to resign is stayed in accordance with
the provisions of Section&nbsp;310(b)&nbsp;of the Trust Indenture Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall cease to be eligible in accordance with the provisions of Section&nbsp;6.09 and shall fail to resign upon written
request by the Company pursuant to a Company Order or by any Securityholder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall become incapable of acting with respect to any Series&nbsp;of the Securities, or shall be adjudged a bankrupt or
insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">then, in any such case, the Company may
remove the Trustee with respect to the applicable Series&nbsp;of Securities and appoint a successor trustee for such Series&nbsp;by
written instrument, in duplicate, authorized by a Company Board Resolution and executed by the Company, one copy of which instrument
shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section&nbsp;5.12,
any Securityholder who has been a bona fide Holder of a Security or Securities of such Series&nbsp;for at least six months may
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor trustee with respect to such Series. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holders of a majority in aggregate principal amount of the Securities of each Series&nbsp;at the time Outstanding may at any time
remove the Trustee with respect to Securities of such Series&nbsp;and appoint a successor trustee with respect to the Securities
of such Series&nbsp;by delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence
provided for in Section&nbsp;7.01 of the action in that regard taken by the Securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If no successor trustee shall have been
appointed with respect to such Series&nbsp;within 30 days after the mailing of such notice of removal, the Trustee being removed
may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee with
respect to the Securities of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
resignation or removal of the Trustee with respect to any Series&nbsp;and any appointment of a successor trustee with respect
to such Series&nbsp;pursuant to any of the provisions of this Section&nbsp;6.10 shall become effective upon acceptance of appointment
by the successor trustee as provided in Section&nbsp;6.11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.11.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Acceptance
of Appointment by Successor Trustee</I>. Any successor trustee appointed as provided in Section&nbsp;6.10 shall execute and deliver
to the Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor Trustee with respect to all or any applicable Series&nbsp;shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with
respect to such Series&nbsp;of its predecessor hereunder, with like effect as if originally named as trustee for such Series&nbsp;hereunder;
but, nevertheless, on the written request of the Company pursuant to a Company Order or of the successor trustee, upon payment
of its charges then unpaid, the trustee ceasing to act shall pay over to the successor trustee all moneys at the time held by
it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties
and obligations. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for
more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to
act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts
then due it pursuant to the provisions of Section&nbsp;6.06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a successor trustee is appointed with
respect to the Securities of one or more (but not all) Series, the Company, the predecessor Trustee and each successor trustee
with respect to the Securities of any applicable Series&nbsp;shall execute and deliver an indenture supplemental hereto which
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the predecessor Trustee with respect to the Securities of any Series&nbsp;as to which the predecessor Trustee is not retiring
shall continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such trustees co-trustees of the same trust
and that each such trustee shall be trustee of a trust or trusts under separate indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No successor trustee with respect to any
Series&nbsp;of Securities shall accept appointment as provided in this Section&nbsp;6.11 unless at the time of such acceptance
such successor trustee shall be qualified under the provisions of Section&nbsp;6.08 and eligible under the provisions of Section&nbsp;6.09.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon acceptance of appointment by any successor
trustee as provided in this Section&nbsp;6.11, the Company shall give notice in the manner and to the extent provided in Section&nbsp;14.04
to the Holders of Securities of any Series&nbsp;for which such successor trustee is acting as trustee at their last addresses
as they shall appear in the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation,
then the notice called for by the preceding sentence may be combined with any notice called for by Section&nbsp;6.10. If the Company
fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be mailed at the expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.12.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Merger,
Conversion, Consolidation or Succession to Business of Trustee</I>. Any entity into which the Trustee may be merged or converted
or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any entity succeeding to all or substantially all the corporate trust business of the Trustee, shall become
the successor trustee hereunder; <U>provided</U> that such entity shall be qualified under the provisions of Section&nbsp;6.08
and eligible under the provisions of Section&nbsp;6.09, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary notwithstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at the time such successor trustee
shall succeed to the trusts created by this Indenture any of the Securities of any Series&nbsp;shall have been authenticated but
not delivered, any such successor trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such
Securities so authenticated; and, in case at that time any of the Securities of any Series&nbsp;shall not have been authenticated,
any successor trustee may authenticate such Securities either in the name of any predecessor Trustee hereunder or in the name
of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities
of such Series&nbsp;or in this Indenture provided that the certificate of the Trustee shall have; <U>provided</U> that the right
to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities of any Series&nbsp;in the
name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;6.13.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Preferential
Collection of Claims Against the Company</I>. If and when the Trustee shall be or become a creditor, directly or indirectly, secured
or unsecured, of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the
Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;7</U></B></FONT><B><BR>
CONCERNING THE SECURITYHOLDERS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;7.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Evidence
of Action Taken by Securityholders</I>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by a specified percentage in principal amount of the Securityholders of any or all Series&nbsp;may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 6.01 and 6.02) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this Article.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership of Registered Securities shall be proved by the Security register.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of Unregistered Securities held by any Person executing any instrument or writing as a Securityholder, the numbers of such
Unregistered Securities and the date of such Person&rsquo;s holding the same may be proved by the production of such Securities
or by a certificate executed by any trust company, bank, broker or member of a national securities exchange (wherever situated),
as depositary, if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person
had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described; or such facts may be proved
by the certificate or affidavit of the Person executing such instrument or writing as a Securityholder, if such certificate or
affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume that such ownership of any Unregistered
Security continues until (i)&nbsp;another certificate or affidavit bearing a later date issued in respect of the same Unregistered
Security is produced, or (ii)&nbsp;such Unregistered Security is produced by some other Person, or (iii)&nbsp;such Unregistered
Security is surrendered in exchange for a Registered Security, or (iv)&nbsp;such Unregistered Security has been cancelled in accordance
with Section&nbsp;2.10.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;7.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Proof
of Execution of Instruments</I>. Subject to Sections 6.01 and 6.02, the execution of any instrument by a Securityholder or his
agent or proxy may be proved in accordance with such reasonable rules&nbsp;and regulations as may be prescribed by the Trustee
or in such manner as shall be satisfactory to the Trustee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;7.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Holders
to Be Treated as Owners</I>. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Person
in whose name any Security shall be registered upon the Security register for such Series&nbsp;as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the
purpose of receiving payment of or on account of the principal of and interest on such Security and for all other purposes; and
none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by any notice to the contrary. All
such payments so made to any such Person, or upon such Person&rsquo;s order, shall be valid, and, to the extent of the sum or
sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;7.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Securities
Owned by Company Deemed Not Outstanding</I>. In determining whether the Holders of the requisite aggregate principal amount of
Outstanding Securities of any or all Series&nbsp;have concurred in any direction, consent or waiver under this Indenture or whether
a quorum is present at a meeting of Holders of Securities, Securities that are owned by the Company or any other obligor on the
Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any other obligor on the Securities with respect to which such
determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except
that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver,
and for the purpose of determining the presence of a quorum, only Securities which a Responsible Officer actually knows are so
owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right so to act with respect to such Securities and
that the pledgee is not the Company or other obligor on such Securities or any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any other obligor on such Securities. In case of a dispute as
to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with
such advice. Upon request of the Trustee, the Company shall furnish to the Trustee promptly a Company Officers&rsquo; Certificate
listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described
Persons; and, subject to Sections 6.01 and 6.02, the Trustee shall be entitled to accept such Company Officers&rsquo; Certificate
as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for
the purpose of any such determination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;7.05.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Right
of Revocation of Action Taken</I>. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section&nbsp;7.01,
of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series,
as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of
which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to
such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article,
revoke such action so far as it concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security
shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities
issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such
Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series,
as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Company,
the Trustee and the Holders of all the Securities affected by such action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;7.06.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Record
Date for Determination of Holders Entitled to Vote</I>. The Company may, in the circumstances permitted by the Trust Indenture
Act, set a record date for the purpose of determining the Securityholders entitled to give or take any request, demand, authorization,
direction, notice, consent, waiver or other action, or to vote on any action authorized or permitted to be given or taken by Securityholders.
If not set by the Company prior to the first solicitation of a Securityholder made by any Person in respect of any such action,
or, in the case of any such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if
later, the date of the most recent list of Holders required to be provided pursuant to Section&nbsp;4.01) prior to such first
solicitation or vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly appointed
proxies) shall be entitled to give or take, or vote on, the relevant action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;8</U></B></FONT><B><BR>
SUPPLEMENTAL INDENTURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;8.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Supplemental
Indentures Without Consent of Securityholders</I>. The Company, when authorized by a Company Board Resolution, and the Trustee
for the Securities of any or all Series&nbsp;may, from time to time and at any time, enter into one or more indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in
form satisfactory to such Trustee, for one or more of the following purposes:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence the succession of another entity to the Company or successive successions, and the assumption by such entity of the covenants,
agreements and obligations of the Company herein and in the Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to the Events of Default such further Events of Default for the protection of the Holders of Securities of any or all Series&nbsp;(and,
if such Events of Default are to be for the benefit of less than all the Series&nbsp;of Securities stating that such Events of
Default are being added solely for the benefit of one or more particular Series); <U>provided</U>, that, in respect of any such
additional Events of Default, such supplemental indenture may provide for a particular period of grace after default (which period
may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such
an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the rights of
the Holders of the applicable Securities upon such an Event of Default;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to the covenants of the Company such further covenants for the protection of the Holders of Securities of any or all Series&nbsp;(and,
if such additional covenants are to be for the benefit of less than all the Series&nbsp;of Securities stating that such covenants
are being added solely for the benefit of one or more particular Series), or to surrender any right or power herein conferred
upon the Company with regard to all or any Securities of any or all Series&nbsp;(and, if such surrender is to be for the benefit
of less than all the Series&nbsp;of Securities stating that such surrender is being added solely for the benefit of one or more
particular Series);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in
regard to matters or questions arising under this Indenture or under any supplemental indenture as the Company Board of Directors
may deem necessary or desirable and which shall not materially and adversely affect the interests of the Holders of the Securities
or the Holders of any Coupons;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
establish the form, terms and conditions of Securities of any Series&nbsp;and the Coupons, if any, as permitted by Sections 2.01
and 2.03;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one
or more Series&nbsp;and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than the one Trustee, pursuant to the requirements of Section&nbsp;6.11;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
delete, modify or add provisions of this Indenture; <U>provided</U> that, except as otherwise contemplated by Section&nbsp;2.03,
such deletion, modification or addition does not apply to any Outstanding Security created prior to the date of such supplemental
indenture;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
secure, or, if applicable, provide additional security for, any Securities and to provide for matters relating thereto, and to
provide for the release of any collateral as security for any Securities; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
amend or supplement any provision contained herein, which was required to be contained herein in order for this Indenture to be
qualified under the Trust Indenture Act, if the Trust Indenture Act or regulations thereunder change what is so required to be
included in qualified indentures, in any manner not inconsistent with what then may be required for such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee is hereby authorized to join
with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept collateral thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any supplemental indenture authorized by
the provisions of this Section&nbsp;8.01 may be executed without the consent of the Holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section&nbsp;8.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;8.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Supplemental
Indentures With Consent of Securityholders</I>. With the consent (evidenced as provided in Article&nbsp;7) of the Holders of not
less than a majority in aggregate principal amount of the Securities at the time Outstanding of each Series&nbsp;affected by such
supplemental indenture (treated as one class), the Company, when authorized by a Company Board Resolution, and the Trustee may,
from time to time and at any time, enter into an indenture or indentures supplemental hereto (which shall conform to the provisions
of the Trust Indenture Act as in force at the date of execution thereof) 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 Holders of the Securities of each such Series; <U>provided</U>, that the following modifications and amendments
will not be effective against any Holder without such Holder&rsquo;s consent: (a)&nbsp;a change in the stated maturity date of
any payment of principal or interest; (b)&nbsp;a reduction in the principal amount of, or interest on, any Security; (c)&nbsp;an
alteration or impairment of the right to convert at the rate or upon the terms provided in the Indenture; (d)&nbsp;a change in
the Currency in which any payment on the Securities is payable; (e)&nbsp;an impairment of a Holder&rsquo;s right to sue the Company
for the enforcement of payments due on the Securities; or (f)&nbsp;a reduction in the percentage of Outstanding Securities required
to consent to a modification or amendment of the Indenture or required to consent to a waiver of compliance with certain provisions
of the Indenture or certain defaults under the Indenture.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon request by the Company pursuant to
a Company Order, accompanied by a copy of a Company Board Resolution authorizing the execution of any such supplemental indenture,
and upon the filing with the Trustee for such Series&nbsp;of Securities of evidence of the consent of Securityholders as aforesaid
and other documents, if any, required by Section&nbsp;7.01, the Trustee for such Series&nbsp;of Securities shall join with the
Company in the execution of such supplemental indenture unless such supplemental indenture affects such Trustee&rsquo;s own rights,
duties or immunities under this Indenture or otherwise, in which case such Trustee may in its discretion, but shall not be obligated
to, enter into such supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It shall not be necessary for the consent
of the Securityholders under this Section&nbsp;8.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such consent shall approve the substance thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Section&nbsp;8.02, the Company shall give notice
in the manner and to the extent provided in Section&nbsp;14.04 to the Holders of Securities of each Series&nbsp;affected thereby
at their addresses as they shall appear on the Securities register of the Company, setting forth in general terms the substance
of such supplemental indenture. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purposes of this Section&nbsp;8.02
only, if the Securities of any Series&nbsp;are issuable upon the exercise of warrants, each holder of an unexercised and unexpired
warrant with respect to such Series&nbsp;shall be deemed to be a Holder of Outstanding Securities of such Series&nbsp;in the amount
issuable upon the exercise of such warrant. For such purposes, the ownership of any such warrant shall be determined by the Company
in a manner consistent with customary commercial practices. The Trustee for such Series&nbsp;shall be entitled to rely on a Company
Officers&rsquo; Certificate as to the principal amount of Securities of such Series&nbsp;in respect of which consents shall have
been executed by holders of such warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;8.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Effect
of Supplemental Indenture</I>. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the Holders of Securities of each Series&nbsp;and Holders
of Coupons affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;8.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Documents
to Be Given to Trustee</I>. The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive a Company Officers&rsquo;
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article&nbsp;8
complies with the applicable provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;8.05.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notation
on Securities in Respect of Supplemental Indentures</I>. Securities of any Series&nbsp;(including any Coupons appertaining thereto),
authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article&nbsp;may
bear, upon the direction of the Company, a notation in form satisfactory to the Trustee for the Securities of such Series&nbsp;as
to any matter provided for by such supplemental indenture or as to any action taken at any such meeting. If the Company or the
Trustee shall so determine, new Securities of any Series&nbsp;(including any Coupons appertaining thereto), so modified as to
conform, in the opinion of the Trustee and the Company to any modification of this Indenture contained in any such supplemental
indenture may be prepared and executed by the Company, authenticated by the Trustee and delivered in exchange for the Securities
of such Series&nbsp;then Outstanding. Failure to make the appropriate notation or issue a new Security will not affect the validity
and effect of such amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;9</U></B></FONT><B><BR>
CONSOLIDATION, MERGER, SALE OR CONVEYANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;9.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Company
May&nbsp;Consolidate,&nbsp;etc., on Certain Terms</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into
any other entity or entities (whether or not affiliated with the Company), or successive consolidations or mergers in which the
Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance or lease of all or substantially
all the property of the Company to any other entity (whether or not affiliated with the Company) authorized to acquire and operate
the same; <U>provided</U>, that in any such case: (i)&nbsp;either the Company shall be the surviving or continuing entity or the
resulting or acquiring entity, if other than the Company, is organized and existing under the laws of a United States jurisdiction
and assumes all of the Company&rsquo;s responsibilities and liabilities under the Indenture, including the payment of all amounts
due on the Securities and performance of the covenants in the Indenture; (ii)&nbsp;immediately after the transaction, and giving
effect to the transaction, no Event of Default under the Indenture exists; and (iii)&nbsp;the Company has delivered to the Trustee
a Company Officers&rsquo; Certificate stating that the transaction and, if a supplemental indenture is required in connection
with the transaction, the supplemental indenture comply with the Indenture and that all conditions precedent to the transaction
contained in the Indenture have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company consolidates or merges with or into any other entity or sells or leases all or substantially all of the Company&rsquo;s
assets in compliance with the terms and conditions of this Indenture, the resulting or acquiring entity will be substituted for
the Company in this Indenture and the Securities with the same effect as if such entity had been an original party to this Indenture
and the Securities. As a result, such successor entity may exercise the Company&rsquo;s rights and powers under the Indenture
and the Securities, in the Company&rsquo;s name and, except in the case of a lease, the Company will be released from all its
liabilities and obligations under the Indenture and under the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions, the Company may transfer all of its property and assets to another entity if, immediately after giving
effect to the transfer, such entity is a Wholly Owned Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;9.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Successor
Corporation Substituted</I>. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by
the successor entity, such successor entity shall succeed to and be substituted for the Company, with the same effect as if it
had been named herein. Such successor entity may cause to be signed, and may issue either in its own name or in the name of the
Company prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee; and, upon the order of such successor entity instead of the Company and subject to
all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities
and Coupons, if any, appertaining thereto which previously shall have been signed and delivered by the officers of the Company
to the Trustee for authentication, and any Securities which such successor entity thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All of the Securities and Coupons, if any, appertaining thereto so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities and Coupons, if any, appertaining thereto theretofore
or thereafter issued in accordance with the terms of this Indenture as though all of such Securities and Coupons, if any, appertaining
thereto had been issued at the date of the execution hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger,
sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in the Securities and Coupons,
if any, appertaining thereto thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any such sale or conveyance
(other than a conveyance by way of lease) by the Company or any successor entity which shall theretofore have become such in the
manner described in this Article&nbsp;9, the Company or such successor entity, as applicable, shall be discharged from all obligations
and covenants under this Indenture and the Securities and may be liquidated and dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;9.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Opinion
of Counsel to Trustee</I>. The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive an Opinion of Counsel,
prepared in accordance with Section&nbsp;14.05, as conclusive evidence that any such consolidation, merger, sale, lease or conveyance,
any such assumption, any such supplemental indenture, or any such liquidation or dissolution, complies with the applicable provisions
of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;10</U></B></FONT><B><BR>
SATISFACTION AND DISCHARGE; DEFEASANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;10.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Satisfaction
and Discharge of Indenture</I>. If at any time (a)&nbsp;the Company shall have paid or caused to be paid the principal of and
interest on all the Securities of any Series&nbsp;and Coupons, if any, appertaining thereto Outstanding hereunder (other than
Securities and Coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section&nbsp;2.09)
as and when the same shall have become due and payable, or (b)&nbsp;the Company shall have delivered to the Trustee for cancellation
all Securities of any Series&nbsp;and Coupons, if any, appertaining thereto theretofore authenticated (other than any Securities
of such Series&nbsp;and Coupons which have been destroyed, lost or stolen and which shall have been replaced or paid as provided
in Section&nbsp;2.09) or (c)&nbsp;(i)&nbsp;all the Securities of such Series&nbsp;and Coupons, if any, appertaining thereto not
theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and
payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption and (ii)&nbsp;the Company shall have irrevocably deposited or caused to be deposited with the
Trustee as trust funds the entire amount in the Currency required and/or the required Government Obligations maturing as to principal
and interest in such amounts and at such times as will, in aggregate, ensure the availability of cash sufficient, in the opinion
of a firm of independent certified public accountants, to pay at maturity or upon redemption all Securities of such Series&nbsp;and
Coupons, if any, appertaining thereto (other than any Securities of such Series&nbsp;and Coupons, if any, appertaining thereto
which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section&nbsp;2.09) not
theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due to such date of maturity
as the case may be, and if, in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder
by the Company with respect to Securities of such Series&nbsp;and Coupons, if any, appertaining thereto, then this Indenture shall
cease to be of further effect with respect to Securities of such Series&nbsp;and Coupons, if any, appertaining thereto (except
as to (A)&nbsp;rights of registration of transfer and exchange, and the Company&rsquo;s right of optional redemption, (B)&nbsp;substitution
of mutilated, defaced, destroyed, lost or stolen Securities and Coupons, (C)&nbsp;rights of Holders to receive payments of principal
thereof and interest thereon upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the
Holders to receive mandatory sinking fund payments, if any, (D)&nbsp;the rights, obligations and immunities of the Trustee hereunder,
and (E)&nbsp;the rights of the Securityholders of such Series&nbsp;as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them), and, subject to Section&nbsp;10.06, the Trustee, upon request by the Company
pursuant to a Company Order accompanied by a Company Officers&rsquo; Certificate and an Opinion of Counsel, shall execute proper
instruments acknowledging such satisfaction and discharge of this Indenture with respect to Securities of such Series&nbsp;and
Coupons, if any, appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;10.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Defeasance
and Covenant Defeasance</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified pursuant to Section&nbsp;2.03, the Securities of any Series&nbsp;shall be subject to defeasance pursuant to
Section&nbsp;10.02(b)&nbsp;or covenant defeasance pursuant to Section&nbsp;10.02(c), in accordance with any applicable requirements
specified pursuant to Section&nbsp;2.03 and upon compliance with the conditions set forth below in Section&nbsp;10.02(d). The
Company may elect, at its option, at any time, to have Section&nbsp;10.02(b)&nbsp;or Section&nbsp;10.02(c)&nbsp;applied to any
Securities of any Series&nbsp;so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Company
Board Resolution or in another manner specified as contemplated by Section&nbsp;2.03 for such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the Company&rsquo;s exercise of its option, if any, to have this Section&nbsp;10.02(b)&nbsp;applied to any Securities of any Series,
on and after the date the conditions set forth in Section&nbsp;10.02(d)&nbsp;are satisfied, the Company shall be deemed to have
satisfied and discharged the entire indebtedness represented by such Securities and Coupons, if any, appertaining thereto and
to have satisfied and discharged all of its other obligations under such Securities and Coupons, if any, appertaining thereto
and this Indenture, insofar as such Securities and Coupons are concerned (&ldquo;<B>Defeasance</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to compliance with this Section&nbsp;10.02,
the Company may exercise its option, if any, to have this Section&nbsp;10.02(b)&nbsp;applied to any Securities notwithstanding
the prior exercise of its option, if any, to have Section&nbsp;10.02(c)&nbsp;applied to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with Defeasance with respect
to any Securities of any Series, the irrevocable trust agreement contemplated by Section&nbsp;10.02(d)&nbsp;shall include, among
other things, provision for (i)&nbsp;payment of the principal of and interest on such Securities and Coupons, if any, appertaining
thereto when due (by redemption, sinking fund payments or otherwise), (ii)&nbsp;the payment of the expenses of the Trustee incurred
or to be incurred in connection with carrying out such trust provisions, (iii)&nbsp;rights of registration, transfer, substitution
and exchange of such Securities and Coupons, if any, appertaining thereto in accordance with the terms stated in this Indenture,
and (iv)&nbsp;continuation of the rights, obligations and immunities of the Trustee as against the Holders of such Securities
as stated in this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section&nbsp;10.06, the Trustee,
upon request of the Company pursuant to a Company Order accompanied by a Company Officers&rsquo; Certificate and Opinion of Counsel,
shall execute proper instruments acknowledging any satisfaction and discharge pursuant to this Section&nbsp;10.02(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the Company&rsquo;s exercise of its option, if any, to have this Section&nbsp;10.02(c)&nbsp;applied to any Securities of any Series,
on and after the date the conditions set forth in Section&nbsp;10.02(d)&nbsp;are satisfied (i)&nbsp;the Company shall be released
from such of its obligations and covenants established pursuant to Section&nbsp;2.03 for the benefit of the Holders of such Securities
as are specified in the Company Board Resolutions or supplemental indenture establishing such obligations and covenants, and (ii)&nbsp;the
occurrence of any event contemplated by Section&nbsp;5.01(c)&nbsp;with respect to such of its obligations and covenants established
pursuant to Section&nbsp;2.03 for the benefit of the Holders of such Securities as are specified in the Company Board Resolutions
or supplemental indenture establishing such obligations and covenants or by Section&nbsp;5.01(e)&nbsp;to the extent specified
in the Company Board Resolutions or supplemental indenture establishing such event as an Event of Default shall be deemed not
to be or result in an Event of Default, in each case with respect to such Securities (&ldquo;<B>Covenant Defeasance</B>&rdquo;).
Upon the effectiveness of Covenant Defeasance with respect to any Securities of any Series, with respect to such Securities, the
Company may omit to comply with and shall have no liability in respect of any of the Company&rsquo;s obligations and covenants
established pursuant to Section&nbsp;2.03 for the benefit of the Holders of such Securities as are specified in the Company Board
Resolutions or supplemental indenture establishing such obligations and covenants, whether directly or indirectly by reason of
any reference elsewhere herein to any such obligation or covenant or by reason of any reference in any such obligation or covenant
to any other provision herein or in any other document, but, except as provided in the immediately preceding sentence, the remainder
of this Indenture and such Securities of such Series&nbsp;and Coupons, if any, appertaining thereto shall be unaffected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following shall be the conditions to the application of Section&nbsp;10.02(b)&nbsp;or Section&nbsp;10.02(c)&nbsp;to any Securities
of any Series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have irrevocably deposited or caused to be deposited with the Trustee at its Corporate Trust Office or such other
office as the Trustee may designate, under the terms of an irrevocable trust agreement in form and substance satisfactory to the
Trustee, as trust funds in trust solely for the benefit of the Holders of Securities of such Series&nbsp;and Coupons, if any,
appertaining thereto, (A)&nbsp;immediately available funds in the Currency required and/or (B)&nbsp;the required Government Obligations
maturing as to principal and interest in such amounts and at such times as are sufficient, in the opinion of a firm of independent
certified public accountants, without consideration of any reinvestment of such principal or interest, to pay the principal of
and interest in the Currency required on the Outstanding Securities of such Series&nbsp;and Coupons, if any, appertaining thereto
to maturity or redemption, as the case may be; <U>provided</U> that the Trustee shall have been irrevocably instructed to apply
such money or the proceeds of such Government Obligations to the payment of said principal of and interest on the Outstanding
Securities of such Series&nbsp;and Coupons, if any, appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of an election to have Section&nbsp;10.02(b)&nbsp;apply to any Securities of any Series, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities and Coupons, if any, appertaining thereto
will not recognize income, gain or loss for federal income tax purposes as a result of the Defeasance to be effected with respect
to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would
be the case if such Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of an election to have Section&nbsp;10.02(c)&nbsp;apply to any Securities of any Series, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities and Coupons, if any, appertaining thereto
will not recognize income, gain or loss for federal income tax purposes as a result of the Covenant Defeasance to be effected
with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same
times as would be the case if such Covenant Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;10.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Application
by Trustee of Funds Deposited for Payment of Securities</I>. Subject to Section&nbsp;10.05, all moneys deposited with the Trustee
pursuant to this Article&nbsp;10 shall be held in trust and applied by it to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent), to the Holders of the particular Securities of such Series&nbsp;and
Coupons, if any, appertaining thereto for the payment or redemption of which such moneys have been deposited with the Trustee,
of all sums due and to become due thereon for principal and interest, but such money need not be segregated from other funds except
to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;10.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Repayment
of Moneys Held by Paying Agent</I>. In connection with the satisfaction and discharge of this Indenture with respect to Securities
of any Series&nbsp;or Coupons, if any, appertaining thereto, all moneys then held by any Paying Agent under the provisions of
this Indenture with respect to such Series&nbsp;of Securities or Coupons, if any, appertaining thereto, shall, upon a Company
Order, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with
respect to such moneys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;10.05.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Return
of Unclaimed Moneys Held by Trustee and Paying Agent</I>. Anything in this Article&nbsp;10 to the contrary notwithstanding, any
moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Security
of any Series&nbsp;or Coupons, if any, appertaining thereto and not applied but remaining unclaimed for two years after the date
upon which such principal or interest shall have become due and payable, shall, upon direction by the Company pursuant to a Company
Order unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid
to the Company by the Trustee for such Series&nbsp;or such Paying Agent, and the Holder of the Security of such Series&nbsp;or
Holders of Coupons appertaining thereto shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned
or unclaimed property laws, thereafter look only to the Company for any payment which such Holder may be entitled to collect,
and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;10.06.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Reinstatement
of Obligations</I>. If the Trustee is unable to apply any funds or Government Obligations in accordance with this Article&nbsp;10
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 or by reason of the Trustee&rsquo;s inability to convert any such funds or Government
Obligations into the Currency required to be paid with respect to any Securities of any Series&nbsp;and Coupons, if any, appertaining
thereto, the obligations of the Company under this Indenture and the Securities and Coupons for which such application is prohibited
shall be revived and reinstated as if no deposit had occurred pursuant to this Article&nbsp;10 until such time as the Trustee
is permitted to apply all such funds or Government Obligations in accordance with this Article&nbsp;10 or is able to convert all
such funds or Government Obligations; <U>provided</U>, <U>however</U>, that, if the Company has made any payment of interest on
or principal of any of such Securities or Coupons because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities or Coupons to receive such payment from the funds or Government Obligations held
by the Trustee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;11</U></B></FONT><B><BR>
REDEMPTION OF SECURITIES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;11.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notice
of Redemption; Partial Redemptions</I>. Notice of redemption to the Holders of Securities of any Series&nbsp;to be redeemed as
a whole or in part at the option of the Company shall be given by giving notice of such redemption as provided in Section&nbsp;14.04,
at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such Series.
Failure to give notice by mail to the Holder of any Security of a Series&nbsp;designated for redemption as a whole or in part,
or any defect in such notice, shall not affect the validity of the proceedings for the redemption of any other Security of such
Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The notice of redemption to each such Holder
shall identify the Securities to be redeemed (including &ldquo;CUSIP&rdquo; or &ldquo;ISIN&rdquo; numbers, if any), specify the
date fixed for redemption, the redemption price, each Place of Payment, that payment will be made upon presentation and surrender
of such Securities, and that, unless otherwise specified in such notice, Coupon Securities, if any, surrendered for payment must
be accompanied by all Coupons maturing subsequent to the redemption date, failing which the amount of any such missing Coupon
or Coupons will be deducted from the sum due for payment, that such redemption is pursuant to the mandatory or optional sinking
fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice
and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue, the conversion
rate or price, the date on which the right to convert the Securities to be redeemed will terminate and each place where such Securities
may be surrendered for conversion, if applicable, and that, if less than all of the Outstanding Securities of a Series&nbsp;are
to be redeemed, the identification and principal amount of the Securities to be redeemed. If less than all of the Securities of
any Series&nbsp;are to be redeemed, the notice of redemption shall specify the numbers of the Securities of such Series&nbsp;to
be redeemed, and, if only Unregistered Securities of any Series&nbsp;are to be redeemed, and if such Unregistered Securities may
be exchanged for Registered Securities, the last date on which exchanges of Unregistered Securities for Registered Securities
not subject to redemption may be made. In case any Security of a Series&nbsp;is to be redeemed in part, the notice of redemption
shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption,
upon surrender of such Security and Coupons, if any, appertaining thereto, a new Security or Securities of such Series&nbsp;in
principal amount equal to the unredeemed portion thereof with appropriate Coupons will be issued.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The notice of redemption of Securities
of any Series&nbsp;to be redeemed at the option of the Company shall be given by the Company or, upon direction by the Company
pursuant to a Company Order, by the Trustee in the name and at the expense of the Company. The Company shall give the Trustee
at least 45 days prior written notice of any redemption hereunder, unless a shorter period shall be satisfactory to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not later than 9:00 a.m., New York City
time, on the redemption date specified in the notice of redemption given as provided in this Section&nbsp;11.01, the Company will
have on deposit with the Trustee or with one or more paying agents (or, if the Company is acting as its own Paying Agent, set
aside, segregate and hold in trust as provided in Section&nbsp;3.04) an amount of money in the Currency in which the Securities
of such Series&nbsp;and Coupons, if any, appertaining thereto are payable (except as otherwise specified pursuant to Section&nbsp;2.03
and except as provided in Sections 2.12(b), (e)&nbsp;and (f)&nbsp;of this Indenture) sufficient to redeem on the redemption date
all the Securities of such Series&nbsp;so called for redemption at the appropriate redemption price, together with accrued interest
to the date fixed for redemption. If any Security to be redeemed is converted into Common Stock or Preferred Stock, any money
deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall
(subject to any right of the Holder of such Security or any predecessor Security to receive interest as provided in the last paragraph
of Section&nbsp;2.07) be paid to the Company upon direction by the Company pursuant to a Company Order or, if then held by the
Company, shall be discharged from such trust. If less than all the Outstanding Securities of a Series&nbsp;are to be redeemed,
the Company will deliver to the Trustee at least 60 days prior to the date fixed for redemption a Company Officers&rsquo; Certificate
stating the aggregate principal amount of Securities to be redeemed, unless a shorter period shall be satisfactory to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If less than all the Securities of a Series&nbsp;are
to be redeemed, and the Securities are not held in global form pursuant to Section&nbsp;2.15, the Trustee shall select, in such
manner as it shall deem appropriate and fair, Securities of such Series&nbsp;to be redeemed in whole or in part. Securities may
be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such Series. The Trustee shall
promptly notify the Company in writing of the Securities of such Series&nbsp;selected for redemption and, in the case of any Securities
of such Series&nbsp;selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Securities of any Series&nbsp;shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which
has been or is to be redeemed. If any Security to be redeemed in part is converted in part before termination of the conversion
right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far
as may be) to be the portion selected for redemption. Securities (or portions thereof) which have been converted during a selection
of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection. In any case where
more than one Security is registered in the same name, the Trustee in its discretion may treat the aggregate principal amount
so registered as if it were represented by one Security.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;11.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Payment
of Securities Called for Redemption</I>. If notice of redemption has been given as above provided, the Securities or portions
of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the
applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after said date (unless
the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to said date)
interest on the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in
Sections 6.05 and 10.04, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit
or security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to
receive the redemption price and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities
at a Place of Payment specified in said notice, such Securities or the specified portions thereof shall be paid and redeemed by
the Company at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; <U>provided
</U>that any semiannual payment of interest on Registered Securities becoming due on the date fixed for redemption shall be payable
to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Section&nbsp;2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Coupon Security surrendered for
redemption shall not be accompanied by all appurtenant Coupons maturing on or after the date fixed for redemption, such Security
may be paid after deducting from the redemption price an amount equal to the face amount of all such missing Coupons or the surrender
of such missing Coupon or Coupons may be waived by the Company and the Trustee, if there be furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to any Paying Agent any missing Coupon in respect of which a deduction shall have been made from the redemption price,
such Holder shall be entitled to receive the amount so deducted; <U>provided</U>, <U>however</U>, that, unless otherwise provided
pursuant to Section&nbsp;2.03, interest represented by Coupons shall be payable only upon presentation and surrender of those
Coupons at an office or agency located outside of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from
the date fixed for redemption at the rate of interest borne by the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon presentation of any Security redeemed
in part only and the Coupons appertaining thereto, the Company shall execute and the Trustee shall authenticate and deliver to
or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities and the Coupons appertaining
thereto of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;11.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Exclusion
of Certain Securities from Eligibility for Selection for Redemption</I>. Securities shall be excluded from eligibility for selection
for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer
of the Company and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given
as being owned of record and beneficially by, and not pledged or hypothecated by, either (a)&nbsp;the Company or (b)&nbsp;an entity
specifically identified in such written statement directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;11.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Repayment
at the Option of the Holders</I>. Securities of any Series&nbsp;which are repayable at the option of the Holders thereof before
their stated maturity shall be repaid in accordance with the terms of the Securities of such Series. The repayment of any principal
amount of Securities pursuant to such option of the Holder to require repayment of Securities before their stated maturity, for
purposes of Section&nbsp;10.01, shall not operate as a payment, redemption or satisfaction of the indebtedness represented by
such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a directive
that such Securities be cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;12</U></B></FONT><B><BR>
HOLDERS&rsquo; MEETINGS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Purposes
of Meetings</I>. A meeting of Holders of Securities of any or all Series&nbsp;may be called at any time and from time to time
pursuant to the provisions of this Article&nbsp;12 for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
give any notice to the Company or the Trustee for the Securities of such Series, or to give any directions to the Trustee for
such Series, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized
to be taken by Holders pursuant to any of the provisions of Article&nbsp;5;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove the Trustee for such Series&nbsp;and nominate a successor trustee pursuant to the provisions of Article&nbsp;6;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section&nbsp;8.02; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Securities of any one or more or all Series, as the case may be, under any provision of this Indenture or under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Call
of Meetings by Trustee</I>. The Trustee for the Securities of any Series&nbsp;may at any time call a meeting of Holders of Securities
of such Series&nbsp;to take any action specified in Section&nbsp;12.01, to be held at such time and at such place in Grand Forks,
North Dakota, or such other city within the United States of America in which there is a Place of Payment as the Trustee for such
Series&nbsp;shall determine. Notice of every meeting of the Holders of Securities of any Series, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given to Holders of Securities
of such Series&nbsp;in the manner and to the extent provided in Section&nbsp;14.04. Such notice shall be given not less than 20
nor more than 90 days prior to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Call
of Meetings by Company or Holders</I>. In case at any time the Company, pursuant to a Company Board Resolution or the Holders
of not less than 10% in aggregate principal amount of the Outstanding Securities of any or all Series, as the case may be, shall
have requested the Trustee for such Series&nbsp;to call a meeting of Holders of Securities of any or all Series, as the case may
be, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee for
such Series&nbsp;shall not have given the notice of such meeting within 20 days after receipt of such request, then the Company
or such Holders may determine the time and the place in Grand Forks, North Dakota, or such other city within the United States
of America in which there is a Place of Payment for such meeting and may call such meeting to take any action authorized in Section&nbsp;12.01,
by giving notice thereof as provided in Section&nbsp;12.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Qualifications
for Voting</I>. To be entitled to vote at any meeting of Holders, a Person shall be (a)&nbsp;a Holder of one or more Securities
with respect to which such meeting is being held or (b)&nbsp;a Person appointed by an instrument in writing as proxy by such Holder.
The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote
at such meeting and their counsel and any representatives of the Trustee for the Securities of the Series&nbsp;with respect to
which such meeting is being held and its counsel and any representatives of the Company and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.05.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Regulations</I>.
Notwithstanding any other provisions of this Indenture, the Trustee for the Securities of any Series&nbsp;may make such reasonable
regulations as it may deem advisable for any meeting of Holders of the Securities of such Series, in regard to proof of the holding
of Securities of such Series&nbsp;and of the appointment of proxies, and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall think fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of
the Securities of such Series&nbsp;as provided in Section&nbsp;12.03, in which case the Company or the Holders calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by majority vote of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section&nbsp;7.04, at any meeting
each Holder of Securities with respect to which such meeting is being held or proxy therefore shall be entitled to one vote for
each $1,000 (or the equivalent in the Currency in which such Securities are denominated, as determined pursuant to Section&nbsp;14.11)
principal amount (in the case of the Discount Securities, such principal amount to be determined as provided in Section&nbsp;14.11)
of Securities held or represented by such Holder. However, no vote shall be cast or counted at any meeting in respect of any such
Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting
shall have no right to vote other than by virtue of the Securities of such Series&nbsp;held by him or instruments in writing aforesaid
duly designating him as the Person to vote on behalf of other Holders of such Series. At any meeting of Holders, the presence
of Persons holding or representing Securities with respect to which such meeting is being held in an aggregate principal amount
sufficient to take action on the business for the transaction of which such meeting was called shall constitute a quorum, but,
if less than a quorum is present, the Persons holding or representing a majority in aggregate principal amount of such Securities
represented at the meeting may adjourn such meeting with the same effect, for all intents and purposes, as though a quorum had
been present. Any meeting of Holders of Securities with respect to which a meeting was duly called pursuant to the provisions
of Section&nbsp;12.02 or Section&nbsp;12.03 may be adjourned from time to time by a majority of such Holders present, whether
or not constituting a quorum, and the meeting may be held as so adjourned without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.06.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>.
The vote upon any resolution submitted to any meeting of Holders of Securities with respect to which such meeting is being held
shall be by written ballots on which shall be subscribed the signatures of such Holders or of their representatives by proxy and
the identifying number or numbers of the Securities held or represented by them. The chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with
the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate
of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to
such record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that such notice was given
in the manner and to the extent provided in Section&nbsp;14.04. The record shall show the identifying numbers of the Securities
voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the chairman and secretary
of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any record so signed and verified shall
be conclusive evidence of the matters therein stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;12.07.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>No
Delay of Rights by Meeting</I>. Nothing in this Article&nbsp;12 shall be deemed or construed to authorize or permit, by reason
of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance
or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions
of this Indenture or of the Securities of any Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;13</U></B></FONT><B><BR>
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If so provided pursuant to Section&nbsp;2.03
with respect to the Securities of any Series, the Securities of such Series&nbsp;may be secured by such property, assets or other
collateral as may be specified in or pursuant to Section&nbsp;2.03. Any and all terms and provisions applicable to the security
for the Securities of such Series&nbsp;shall also be provided in or pursuant to Section&nbsp;2.03, which may include provisions
for the execution and delivery of such security agreements, pledge agreements, collateral agreements and other similar or related
agreements as the Company may elect and which may provide for the Trustee to act as collateral agent or in a similar or other
capacity. The Trustee shall comply with Sections 313(a)(5)&nbsp;and (6)&nbsp;and 313(b)(1)&nbsp;of the Trust Indenture Act, and
the Company shall comply with Sections 314(b), 314(c)&nbsp;and 314(d)&nbsp;of the Trust Indenture Act, in each case in respect
of any secured Securities that may be Outstanding hereunder from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLE&nbsp;14</U></B></FONT><B><BR>
MISCELLANEOUS PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.01.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Incorporators,
Stockholders, Officers and Directors of Company Exempt from Individual Liability</I>. No recourse under or upon any obligation,
covenant or agreement contained in this Indenture, in any Security or in any Coupon appertaining thereto, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer
or director, as such, of the Company or of any predecessor or successor to the Company, either directly or through the Company
or any such predecessor or successor, under any rule&nbsp;of law, statute or constitutional provision or by the enforcement of
any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by
the acceptance of the Securities and Coupons, if any, appertaining thereto by the Holders thereof and as part of the consideration
for the issue of the Securities, it being expressly understood that, without limitation to the foregoing, this Indenture and the
Securities and the obligations created hereunder and thereunder are solely corporate, limited liability company, partnership,
limited partnership or entity obligations, as the case may be, of the Company and that no such personal liability whatever shall
attach to, or is or shall be incurred by, any past, present or future stockholder, incorporator, employee, officer or director,
as such, of the Company or any of its respective predecessors or successors, or any of them, because of the creation of the indebtedness
hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security
or implied herefrom or therefrom and that any and all such personal liability of every type and nature, either at common law or
in equity or by constitution or statute, of, and any and all such rights and claims against, every such past, present or future
stockholder, incorporator, employee, officer or director, as such, because of the creation of the indebtedness hereby authorized,
or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied herefrom
or therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture
and the issuance of the Securities. As used in this Section&nbsp;14.01, all references to &ldquo;<B>stockholders</B>&rdquo; shall
be deemed to mean, with respect to any Person, any past, present or future holder or owner of an equity interest in such Person,
including owners or holders of capital stock, limited or general partnership interests and limited liability company interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.02.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Provisions
of Indenture for the Sole Benefit of Parties and Securityholders</I>. Nothing in this Indenture or in any Security or Coupon,
if any, appertaining thereto, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto,
any Paying Agent and their successors hereunder and the Holders of the Securities and Coupons, if any, appertaining thereto any
legal or equitable rights, remedies or claims under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities
and Coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.03.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Successors
and Assigns of Company Bound by Indenture</I>. All the covenants, stipulations, promises and agreements in this Indenture by or
on behalf of the Company shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.04.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Notices
and Demands on Company, Trustee and Securityholders</I>. Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee, by the Holders of Securities, or by the Holders of Coupons to or on the Company
may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein)
addressed (until another address of the Company is filed by the Company with the Trustee) to the Company at 401 Demers Avenue,
Grand Forks, North Dakota 58201, Attention: Corporate Secretary. Any Company Order or notice by the Company, or any notice, direction,
request or demand by Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes,
if given or made at the Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Where this Indenture provides for notice
to Holders of any event, (a)&nbsp;if any of the Securities affected by such event are Registered Securities, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by first-class mail, postage prepaid
to such Registered Holders as their names and addresses appear in the Security register within the time prescribed and (b)&nbsp;if
any of the Securities affected by such event are Unregistered Securities or Coupon Securities, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if published once in a newspaper of general circulation in New York, New York,
within the time prescribed. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver. In any case where notice to Holders is given by mail, neither the failure to
mail such notice nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have
been duly given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the suspension of or
irregularities in regular mail service makes it impracticable to mail notice to the Company and the Securityholders when such
notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.05.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Officers&rsquo;
Certificates and Opinions of Counsel; Statements to Be Contained Therein</I>. Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee a Company
Officers&rsquo; Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action
have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have
been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate
or opinion need be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each certificate or opinion provided for
in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture
shall include (a)&nbsp;a statement that the Person making such certificate or opinion has read such covenant or condition, (b)&nbsp;a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based, (c)&nbsp;a statement that, in the opinion of such Person, such Person has made such
examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant
or condition has been complied with, and (d)&nbsp;a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate, statement or opinion of
an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations
by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which
his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know
that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters,
information with respect to which is in the possession of the Company, upon the certificate, statement or opinion of or representations
by an officer or officers of the Company, unless such counsel knows that the certificate, statement or opinion or representations
with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate, statement or opinion of
an officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion
of or representations by an accountant or firm of accountants in the employ of the Company, unless such officer or counsel, as
the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that
the same are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate or opinion of any independent
firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.06.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Payments
Due on Saturdays, Sundays and Holidays</I>. If the date of maturity of interest on or principal of the Securities of any Series&nbsp;or
Coupons, if any, appertaining thereto or the date fixed for redemption or repayment of any such Security or Coupon shall not be
a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall
accrue on amounts payable on such date for the period from and after such date to the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.07.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Conflict
of Any Provision of Indenture with Trust Indenture Act</I>. If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with another provision included in this Indenture which is required to be included herein by any of Sections
310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.08.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>New
York Law to Govern</I>. This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.09.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Counterparts</I>.
This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.10.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Effect
of Headings</I>. The Article&nbsp;and Section&nbsp;headings herein and the Table of Contents are for convenience of reference
only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.11.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Determination
of Principal Amount</I>. In determining whether the Holders of the requisite principal amount of Outstanding Securities of any
Series&nbsp;have given any request, demand, authorization, direction, notice, consent or waiver hereunder, whether a quorum is
present at a meeting of Holders of Securities or whether sufficient funds are available for redemption or for any other purpose,
the principal amount of an Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the
maturity thereof pursuant to Section&nbsp;5.01 and the principal amount of any Securities denominated in a Foreign Currency that
shall be deemed to be Outstanding for such purposes shall be determined by converting the Foreign Currency into Dollars at the
Market Exchange Rate as of the date of such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.12.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Waiver</I>.
With respect to the Outstanding Securities of any Series, the Holders of not less than a majority in aggregate principal amount
of the Securities of such Series&nbsp;at the time Outstanding may on behalf of the Holders of all the Securities of such Series&nbsp;and
Holders of all Coupons, if any, appertaining thereto (a)&nbsp;waive compliance by the Company with any restrictive provisions
in this Indenture, and (b)&nbsp;waive any past default under this Indenture as provided in Section&nbsp;5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.13.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Force
Majeure</I>. In no event shall the Trustee be responsible or liable, nor shall the Company be responsible or liable to the Trustee,
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 strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services, it being understood that the Trustee or the Company, as the case may be, shall use reasonable
efforts which are consistent with accepted practices to resume performance as soon as practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section&nbsp;14.14.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Waiver
of Jury Trial</I>. THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY, BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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Left Blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ALERUS FINANCIAL CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
<TD STYLE="width: 67%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TRUSTEE &nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
<TD STYLE="width: 67%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE>

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<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2030295d1_ex5-1img001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 16, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alerus Financial Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">401 Demers Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grand Forks, North Dakota 58201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Registration Statement on Form S-3 of Alerus Financial Corporation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is being
rendered to you in connection with the filing by Alerus Financial Corporation, a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;),
with the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;) of a registration statement on Form&nbsp;S-3
(the &ldquo;<I>Registration Statement</I>&rdquo;), pursuant to the Securities Act of 1933, as amended (the &ldquo;<I>Act</I>&rdquo;).
The Registration Statement relates to the registration and proposed issuance and sale from time to time pursuant to Rule&nbsp;415
under the Act of $125 million aggregate principal amount of: (a)&nbsp;shares of common stock, $1.00&nbsp;par value per share, of
the Company (the &ldquo;<I>Common Stock</I>&rdquo;); (b)&nbsp;shares of preferred stock, $1.00&nbsp;par value per share, of the
Company (the &ldquo;<I>Preferred Stock</I>&rdquo;); (c)&nbsp;the Company&rsquo;s debt securities, whether senior or subordinated
(the &ldquo;<I>Debt Securities</I>&rdquo;); (d) warrants to purchase Common Stock, Preferred Stock, Debt Securities or Depositary
Shares (the&nbsp;&ldquo;<I>Warrants</I>&rdquo;); (e)&nbsp;depositary shares representing Preferred Stock (&ldquo;<I>Depositary
Shares</I>&rdquo;);&nbsp; (f)&nbsp;subscription rights for the purchase of Common Stock, Preferred Stock, Debt Securities or Depositary
Shares (the&nbsp;&ldquo;<I>Rights</I>&rdquo;); (g) stock purchase contracts (the &ldquo;<I>Stock Purchase Contracts</I>&rdquo;);
(h) stock purchase units (the &ldquo;<I>Stock Purchase Units</I>&rdquo;); and (i)&nbsp;units comprised of two or more of the Common
Stock, the Preferred Stock, Debt Securities, Depositary Shares or Warrants in any combination (the &ldquo;<I>Units,</I>&rdquo;
and together with the Common Stock, the Preferred Stock, the Debt Securities, the Warrants, the Depositary Shares, the Rights,
the Stock Purchase Contracts and the Stock Purchase Units, the&nbsp;&ldquo;<I>Registered Securities</I>&rdquo;). The Registered
Securities may be issued and sold from time to time by the Company as set forth in the Registration Statement. This opinion is
being furnished in accordance with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have made such legal
and factual investigations as we deemed necessary for purposes of this opinion. We have examined originals or copies, certified
or otherwise identified to our satisfaction, of: (a)&nbsp;the Registration Statement; (b) the Form of Indenture attached as an
exhibit to the Registration Statement; (c)&nbsp;the Company&rsquo;s Third Amended and Restated Certificate of Incorporation, as
currently in effect; (d)&nbsp;the Company&rsquo;s Second Amended and Restated Bylaws, as currently in effect; (e)&nbsp;the resolutions
of the board of directors of the Company (the &ldquo;<I>Board</I>&rdquo;) dated September 15, 2020, with respect to the filing
of the Registration Statement; and (f)&nbsp;such other certificates, statutes and other instruments and documents as were considered
appropriate for purposes of the opinions hereafter expressed. In our investigation, we have assumed the genuineness of all signatures,
the proper execution of all documents submitted to us as originals, the conformity to the original documents of all documents submitted
to us as copies and the authenticity of the originals of such copies. As to matters of fact, we have relied upon representations
of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm2030295d1_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alerus Financial Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 16, 2020</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinions set forth
herein are subject to the following assumptions, qualifications, limitations and exceptions being true and correct at or before
the time of the delivery of any Registered Securities offered pursuant to the Registration Statement: (A) the Board, including
any appropriate committee appointed thereby, and appropriate officers of the Company shall have (i) duly established the terms
of the Registered Securities (and in the case of the Units, the Registered Securities that are components thereof), (ii) duly authorized
and taken any other necessary corporate or other action to approve the creation, if applicable, issuance and sale of the Registered
Securities and related matters, and (iii) duly reserved for issuance any Registered Securities consisting of Common Stock or Preferred
Stock, and any Common Stock or Preferred Stock for or into which any other Registered Securities are exercisable, exchangeable
or convertible, and, in the case of all of (i) through (iii), such authorizations and actions shall remain in effect and unchanged
at all times during which the Registered Securities are offered, sold or issued by the Company; (B) the definitive terms of each
class and series, if applicable, of the Registered Securities, and the terms of the issuance and sale of the Registered Securities
(i)&nbsp;shall have been duly established in accordance with all applicable law and the Company&rsquo;s Third Amended and Restated
Certificate of Incorporation and Second Amended and Restated Bylaws, any indenture, warrant agreement, depositary agreement, rights
agreement, unit agreement and any other relevant agreement relating to the terms and the offer and sale of the Registered Securities
(collectively, the &ldquo;<I>Documents</I>&rdquo;), and the authorizing resolutions of the Board, and (ii) shall not violate any
applicable law or any Documents (subject to the further assumption that such Documents have not been amended from the date hereof
in a manner that would affect the validity of any of the opinions rendered herein), or result in a default under or breach of any
agreement or instrument binding upon the Company and so as to comply with any restriction imposed by any court or governmental
body having jurisdiction over the Company; (C) any Document relating to the terms of the Registered Securities (but excluding any
Document relating to the terms of the Debt Securities) shall be governed by and construed in accordance with the internal laws
of the State of Delaware; (D) any Document relating to the terms of the Debt Securities shall be governed by and construed in accordance
with the internal laws of the State of New York; (E)&nbsp;upon issuance of any shares of Common Stock or Preferred Stock, including
as a component of Units or upon exercise, conversion or exchange of other Registered Securities, (i) the total number of shares
of Common Stock or Preferred Stock issued and outstanding shall not exceed the total number of shares of Common Stock or Preferred
Stock that the Company is then authorized to issue under its Third Amended and Restated Certificate of Incorporation, and (ii)
the Company will receive consideration in an amount not less than the aggregate par value of such shares of Common Stock or Preferred
Stock; (F) the Registered Securities (including any Registered Securities issuable upon exercise, conversion or exchange of other
Registered Securities and, in the case of the Units, the Registered Securities that are components thereof), and any certificates
representing the relevant Registered Securities (including any Registered Securities issuable upon exercise, conversion or exchange
of other Registered Securities and, in the case of the Units, the Registered Securities that are components thereof), shall have
been duly authenticated, executed, countersigned, registered and delivered upon payment of the agreed-upon legal consideration
therefor and shall have been duly issued and sold in accordance with any relevant agreement, and, if applicable, duly executed
and delivered by the Company and any other appropriate party; (G) each applicable Document and any other relevant agreement relating
to the offer and sale of the Registered Securities shall have been duly authorized, executed and delivered by the Company and each
other party thereto, and shall constitute a valid and binding obligation of each party thereto (other than the Company); (H) the
Registration Statement, and any amendments thereto (including post-effective amendments), shall have been declared effective under
the Act, and such effectiveness shall not have been terminated or rescinded; (I) a prospectus supplement shall have been prepared,
delivered and filed in compliance with the Act and the applicable rules and regulations thereunder describing the Registered Securities
offered thereby; (J) the Registered Securities shall have been issued and sold in compliance with applicable U.S. federal and state
securities laws and solely in the manner stated in the Registration Statement and the applicable prospectus supplement; and (K)
in the case of an agreement or instrument pursuant to which any Registered Securities are to be issued, there shall be no terms
or provisions contained therein which would affect the validity of any of the opinions rendered herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm2030295d1_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alerus Financial Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 16, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
and subject to the qualifications, assumptions and limitations set forth herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Common Stock, when (a) duly issued and sold in accordance with the Registration Statement and applicable prospectus
supplement and either (i) in accordance with the provisions of an applicable, valid and binding purchase agreement, underwriting
agreement or other similar agreement or (ii) upon exercise of Rights or Warrants as contemplated by the Registration Statement
and applicable prospectus supplement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of
such lawful consideration therefor as the Board (or a duly authorized committee thereof or a duly authorized officer of the Company)
may determine, will be validly issued, fully paid and nonassessable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Preferred Stock, when (a) duly issued and sold in accordance with the Registration Statement and applicable prospectus
supplement and either (i) in accordance with the provisions of an applicable, valid and binding purchase agreement, underwriting
agreement or other similar agreement or (ii) upon exercise of Rights or Warrants as contemplated by the Registration Statement
and applicable prospectus supplement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of
such lawful consideration therefor as the Board (or a duly authorized committee thereof or a duly authorized officer of the Company)
may determine, will be validly issued, fully paid and nonassessable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Debt Securities, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement
and applicable prospectus supplement and either (i)&nbsp;in accordance with the provisions of an applicable purchase agreement,
underwriting agreement, indenture or other similar agreement or (ii) upon exercise of Rights or Warrants as contemplated by the
Registration Statement and applicable prospectus supplement and (b)&nbsp;delivered to the purchaser or purchasers thereof against
receipt by the Company of such lawful consideration therefor, if any, as the Board (or a duly authorized committee thereof or a
duly authorized officer of the Company) may determine, will be binding obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><IMG SRC="tm2030295d1_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alerus Financial Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 16, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Warrants, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement and applicable
prospectus supplement and either (i)&nbsp;in accordance with the provisions of an applicable, valid and binding warrant agreement
or other similar agreement or (ii) upon exercise of Rights as contemplated by the Registration Statement and applicable prospectus
supplement and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration
therefor, if any, as the Board (or a duly authorized committee thereof or a duly authorized officer of the Company) may determine,
will be binding obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Depositary Shares when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement
and applicable prospectus supplement and the provisions of an applicable, valid and binding depositary agreement or other similar
agreement, (b) shares of the Preferred Stock relating to any Depositary Shares have been deposited with the depositor therefor,
(c) any depositary receipts representing Depositary Shares have been duly executed, authenticated, issued and sold in the manner
and for the consideration stated in the applicable depositary agreement and (d) delivered to the purchaser or purchasers thereof
against receipt by the Company of such lawful consideration therefor, if any, as the Board (or a duly authorized committee thereof
or a duly authorized officer of the Company) may determine, will (i) be legally issued, (ii) entitle their holders to the rights
specified in the deposit agreement and the depositary receipts and (iii) be binding obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Rights, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement and applicable
prospectus supplement and the provisions of an applicable, valid and binding rights agreement or other similar agreement and (b)
delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor, if any,
as the Board (or a duly authorized committee thereof or a duly authorized officer of the Company) may determine, will be binding
obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Stock Purchase Contracts or Stock Purchase Units, when (a) duly executed, authenticated, issued and sold in accordance
with the Registration Statement and applicable prospectus supplement and the provisions of an applicable, valid and binding purchase
agreement or other similar agreement, (b) the actions described in paragraph 1 above have been taken if such Stock Purchase Contracts
or Stock Purchase Units relate to the issuance and sale of Common Stock, (c)&nbsp;the actions described in paragraph 2 above have
been taken if such Stock Purchase Contracts or Stock Purchase Units relate to the issuance and sale of Preferred Stock, (d) the
actions described in paragraph 3 above have been taken if such Stock Purchase Units relate to the issuance and sale of Debt Securities,
and (e) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor,
if any, as the Board (or a duly authorized committee thereof or a duly authorized officer of the Company) may determine, will be
binding obligations of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in"><IMG SRC="tm2030295d1_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alerus Financial Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 16, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Units, when (a) duly executed, authenticated, issued and sold in accordance with the Registration Statement and applicable
prospectus supplement and either (i) in accordance with the provisions of any applicable, valid and binding unit agreement or other
similar agreement or (ii) upon exercise of Rights as contemplated by the Registration Statement and applicable prospectus supplement
and (b) delivered to the purchaser or purchasers thereof against receipt by the Company of such lawful consideration therefor as
the Board (or a duly authorized committee thereof or a duly authorized officer of the Company) may determine, will be binding obligations
of the Company, and any Common Stock or Preferred Stock that is a component of such Units will be validly issued, fully paid and
nonassessable, and any Debt Securities, Warrants, Depositary Shares, Stock Purchase Contracts, Stock Purchase Units or Rights that
are components of such Units will be binding obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinions set forth
in the paragraphs above are subject to the following exceptions: (a) the effect of bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or other similar laws relating to or affecting the rights and remedies of creditors; and (b) 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), concepts of materiality, reasonableness, good faith and fair dealing, and the discretion
of the court before which a proceeding is brought; and we express no opinion as to waivers of broadly or vaguely stated rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion
concerning the laws of any jurisdiction other than the General Corporation Law of the State of Delaware, as amended, and, with
respect to the opinion set forth in paragraph&nbsp;(3) above, the laws of the State of New York. We express no opinion as to the
laws, rules or regulations of any other jurisdiction, including, without limitation, the federal laws of the United States of America
or any state securities or blue sky laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion
with respect to any specific legal issues other than those explicitly addressed herein. We assume no obligation to update this
opinion letter after the date that the Registration Statement is initially declared effective or otherwise advise you with respect
to any facts or circumstances or changes in law that may occur or come to our attention after such date (even though the change
may affect the legal conclusions stated in this opinion letter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><IMG SRC="tm2030295d1_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alerus Financial Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 16, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the reference to our firm in the Registration Statement under the caption &ldquo;Legal Matters&rdquo; and to the inclusion of this
opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of
persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Barack Ferrazzano Kirschbaum &amp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Nagelberg LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: left"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2030295d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><IMG SRC="tm2030295d1_ex23-1img01.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in this Registration Statement on Form S-3 of Alerus Financial Corporation of our report dated March 26, 2020, relating to the
consolidated financial statements of Alerus Financial Corporation, appearing in the Annual Report on Form 10-K of Alerus Financial
Corporation for the year ended December 31, 2019, and to the reference to us under the heading &ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>/s/ CliftonLarsonAllen LLP</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Minneapolis, Minnesota</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 16, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
